Homeownership

Homeownership Could Be in Reach with Down Payment Assistance Programs

A recent survey from Bankrate asks prospective buyers to identify the biggest obstacles in their homebuying journey. It found that 37% of those polled said saving for a down payment.

If you feel the same way, the good news is there are many down payment assistance programs available. The key is understanding where to look and learning what options are available. Here is some information to help you.

You Can Quality Even if You’ve Purchased a Home Before

There are several misconceptions about down payment assistance programs. For starters, many people believe there’s only assistance for first time homebuyers. While first time buyers have many options to explore, repeat buyers have some too.

That means repeat buyers could qualify for over one third of the assistance programs available. And if you’re a repeat buyer, you may still be able to take advantage of some first time homebuyer programs, depending on your personal situation. Many of the first time homebuyer programs use the U.S. Department of Housing and Urban Development’s definition of a first time homebuyer. Under their definition you could qualify as a first time buyer if you: 1. have not owned a primary residence in 3 years, 2. you are a single parent who owned a home with a former spouse.

In addition to broader options available for repat and first time homebuyers, there are other types of down payment assistance programs you may qualify for. Plus, there are programs and special benefits for individuals working in certain professions or with unique statuses, including teachers, doctors and nurses, and veterans.

Ultimately, that means there are many federal, state, and local programs available for you to explore. The best way to do that is to connect with me and your lender to learn more about what’s available in your area.

Bottom Line

Down payment assistance programs have helped many homebuyers achieve their dreams. And, if you qualify, they could help you too. Let’s connect today so you can begin exploring your options. Ben Keeney 203-313-0013