SOME Americans could get thousands of dollars to help them buy a home.
With housing costs high, a new program is trying to help first-timers out.
GETTY New home buyers could qualify for thousands in payments[/caption] GettyYou could get money to help pay for your down payment[/caption]The city of Raleigh, North Carolina, will pay up to $60,000 toward down payments.
“Homeownership is way more than just having a place to live,” the city’s Housing & Neighborhoods Communications Analyst Chloe McNeal told the local ABC affiliate, ABC 11.
“It’s such a powerful way to build stability, generational wealth for your families,” she added.
There are some wrinkles and requirements to be aware of before applying.
LOAN PROGRAM
The money does have some strings attached.
It’s a loan, rather than a grant – meaning recipients will have to pay it back.
However, there’s no interest on the loans.
Those looking to buy homes in Raleigh can get up to $45,000 in assistance.
People buying in some targeted areas of the city can get up to $60,000.
The loans only apply to single family homes, townhomes, and condominiums.
For much of the city, the maximum eligible home purchase price is $384,750.
For the targeted areas of the city, however, that maximum is $450,000.
If you accept the loan, there are some deed restrictions limiting your rights to proceeds from selling the house.
The program has no waitlist and is on track to help 75 families this year, according to ABC 11.
STEPS
First, you must check that you are eligible for assistance.
That depends on your annual income.
For a family of one, you must make less than $72,951. For a family of two, that number is $83,401. For a family of three, it’s $93,801. For a family of four, it’s $104,201. For a family of five, it’s $112,551. For a family of six, it’s $120,901.Next, you must take a city-mandated homeownership class.
Thirdly, you find a lender who is approved by the city for the program.
Last, you find a home. For more details on the program, check the city’s website.
MORE MONEY
Raleigh is not the only government giving out funds.
A New York program is giving some people direct payments of up to $500 monthly.
The federal government may pay out thousands via the “Big Beautiful Bill.”
Meanwhile, some may have to wait for retirement money thanks to a proposal to raise the full retirement age.
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