The USA Grant Program faces a $100 million cut in President Barack Obama’s this year budget, a reduction that will mostly reduce the amount of funding allocated to subsidize graduate and professional student loans, the White House annouced Monday.

Thomas Keane, director of financial aid for scholarships and policy analysis, said the impact of the reductions on undergraduates would be minor, but the cuts will probably affect 1,500 to 2,000 Cornell students who are pursing advanced degrees. Apply Today !!


Free Obama Grant Money

Obama Grant money is now available to everyone whose in finacial need. The government has set aside 787 billions in funds to stimulate the US economy. This enables individuals to qualify forh grant money. People have been applying and receiving grant money since the Obama administration has made it available..

What types of grants are available:

· Business
· Personal Needs
· Medical Bills
· Housing
· Rent Assistance
· Minority
· Women
· Education
· Unemployment
· Child Care
· Utility Bill Assistance
· Home Repair
· Food Bills
· 1st time home buyer
· Land Development
· New Contruction
· RV Parks
· Federal Pell Grants
· Tution assistance
· Stafford Loans
· Training Grants
· Research

Requirements to recieve the funds:
· You must be at least 18 years of age.
· You must have a valid government issued Id
· You must be a legal citizen of the united states.
· You must have a valid financial need.
· You must have a social security number.

Some other things to keep in mind:
· This money isn't taxable.
· Take your time when applying and make sure all the information you provide is accurate.
· Apply for as many grants that are applicable to your situation.
· Make sure you use the money for what it was requested for
· You never have to pay the money back.
· Do the proper research in order to make sure you application is successful
· Make sure to notify others in need of the available funds.

· Apply as soon as possible, there are only so many dollars available. And the funds could dry up so take advantage immdediately
· Apply for the one that fits your situation best.

Monday, 2 July 2012

First time home buyer grants 2012 illinois

First time home buyer grants 2012 illinois

Some big changes will be made to FHA loans starting April 1st, which will
increase the cost of FHA financing, and change the way seller closing cost
credits are structured. The first change is that FHA will increase the cost of both
the monthly and up-front mortgage insurance. The other big change is capping
the seller closing cost credit at 3% of the purchase price (currently it is at 6%), or a maximum of $6,000.

Regarding the mortgage insurance change, FHA divides their mortgage
insurance premium into two parts, an up-front premium that is usually added
onto the mortgage balance and financed into the loan, and a monthly premium
similar to conventional PMI. Starting on loans registered as of April 1st, the up-
front premium will be increased from 1.0% to 1.75%. On a $200,000 loan, this
means a change in payment of about $7 based on current interest rates. FHA is
also changing the monthly mortgage insurance, increasing it by .10% for loans
under $625,000 (which means everything but some 3 and 4 units here in the
Chicago area). The current factor is 1.15% of the loan amount (divided by 12),
the increase will make the factor 1.25% after April 1st. On that same $200,000
loan, this means a change in payment of about $16, so the two increases
combined will increase the cost for a buyer by about $23 per month. For loans
over $625,000, again, only multi-units here in the Chicago area, the monthly
premium will be increased by .35, to a total of 1.45% per year.

These increases aren’t enough enough to make a difference in qualifying for
most borrowers, and with mortgage rates as low as they are, the total payment
on an FHA purchase is still competitive with rents in many cases, and FHA
financing is still the best, and only, route for many borrowers. The reason
they are making this change is to shore up the reserve fund and keep FHA
solvent. While Fannie Mae and Freddie Mac have been bailed out by the federal
government, FHA has remained solvent, paying for losses out of their own funds.
Part of this was because FHA wasn’t a big factor during the housing bubble,
and the reserve fund has been sufficient to pay out all claims against it. But over
the last few years, FHA market share has risen from about 2% up to over 40%
currently, and the reserve fund has shrunk below the congressionally mandated
level. These increases are expected to raise over $1 billion through 2013, and
keep the program running without a federal bailout.

The other big change will cap the seller closing cost credit at 3% of the purchase
price, or $6,000, whichever is greater. The biggest obstacle to buying a home
is usually coming up with the money for the down payment and closing costs.
The FHA down payment is a minimum of 3.5%, but closing costs usually run
about $3,500 to $4,000, and more if there is a transfer tax involved. It is common in the market now, for the buyer to negotiate for the seller to pay the closing costs. They first proposed capping closing costs about a year ago. They didn’t go through with the change then because dropping the credit would hurt those who needed it the most, the lower and moderate income buyers.

If you are buying a home for $200,000, a 3% seller credit is $6,000, more than enough to pay for
all the normal closing costs. If you are buying a $60,000 home, that same 3% is
only $1,800, meaning buyers of smaller homes would need a lot more cash out
of their own pockets in order to close. The new rule caps the closing cost credit
at 3% of the sales price, or $6,000, whichever is greater. This means that the
buyers of lower priced homes can still buy without having to come up with a lot
more cash than they otherwise would. To me, this seems like a fair way to handle
this, and as it is rare to see a credit of more than $6,000, I don’t expect this will
have much of an effect on the market.

2012 FHLB $5,000 Down Payment Assistance Program For First Time Home Buyers

Is buying a new home something you would do now if you had the 3.5% down payment for an FHA Loan, money for home, radon and or pest inspections? Many foreclosure sellers will set a cap on the percentage of the closing costs they will agree to pay for the buyer. Sometimes buyers have a good game plan, but don’t account for some of the costs associated with buying a home.

The Federal Home Loan Bank, otherwise known as the FHLB, is not a government program; rather, its members are made up of regional and community banks from Georgia, Alabama, Florida, Maryland, Washington DC, and the Carolinas.

FHLB has updated its down payment assistance program and has reduced the FHLB down payment assistance program amount from $7,500 to $5,000 for 2012. FHLB provides matching funds, 4:1 for first time home buyers or someone that not owned a home in three years. Funds can be used for down payment and/or closing costs for low to moderate income home buyers.

Each bank, or member, is allocated $1 million dollars to use towards down payment assistance to help low to moderate income level families purchase a own a home. Not all banks offer this program and funds are on a first come first serve basis so when the funds will run out, they are gone.

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WARNING: Don’t get SCAMMED! So many people are under the impression that they can get some free money directly from Obama grants, stimulus rebates, the stimulus bill, green grants, and the government’s bailout of America. THIS IS NOT THE CASE! The stimulus bill has nothing in it for individual people. Other sites will scam you if they tell you otherwise. There are still government grants available as always but they have NOTHING to do with the stimulus bill or Obama! If you are going to profit from the stimulus bill it will probably have to be in the form of a job that wouldn’t have been there otherwise.

Many so called grant companies will ship you a cheap CD (maybe for $1.95) and say it is a free trial period and they will help you get your grant. Then when you forget to cancel you will be charged a monthly fee of $49.95 or $79.95 or some other large amount. This is all in the fine print. GOVERNMENT GRANTS ARE FREE AND YOU SHOULDN’T HAVE TO PAY ANYTHING FOR THEM! Don’t fall for this scam!

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