With rising home prices and fluctuating mortgage rates, it's more important than ever to know about the various resources available to help make homeownership possible. One such resource is the increase in Down Payment Assistance (DPA) programs, which have grown significantly in recent years.
The graph below, based on data from Down Payment Resource, shows the number of new programs added over the past year.
More Programs, More Opportunities
What does this increase mean for you? More programs mean a higher likelihood that one of them can help you achieve your homeownership goals. These programs aren't just small-scale assistance. Many offer substantial support, covering a significant portion of the homebuying costs. According to Rob Chrane, founder and CEO of Down Payment Resource, more and more programs are emerging, and they are evolving to target first-time homebuyers who are struggling with down payments. Research from Downpaymentresource.com shows that, on average, recipients of these programs receive $17,000 in assistance.
Imagine Receiving $17,000 in Assistance
This can be a game-changer, especially for first-time buyers. Such a level of assistance makes homeownership a much more achievable goal.
Additionally, the rise in DPA options isn't limited to first-time or single-generation buyers. Many new programs focus on helping people purchase affordable housing, including manufactured homes and multi-family properties. This means that more people, and more types of homes, now qualify for down payment assistance. As a result, it’s easier than ever to find an option that suits your needs. The most well-organized site to explore these programs is downpaymentresource.com, which I highly recommend visiting.
Consult with an Expert
It's important to find the right program for your specific needs. To do so, working with a real estate or lending professional is key. Many mortgage brokers are well-versed in the available options in your area and can recommend the program that best fits your goals.
Conclusion
There are more down payment assistance programs available today than ever before. Explore how these options can help you on your homebuying journey and connect with experts to find the right DPA program for you.
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