Grants for Women to Buy Homes

The federal government agency that is involved with providing grants or other forms of assistance for the purchase of a home is the Department of Housing and Urban Development (HUD). Other agencies and groups associated with HUD that get involved in this include the Federal Housing Administration.

HUD provides grant money to states for all sorts of housing projects. These projects can include construction, renovation, and programs to assist individuals in buying a home.

The Department of Housing and Urban Development started as the Federal Housing Administration in 1934. The agency did not offer subsidies directly to homeowners so the mission was expanded with the Housing and Urban Development Act of 1968 which also created the Department.

HUD has a number of grant block programs that provides grant money to the states and localities. These programs include:

HOME is the largest federal block grant to states and local governments. It provides the states and localities with about $2 billion a year to create affordable housing for low-income households. Community Development Block Grants (CDBG) Community Development Block Grants for States Small Cities and Community Development Block Grants Loan Guarantee.

Due to these types of programs, it is suggested that women looking for assistance in buying a home research programs available in the state, county and/or city in which they live or want to live.

Then there are programs directly from HUD that assist individuals, including women, to purchase a home. Examples of this include:

Good Neighbor Next Door, a program that encourages law enforcement officials, pre-kindergarten through 12th grade teachers and others to become homeowners within the communities they serve. HUD offers a discount of 50 percent off the list price of the home. Home buyers who take advantage of the program are committed to live in the property for three years as their sole place of residence. Rural Development Housing & Community Facilities Programs offers home owning opportunities in rural areas of the country. *Homeowner Voucher Assistance is provided by the Public Housing Agency of HUD.

HUD also has programs that assist the buyer in getting affordable mortgages. These programs include:

Mortgage Insurance for Condominium Units offers federal mortgage insurance to private lenders to encourage them to finance the purchase of a condominium. Graduated Payment Mortgage (GPM) and Growing Equity Mortgage Insurance assists first time buyers who may not be able to afford a home now but expect their income to rise to get a mortgage. The buyer receives a discounted interest rate at the start of the mortgage. Adjustable Rate Mortgages.

There are also programs that assist homebuyers with the down payment. These include:

*American Dream Down payment Initiative provides money to the states to assist first time home buyers with the down payment and closing costs.

*Down payment Assistance Through Secondary Financing Providers offers money to non-profit entities and nonprofit groups associated with the government for the purpose of providing down payment assistance to home buyers.

You can find out more about these programs, find other programs and discover what the requirements are for getting assistance by visiting the HUD website at: http://www.hud.gov.