In a poor economy, the government has created a stimulus program, the FHOG (
First Home Owner Grant), in order to help first time home owners to afford housing. The FHOG (
First Home Owner Grant) program offers up to $7000 to qualified applicants to apply towards their home purchase. Because of this, people who might not have had the funds to apply for a homeowner loan have the opportunity to own a home. One great thing about the FHOG (First Home Owner Grant) is that it does not discriminate based on income or the area where you would like to purchase or build a house. There are, however, some eligibility requirements.
One eligibility requirement for the FHOG (First Home Owner Grant) seems obvious – you must be a first time homeowner. That means that you can’t have owned or jointly owned property. It is also necessary to be a natural person, not a corporation or a company. As would seem natural, the applicant would need to be at least eighteen years old. Before applying for your FHOG (First Home Owner Grant), you should make sure that you have researched all eligibility requirements. That way you are prepared to go into your application with no surprises.
There are many things that keep someone from purchasing a home. To start, many people in today’s economy do not have the credit to qualify for a home loan. Because of this, there is a surplus of homeowners looking to sell and are unable to find buyers. Unfortunately, the housing market can’t improve while people are unable to purchase homes because of their credit. With the FHOG (First Home Owner Grant), people have more money towards a down payment and are more likely to receive a loan. Another thing that keeps people from purchasing a home is the inability to pay a mortgage. Despite the chances provided by the FHOG (First Home Owner Grant), it is not a good idea to sign onto a mortgage if you are not able to pay. This will only damage your credit and help you to wind up losing the home.
Of course, it is important to remember that the FHOG (First Home Owner Grant) only goes up to $7000. While this can be a huge help, it hardly covers the entire cost. You must make sure that you are prepared to make the financial commitment necessary to own a house. Beyond the rest of the loan cost, you must remember that the cost of a loan does not end with the price of the home. There are endless fees and taxes that go along with the original mortgage. Along with the expected fees, you also must maintain the home. When you rent, maintenance is taken care of by the owner. When you own the house, you must make sure you take care of the upkeep. Failing to deal with maintenance issues can truly lower the value of the house. Even with the FHOG (First Home Owner Grant), owning a home is a massive commitment and should not be taken lightly.
