: Major banks offer proprietary grants for closing costs or down payments. For example, Bank of America offers grants up to $10,000 , and Chase provides up to $5,000 in eligible locations. Eligibility and Requirements
: Programs like the Chenoa Fund or National Homebuyers Fund (NHF) provide "silent" second loans. These are often 100% forgiven after you live in the home for a set period, typically 3 to 10 years.
Most assistance programs are managed by state housing finance agencies (HFAs), local governments, or private lenders.
: Assistance is usually reserved for low-to-moderate-income households, often capped at 80% to 120% of the Area Median Income (AMI) .
"Free money" for buying a home typically refers to , which comes in the form of grants that never need to be repaid or "silent" second mortgages that are eventually forgiven. Common Ways to Get "Free Money" for a House