The Home loans are most required amounts to the people who are planning to purchase new house. The banks and financial institutions charge heavy down payments and interest rates when you take loan from them. Hence the Federal government decided to provide home loans to the people who are in need. These grants include first time home buyers, women grants, rural development grants and several others. These grants are given on the basis of certain requirements by the government of particular states. These include credit score, person’s income, previous residence and other factors.
The Obama’s First time Home Buyer Grant is proposed in 2009 as a stimulus package to rescue people from Bankruptcies and foreclosure. There are several benefits with this amount especially to the first time home buyers. People who wish to have own house or planning to have one can avail these grants from the government. In this article you can read about advantages of Obama’s First time Home Buyer Grant.
Important points of Obama’s First time Home Buyer Grants:
- The first time home buyer who is applying for the grants should not consist any other house for past three years. The officials will verify your residence for past 3 years before granting home loans. If the person is married then he/she spouses also don’t possess house for past 3 years. This is the first condition by the government to approve grants.
- You need to submit the details of place where you are going to buy house. The house you are willing to purchase should be located in US only. Outside the county planning will become invalid and these applications will reject by the officials. Hence you need to submit the form of where you are going to buy house.
- The tax credit of person who is going to apply the grants should not exceed over $75,000 per year. This point is taken very seriously by the government and you need to submit the details of tax credit to government. If you are married then this tax credit exceed should not limit over $150,000 per year. Hence you need to prove the tax credit to get approve your loans.
- The house you are purchased with the help of Obama’s First time Home Buyer Grant should not be sold before three years. In case you sell the house before three years then you need to pay full amount back within the same year. Hence you need to be very careful in getting loans from the government.
- The main intention of Obama’s First time Home Buyer Grants are to relieve people from the bankruptcies and other foreclosures. There are several benefits you can get with these grants. These helps you to have dream house and if you are newly married couple then you can stay with spouse in this new house.
These are the importance of Obama’s First time Home Buyer Grant you need to know. You can also search on Internet for additional information.