Grants for First Time Home Buyer

[Errol Watson]

Hey BP, I am quickly approaching the time where I can close on my first rental property; I've been pre-approved, I'm selling my car for a 3.5% down payment and appraisals... I have been researching grants for first time home buyers. Does anyone have any sites or programs I should be looking into? Everywhere I dig into just seems very vague and indirect. First time home buyer grants Investor grants FHA and HUD Rehab grants etc. Thanks in advanced

[Chris Mason]

All the ones local to me, they will call the note due to be paid in full the second rental income starts showing up. There are some horror stories out there (none affiliated with loans I originated :P ). So don't do it unless you have a backup plan to come up with another 21.5% during a "surprise!" refi 20 seconds after the government agency that gave you the grant finds out.

There are no federal grants/programs other than FHA 3.5% down, VA 0% down, and USDA.