Down Payment Assistance Grants?

Question

I have seen several of these from the HUD website. I am wondering if anyone has used this as an option for their down payment on a home.

Answer 1

Most of the grants and "bond issues" start at the local level. 2 months out of every12 months there will be money available.  You seldom know in advance who will have it or when.  You have to watch the newspaper. THe frustrating thing is that there is only money for 20 or 50  homebuyers so there is a scramble and the money is gone in 1 day. I don't want you to use a grant, tho.  You usually have to pay back the grant (maybe with interest) if you sell the house in the next 7 years. Everyone sells in under 7 years and all your profit goes back to the city for the grant. If you didn't use the grant, the money would be yours. /