First Time Home Buyer Grants in Alabama

First Time Home Buyer Grants in Alabama

Buying a home is considered a financial hardship by most people. Some Persons looking for a home to by in the state of Alabama might have the financial ability to foot the bill or mortgage. There are some people of low income who can’t come up with the money to acquire the home value quotation. The government (federal and state) as well as foundations offer grants to first time home buyers. The  first time home buyer grants differ from loans in that the amount offered doesn’t have to be repaid. The state of Alabama offers a few options when one is looking for the first time home buyer grants.

Programs and Resources for First Time Home Buyer Grants in Alabama

The first resource that Alabama has to offer in the first time home buyer grants is the NAIDAP (North Alabama Individual Development Account Program). This is a program that helps first time home buyers in several ways. The program teaches the applicants as well as provides the grants. The applicants are given tips in financial literacy, home ownership as well as credit counseling.

The ADDI (American Dream Down-payment Initiative) is another resource that one may rely on. The city of Huntsville is the source of the funds and usually works on a first come first serve basis. The organization also provides the applicants with a down-payment or settlement loan of $5000. The loan is forgiven after the buyer lives in their home for five years.

The AHFA (Alabama Housing Finance Authority) is another resource in Alabama that one may rely on to get the grants. The authority offers more than the first time home buyer grants. It also offers mortgage credit certificates.

One may visit the resources in their official sites to get more information in regards to their operations. It is always necessary to check local housing contacts for news on first time home buyer grants news.

 

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