Taking Advantage of Mortgage Grants

Who doesn't love free money?! Mortgage grants are a great way to help make buying a new home more affordable, especially for buyers who have lower incomes or don't have a lot of money saved for a purchase. There are all sorts of different grants available, so depending on which ones you're looking at they can provide assistance with your downpayment, closing costs, other out-of-pocket costs and even your mortgage insurance. Grant programs typically have a set of guidelines you must meet in order to qualify for them. These are usually related to buying a primary residence, income restrictions and some grants may require it to be a first-time home purchase as well.

We've recently seen two different grant programs that we thought stood out, both by local Vermont lenders. One of them is for first-time home buyers and can award the grantee up to $30,000 towards their downpayment and closing costs. You do have to fulfill some requirements like taking a class on home ownership and if you sell before 5 years you have to pay the grant back, prorated based on the amount of time you lived there. The second one is not exclusive to first-time buyers and gives it recipients up to $10,000 to help with their downpayment, closing costs, mortgage insurance and any other out-of-pocket costs incurred.

If you want to learn more about these programs, reach out to us and we can put you in touch with the lenders to get more information and to see if you'd qualify!