First Time Home Owner Grants - Loan Love Gives Home Financing Advice

PR Newswire

SAN DIEGO, May 12, 2014 /PRNewswire-iReach/ -- LoanLove.com is a borrower advice website that provides up to date and in depth information in a format that is valuable to the most experienced home owners while still being accessible to those who are just starting out with applying for their first home purchase loan. The website, which has quickly become a trusted destination for current news and expert loan advice, empowers homeowners with first class knowledge, valuable resources, and connections to top rated industry professionals. Loan borrowers can rest assured that they are getting top information of the mortgage loan world as reflected in Loan Love's newest article, "First Time Home Buyers Grants (Do They Exist?)." This new article shows a few tips on how to obtain first time home owner grants and other ways of financing a newly purchased home.

It can often payoff to consider all your options when trying to finance a home, and a home buyer grant program can be one of these options. These grants are offered from the federal government through the use of non-profit organizations and local governments and before a home owner can be considered eligible for a grant, the home owner must meet a number of criteria. The Loan Love article elaborates on this further: "

Grant programs are not meant to provide 100 percent financing, nor will they replace your need to quality for a home mortgage. Instead, grants and similar programs can provide some financial assistance to be used in conjunction with a mortgage loan.

Keep in mind as well, that anyone taking advantage of federal assistance for buying a home will almost certainly be required to take part in an educational counseling program sponsored by the U.S. Department of Housing and Urban Development (HUD). These programs are designed to help potential home buyers get their finances in order so that they can qualify for a mortgage loan.

"Depending on the status of the home owner, there are other options that can be made available for home financing. The article mentions that programs such as the HOME Investments Partnership Program can help home owners furnish home-related expenses such as purchasing, building affordable housing for rent or ownership. Other options include making a Individual Development Account, a saving account designed for the purpose of matching deposits of people with low-mid range income for the purpose of making a large purchase like a home. Future home buyers may also want to consider a MCC Tax Credit Program which the article elaborates on further:

"The Mortgage Credit Certificate (MCC) Tax Credit Program is a federal program administered locally. While not a grant program, it does offer a federal credit that can help reduce your potential federal income tax liability, freeing up available income that can be applied to your monthly mortgage payment. The program is often used by first-time home buyers to convert part of their annual mortgage interest into a direct dollar-for-dollar tax credit on their individual federal income tax return."

These are just a few of the available programs and options first time home buyers can partake in. Also attached to the article is a link describing each of the various home financing programs listed in the article. To learn more on home owner grants and to visit the attached link, please visit LoanLove.com to read the complete article.

Media Contact: Kevin Blue, LoanLove.com, 949-292-8401, contact@loanlove.com

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