Home Mortgage Grants - Getting Money to Help With Your Mortgage

Applying for a home mortgage grant can help individuals get the cash they need to reduce their mortgage, help with closing costs, or get down payment assistance on the purchase of a new home. Particularly now when there are numerous government and private agencies trying to do everything possible to fix the real estate market, there are a number of resources to help individuals get the financing they need for their mortgage.

The big difference between a home mortgage grant and a traditional loan is that there is no repayment plan with grant money. This is funding that has already been allocated by government agencies or private groups and is provided to qualified individuals who apply to receive these funds.


Because mortgage grants are not loans, there is generally no credit check, down payment or cosigner needed when submitting a request. While there is a review process for each application that is received, there are many people that qualify that don't realize these programs exist, which is why so much of this funding goes unclaimed every year.

Those who do qualify have a habit of incorrectly submitting their request for mortgage grants and get denied simply because of small, but costly errors. Those who take the time to read the eligibility requirements and submit an application that shows why they match those qualifications have a better chance at getting approved.

Once approved the cash grant is either sent to the individual in the form or a check or directly deposited into their account. If awarded, it is important to closely review the terms to be sure that the money is spent appropriately in order to avoid having to pay the grant funds back.