SAN DIEGO, June 14, 2014 /PRNewswire-iReach/ -- LoanLove.com is a borrower advice website that is dedicated to helping home loan borrowers find a loan that they will love. It explains, and sometimes avoids altogether when possible, much of the complicated and stuffy professional language used in the mortgage industry and instead provides detailed advice and information in a down-to-earth, concise and often entertaining way. The website seeks to empower borrowers by providing them with helpful first class knowledge, valuable resources and connections to top rated industry professionals. Because of this, LoanLove.com has become a trusted destination for current news and expert loan advice. Loan Love continues to offer their wide array of profound knowledge on home ownership by helping new home owners plan out their home buyer protection insurance with a new article from the loan advice website.
This article, titled "First Time Home Buyers Grants (Do They Exist?)" begins by answering the question in their title – Yes, home buyers grants do indeed exist. In fact, Loan Love points out that there are quite a few home grant programs that home owners may use depending on their financial situation. Loan Love's article gives a bit of info on how home buyer grant programs work:
"One of the first things to know about home buyer grant programs is that the federal government does not offer grants to individuals, at least not directly. Instead, the federal government works with non-profit organizations and local governments to provide financial assistance and related services. The amount of these grants you could be eligible for will vary, depending on where you reside as well as a number of other criteria.
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."
Loan Love also tells home buyers to keep in mind that many of these home grants come with an incentive from the U.S. Department of Housing and Urban Development (HUD). This will usually be in the form of a counseling program. Many of these programs will teach potential home buyers how to manage their finances so that they can be better suited to qualify for a mortgage loan. As a bonus, many of these home buyer grant programs do not require a person to be a first-time home buyer.
The article then goes on to list a few grant programs that first time home buyers may want to look into while providing background details on each, such as the HOME Investments Partnership Program and the Housing Choice Voucher Program. As the article states, many of these home buyer grant programs are designed for home buyers with certain financial circumstances. In some cases, the mentioned programs are not actual home buyer grant programs, but can still help in financing a newly purchased home. One of these programs is the Mortgage Credit Certificate Tax Credit Program, which the article goes over:
"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 programs available that home buyers may find useful in financing a home. To help home buyers further, Loan Love's article has provided a link from the HUD showing local home buyer grant programs alongside other programs from state administrators.
To learn more on home buyer protection insurance and to view the available link from the HUD, click here to read the full the article from LoanLove.com.
Media Contact: Kevin Blue, LoanLove.com, 949-292-8401, firstname.lastname@example.org
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