| Real Estate Terms -> What are Government Home Loan Grants |
Government Home Loan Grants
|
 |
| Q: |
 |
|
What are Government Home Loan Grants? |
| |
| A: |
|
|
Typically funded by Government Agencies from the federal level town to the county or city level. These Real Estate programs offer interest free loans to selected home buyers which will be forgiven if the borrower stays in the home for a set period of years (usually 6-10 years). This means that if you live in your home for that number of years, you never have to pay back the loan or any interest on the loan, thus it becomes a gift. These gifts can be used for down payments or closing costs. |
| |
|
|
Disclaimer:
Do not rely on these definitions for any purpose other than providing an understanding of the concepts in our web site. More... |
