As home prices continue to rise and mortgage rates fluctuate, it’s essential to explore every resource that can help make homeownership achievable. One key resource to know about is the significant increase in down payment assistance (DPA) programs available today.
The graph below, based on data from Down Payment Resource, highlights how many new programs have been introduced over the past year:
More Programs, More Opportunities for You
What does this growth mean for you? With more programs available, your chances of finding one that fits your needs and helps you achieve your homeownership goals are higher than ever.
These programs offer substantial support, often covering a significant portion of your costs. Rob Chrane, Founder and CEO of Down Payment Resource, explains:
“We’re excited to see an increasing number of these programs, as they’re becoming a targeted solution to help first-time and first-generation homebuyers overcome the challenge of saving for a down payment. Our data indicates the average down payment assistance benefit is approximately $17,000—providing a strong boost toward covering a down payment and other homeownership expenses.”
Imagine qualifying for $17,000 to put toward your down payment—that’s a significant advantage, especially if you’re purchasing your first home. This kind of support could make homeownership more achievable than you might expect.
It’s also important to note that the growth in DPA programs isn’t limited to first-time or first-generation buyers. Many of the new options are designed to support affordable housing initiatives, including manufactured homes and multi-family properties. This expansion means more people and a broader range of home types can qualify for assistance, increasing your chances of finding a program that suits your needs.
Talk to a Real Estate Expert About What’s Available for You
With so many DPA programs available, it’s essential to find the one that’s right for you. That’s why seeking guidance from your real estate and lending professionals is crucial. According to The Mortgage Reports:
“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 have insight into the options in your area and can connect you with programs that align with your homeownership goals.
Bottom Line
With an increasing number of down payment assistance programs available, now is the perfect time to explore how these options can support your homebuying journey. Let’s collaborate to ensure you have a team of knowledgeable advisors to help identify the DPA programs that best suit your needs.
