With rising home prices and volatile mortgage rates, you must know about every resource that could help make buying a home possible. You’ll want to be aware of how much the number of down payment assistance (DPA) programs has grown lately.
Take a look at the graph below to see how many new programs have been added in the last year, according to data from Down Payment Resource:
More Programs, More Opportunities for You
So, what does this increase mean for you? With more programs available, there’s a higher likelihood that one of them could help you reach your homeownership goals.
And these programs aren’t small-scale help either – the benefits can go a long way toward covering a chunk of your costs. As Rob Chrane, Founder and CEO of Down Payment Resource, shares:
“We are pleased to see a growing number of these programs, and think they are becoming a targeted way to help first-time and first-generation homebuyers struggling to save for a down payment get into a home they can afford. Our data shows the average DPA benefit is roughly $17,000. That can be a nice jump-start for saving for a down payment and other costs of homeownership.”
Imagine qualifying for $17,000 toward your down payment—that’s a big boost, especially if you’re looking to buy your first home. With that help, buying a home may be more within reach than you think.
But it’s worth noting that the growth in DPA options isn’t just focused on first-time and first-generation buyers. Many new programs also aim to support affordable housing initiatives, including manufactured and multi-family homes. This means that more people and a wider variety of home types can qualify for down payment assistance, making it easier to find an option that fits your needs.
Talk to a Real Estate Expert About What’s Available for You
With so many DPA programs, you must find the right one. That’s why it’s vital to lean on your real estate and lending professionals for guidance. The Mortgage Reports says:
“The best way to find down payment assistance programs for which you qualify is to speak with your loan officer or broker. They should know about local grants and loan programs that can help you out.”
Your loan officer or real estate agent will know what’s available in your area and can point you toward programs that align with your goals.
Bottom Line
With more down payment assistance programs than ever, now’s a great time to explore how these options can help your home-buying journey. Let’s work together to ensure you’ve got a team of expert advisors in place to see which DPA programs could fit you.
