- In the hope of establishing an increase in affordable home ownership, the U.S Department of Housing and Urban Development (HUD) was inaugurated. The organization provides financial assistance for first-time home buyers. At the same time, the American Investment and Recovery Act of 2009 was set up; the law set up a first-time home buyer tax credit of 10 percent or up to $8,000 of the total purchase price of a new home.
- Each state has their own HUD program and rules vary by state; however, the grant is free and does not have to be repaid.
- To qualify for a home grant you must be a first-time home buyer. A first-time home buyer is considered as an individual who has not owned a home three years prior to the new home purchase. To qualify for full tax credit, married applicants should not have a combined income of more than $150,000 and no more than $75,000 for single applicants.
- If you qualify for the home buyer's tax credit and you sell the house within three years you have to pay the grant money back to the government.
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