If you are a first time home buyer, then you should know about the American Dream Downpayment Initiative. Many buyers don't even know that it exists, but those that do know and can qualify can secure a grant to help them with the downpayment on a new home. Here's more.

The American Dream Downpayment Initiative first came into being in 2003. It works like this. The Federal Government allocates funds to participating local jurisdictions. The jurisdictions simply follow the rules of the program, and those who quality while funds are available, receive a grant to assist them with their downpayment. If you're not sure where to go to find a participating juridiction in your area, you can find one here.

When looking for a new home, be sure and look at as many houses as possible in your price range. And you'll have to know the qualifying prices that are eligible for the American Dream grant. By comparing features and benefits of different houses, you will make yourself a much more informed buyer.