The NSW government awards dozens of first time home buyers grants each year. Many people dream of buying their first home, but feel like they will never save enough money. New grants are now available through the federal government to make home ownership possible for almost everyone. First time home buyers can receive grants from the state government as well. The HSW gives thousands of dollars to home buyers each year to help them purchase their first homes. The average grant is for seven thousand dollars. This money is free, and does not have to be repaid. It is the government's way of boosting home buyer success in qualifying for loans. If you have never bought a home before, you will definitely qualify for some sort of grant.
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The government has grants available for every income level regardless of where the person lives or what kind of home they want to purchase. Grants are also non-taxable, so you can enjoy the money free of IRS hassle. In October 2008, new grants were put into place and are now helping hundreds of families buy new homes. First time home buyers can receive up to 14,000 dollars, rather than the previous maximum of 7,000 dollars. People who choose to build new construction homes can receive grants of up to 21,000 dollars. Imagine how many families are able to qualify for loans with this kind of assistance! Lenders continually grant first time home buyers new loans, but they love to work with people who are receiving government grants. These grants act to boost a buyer's credit profile. Banks automatically look favorably on people who have received government grants. They assume that grant holders are low-risk and they like to give these people loans. Most banks don't research how easy it is to actually qualify for the free grant money. Banks award grant holders special loan packages. Because these customers tend to purchase more expensive homes, lenders go out of their way to give them discounts on professional packages. It is common for grant holders to receive 0.25 percent off the regular fixed interest rate on any size loan.
If a home owner uses grant money, they also receive reduced transaction fees. Many banks will offer credit lines and insurance to home buyers with grants. They put together entire packages of financial freebies for people who approach them with government grant money in hand. The bottom line is that a government grant can get you free money to buy a home. Banks will be happy with your grant money and they will compete for your business, giving you a low interest rate loan with many perks you never dreamed of. All you have to do is start applying for the free government grants available in your state.
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