Bankrate reveals first-time homebuyer grants offer up to $30,000 for down payments
Bankrate, the financial services company, published a Guide on first-time homebuyer grants.
The short version
- Grants offer between $2,500 and $30,000 for your down payment.
- You never pay back the money if you move.
- Much of the money marketed as a grant is actually a loan.
Why it matters to you. If you sell the house six months later, the money stays yours.
Buying a house just got a closer look from the experts. Bankrate, the financial services company, released a Guide breaking down what first-time homebuyer grants actually pay out. Many programs offer between $2,500 and $30,000 toward a down payment or closing costs.
That money comes from banks, nonprofits, and state governments. The best part is that true grants are funds you never pay back.
But the Guide reveals a catch in the fine print. Much of the money marketed as a grant is actually a forgivable loan that turns into debt if you move too soon. Other times, it is a lender credit tied to a specific mortgage from one company.
Before you sign papers on a new home, read the terms carefully to see if that free money comes with hidden strings attached.
