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A first-time home buyer grant (or first home owners grant) is a grant specifically for/targeted at those buying their first home – perhaps a starter home. Like other grants, the first-time buyer does not hold an obligation to repay the grant. In this respect, it differs from a loan and does not incur debt or interest.
Federal first-time homebuyer programs: Loans and programs backed or offered by the federal government State, non-profit and employer-sponsored programs: Homebuying assistance at the local level
In the United States, federal grants are economic aid issued by the United States government out of the general federal revenue. A federal grant is an award of financial assistance from a federal agency to a recipient to carry out a public purpose of support or stimulation authorized by a law of the United States.
However, federal regulations require that every single government that receives funds must provide 25 cents on their own for every HOME dollar used. [2] If for example a state plans to use $1 million of HOME funds during the year, HUD provides $750,000 (75%) and the State must provide $250,000 (25%) for the program to achieve the $1 million goal.
A federal bill could create a $15,000 tax credit for first-time homebuyers, ... 2009 and 2010, first-time homeowners could also claim a refundable tax credit from the purchase of their house ...
The survey found that 14 percent of homeowners took advantage of down payment assistance or a first-time buyer grant to help pay for the down payment and closing costs on their first home ...
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