Is there a grant program for second time home buyers?

Answer 1

It is unlikely that there is a money give-away program like the one that existed for minority home buyers during the Bush administration, that triggered the predatory lending crisis. However, you need to do some research on your own to determine what home buying assistance may be available in your area.

In some cases, a second time home buyer can obtain first time home buyer status.

Contact your town or county offices and ask for the home loan assistance programs. You should contact your state's housing finance agency. Many municipalities offer limited amount mortgage loans with a payback schedule that decreases each year the the homeowner resides in the home. There is often no payback due after 7-10 years. There are interest free loans available for certain borrowers in certain areas from a variety of initiatives by state and local housing authorities. There may also be grant money available.

For people who make enough to afford the mortgage payments but not to save up a down payment there is money available from the many types of down payment assistance programs, available through state and local housing agencies.

You may be able to obtain more information from a good real estate agency or the mortgage officer at a local bank.