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 36% of those polled said saving for a down payment is one of their primary hurdles to buying a home. If you feel the same way, the good news is there are many down payment assistance programs available that can help you achieve your homeownership goals. The key is understanding where to look and learning what options are available. Here’s some information that can help you.   You Can Qualify 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 available for first-time homebuyers. While first-time buyers have many options to explore, repeat buyers have some, too. According to the latest Homeownership Program Index from downpaymentresource.com: “It is a common misconception that homebuyer assistance is only available to first-time homebuyers, however, 38% of homebuyer assistance programs in Q1 2022 did not have a first-time homebuyer requirement.” 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. That’s because downpaymentresource.com also notes 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’re: Someone who hasn’t owned a primary residence in 3 years. A single parent who’s only ever owned a home with a former spouse. That means no matter where you are in your homeownership journey, there could be an option available for you.   You May Be Eligible for Programs Based on Your Location or Profession In addition to broader options available for repeat and first-time homebuyers, there are other types of down payment assistance programs that you could qualify for based on your location. According to the National Association of Realtors (NAR): “Many local governments and non-profit organizations offer down-payment assistance grants and loans, targeted to area borrowers and often with specific borrower requirements.” 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 a local real estate professional 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.

MORE

HOMETOWN FOR HEROES PROGRAM

If you're a first time home buyer, you may be wondering how to get help with your down payment. In this video, we'll introduce you to 25K Down Payment Assistance, a program that can help you get the money you need for your dream home. We'll tell you how to qualify and walk you through the application process step-by-step.   List of All Qualifying Jobs Here  Key notes  Some key notes mentioned in this video for Tampa Bay real estate homebuyers are as follows; If you own a home (but not lived in it for last three years), you may be eligible.  Income limits are much more flexible. Not based by household income limits.  Multiple service positions qualify. If you considering a joint application, only one person has to be a service workers.  Down Payment Assitance can be up to 5% of the loan amount approved bt a mortgage lender.  Loan types include FHA, Conventional loans, and Military or VA Loans.  0% interest fee 2nd loan with no payback unless you sell or refinance the home in the future.  Don't let the down payment hold you back from buying your first home! Apply for 25K Down Payment Assistance today.    

MORE