Mortgage
There's no denying it's gotten more challenging to buy a home, especially with today's mortgage rates and home price appreciation. And that may be one of the big reasons you’re eager to look into grants and assistance programs to see if there’s anything you qualify for that can help. But unfortunately, many homebuyers feel like they don’t know where to start.
A recent Bank of America Institute study asked prospective buyers where they lack confidence in the process and need more information. And this is what topped the list:
53% said they need help understanding homebuying grant programs.
So, here’s some information that can help you close that gap.
As the Mortgage Reports explains:
“Down payment assistance (DPA) programs offer loans and grants that can cover part or all of a home buyer’s down payment and closing costs. More than 2,000 of these programs are available nationwide. . . DPA programs vary by location, but many home buyers could be in line for thousands of dollars in down payment assistance if they qualify.”
And here’s some more good news. On top of all of these programs, you probably don’t need to save as much for your down payment as you think. Contrary to what you may have heard, typically you don’t have to put 20% down unless it’s specified by your loan type or lender. So, you likely don’t need to save as much upfront, and there are programs designed to make your down payment more achievable. Sounds like a win-win.
It’s also worth mentioning, that it’s not just first-time homebuyers that are eligible for many of these programs. That means whether you’re looking to buy your first house or your fifth, there could be an option for you. As Down Payment Resource notes:
“You don’t have to be a first-time buyer. Over 39% of all [homeownership] programs are for repeat homebuyers who have owned a home in the last 3 years.”
Here are a few of the down payment assistance programs that are helping many buyers achieve their dream of homeownership, even now:
If you want more information on any of these, the best place to start is by contacting a trusted real estate professional.
They’ll be able to share more details about what may be available, including any other programs designed to serve specific professions or communities. And even if you don’t qualify for these types of programs, they can help see if there are any other federal, state, and local options available you should look into.
Affordability is still a challenge, so if you’re looking to buy, you’re going to want to make sure you’re taking advantage of any and all resources available.
The best way to find out what’s out there is to connect with a team of real estate professionals, including a trusted lender and a local agent.
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Homeowners today are in a much stronger financial position than they were during the 2008 crash, thanks to significant equity.
Homes are staying on the market a bit longer now that buyers have more options to choose from
By getting a head start now, you can ensure everything is in place by the time the new year rolls around.
2025 is shaping up to be a more promising year for both buyers and sellers.
You could wait, but you’ll miss out on a lot of equity if you do.
In September, the number of homes put up for sale increased by 11.6% compared to this time last year.
As home equity reaches a new height, the median down payment has too.
If you’re considering buying a brand-new home, don’t let misconceptions hold you back.
You’ve got questions and we can’t wait to answer them.