Down Payment Assistance Programs
One of the hardest parts of achieving homeownership for many Americans is saving for a down payment. Down payments can be several thousands of dollars. For those who are already dealing with price increases, this can be hard to save. However, there are options out there that many people do not know about. This is where a real estate professional and professional lender can come in handy. These professionals know different programs and possibilities that are available to help potential homeowners become homeowners. Here are down payment assistance programs and how to achieve homeownership with them.
Not Just For First-Time Buyers
According to the National Association of Realtors (NAR), first-time homebuyers said that saving for the down payment on their home was the most difficult step. While for some people, this may be simple, for most, it is not. As we have seen prices of almost everything increase, potential buyers pocketbooks are being squeezed. According to downpaymentresource.com, thousands of available options are out there for first-time and repeat buyers. These down payment assistance programs offer some relief to those who cannot seem to save for a down payment. According to their website, around 75% of all available assistance programs are based around down payment help.
Many people think these programs are only available to first-time homebuyers. However, this is not the case in every situation. Their website notes:
“You don’t have to be a first-time buyer. Over 38% of all programs are for repeat homebuyers who have owned a home in the last 3 years.”
This means that no matter what type of homebuyer you are, there is options. In fact, no matter which step of your homeownership journey you are in, there are programs available to offer help.
Local, State, And Federal Down Payment Assistance Programs
Not only is there assistance available from 3rd party websites, but there are also many local programs and specialized programs out there. There are multiple down payment assistance programs designed to help people who serve the communities. Teacher Next Door, one of the programs for local communities, helps teachers and local servants achieve homeownership.
“The Teacher Next Door Program is designed to increase home ownership among teachers and other public servants, support community development and increase access to affordable housing free from discrimination.”
This is just one of the many options available for local servants. The Teacher Next Door program helps teachers, but there are many different programs out there for different careers. This program actually assists first-responders, health providers, government employees, active-duty military, and veterans.
While you may be thinking, this does not apply to me. think again. Well, here is some good news. There are many state, local, and federal programs available to help you achieve homeownerships. In Louisville, Kentucky, a program called DAP is available. The Down Payment Assistance loan, that allows borrowers to build down payments into their loan. This is just one example, and there are many out there. It is important to work with professionals to find the best course of action for you. Reach out to your local professional to find out more.