: Many states offer true grants for first-time buyers that range from a few thousand dollars to 5% of the purchase price . These do not require repayment if you follow the program's residency rules.
"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
: 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 how to get free money to buy a house
: Most programs require that you haven't owned a home in the last three years.
While these funds are often called "free," they come with specific strings attached: : Many states offer true grants for first-time
Most assistance programs are managed by state housing finance agencies (HFAs), local governments, or private lenders.
: 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. Common Ways to Get "Free Money" for a
: You must live in the house as your main home for a specific number of years to avoid having to pay the money back. Where to Find Programs Near You Down Payment Resource: Down Payment Assistance
