Free personal government grants for first time home buyers are available and are making it possible once again for certain individuals to purchase a home, or other large purchases. The recent economic crisis in our country, especially in the mortgage industry, has made it extremely difficult for a person to obtain a home loan. With 100% financing, even to those with near perfect credit, no longer being offered by lenders, it has become necessary to have a down payment to even be considered for a home loan by a bank or mortgage company. 
Utilizing government for free personal government grants for first time home buyers allows a person or a young couple to realize the American dream of owning their own home. These free personal government grants provide the money that is needed for down payments and in some cases the closing costs as well. While there is no requirement to pay grant money back, there is typically a residency requirement. It is usually required that the person obtaining the free personal government grants to reside in the home for a minimum number of years, which can vary. Should that not be possible, the grant would then need to be repaid, however, there would not be any interest charges at all added. In addition, even if sold prior to the residency requirement being met, all equity from the sale of the house stays with the seller, therefore making these government grants relatively risk free.
Free Personal Government Grants
As with all free personal government grants, there are certain criteria to be met in order to qualify. For the first time home buyers grant the criteria is simple and straight forward, one must be a U.S. citizen and they cannot have ever owned a home. However, the bank or mortgage lender will have their own criteria that will need to be met, such as a satisfactory credit rating for one, in order for them to consider financing the remaining loan balance. At this time not all banks or mortgage lenders are participating in the use of government grants. It may be necessary to contact a mortgage broker who is familiar with the lenders that are accepting government grants as down payments. Once a lender has been chosen, they generally will aid in the application process for the grant.
Free Personal Government Grants
For an individual or couple looking to purchase their first home, utilizing the government grants that are available and are specifically designed for first time home buyers may be what turns a dream into a reality. In conjunction with the right lender, free personal government grants are aiding in bringing back the American dream.
