Well, I finally found out about the grant. I is for purchasing a foreclosed home only. And they have to be in a specific area.
Here are the catches. You have to qualify for a loan, then select the home, then qualify for the grant. Once qualified you will get $15,000. Then based on your credit score, with better scores getting more and lower scores getting less, you get an additional funding grant. All of it has to go to closing costs or downpayment, and it and anyother help you get cannot pay for the home completely.
The main thing is this is not an outright grant. You have to live in the home for 5 years to get the first grant for free and an additional 5 to get the second. You must live in the house yourself, you cannot rent, loan or sublet the home. In addition, if you do not stay in the home you will have to payback the grant, interest free based on the amounts you got divided by 60 months on the first grant and multiplied by the number of months left in the 5 years. Then the second grant time starts counting. If you leave during this time, you have to take off the time between the end of the first grant and when you leave and pay the remaining back.
In other words, yes it is real money, but it is their money until you sell or move out, then they figure a prorated amount and you have to pay the difference. And just incase you think you could sneak around and get away with it, they are on the mortgage documents. Besides that would be federal time in the really big house.
To get the entire grant you have to have at least a 620 credit score.
Will post more when I find out more...if anyone is listening, let me know so I won't waste my time.
