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Buying a home nowadays isn’t easy, especially with high mortgage rates and rising home prices. That’s why you should explore down payment assistance. These resources can help make your homebuying journey easier. But where do you start? Don’t worry—you’re not alone! 
What Is Down Payment Assistance?
Down payment assistance (DPA) programs offer loans and grants that can cover part or all of a homebuyer’s down payment and closing costs. Over 2,000 of these programs are available nationwide. DPA programs vary by location, but many homebuyers could qualify for thousands of dollars in assistance.
Here’s the cherry: You probably don’t need to save as much for your down payment as you think. Contrary to popular belief, you typically don’t have to put 20% down unless specified by your loan type or lender. These programs are designed to make your down payment more manageable. Sounds like a win-win, right?
First-Time and Repeat Buyers Are Often Eligible
Good news—not just first-time homebuyers can benefit from these programs. Whether you’re buying your first or fifth house, you could have an option. Down Payment Resource notes:
“You don’t have to be a first-time buyer. Over 39% of all homeownership programs are for repeat homebuyers who have owned a home in the last 3 years.”
Additional Down Payment Resources
Here are a few down payment assistance programs helping many buyers achieve their dream of homeownership:
- Teacher Next Door: Assists teachers, first responders, health providers, government employees, active-duty military personnel, and Veterans with their down payment goals.
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Updated First Time Home Buyers Program for Teachers and School Employees through Teacher Next Door Program, Including Grants and Down Payment Assistance
- Fannie Mae: Offers down payment assistance to eligible first-time homebuyers living in majority-Latino communities.
- Freddie Mac: Provides options for homebuyers with modest credit scores and limited funds for a down payment.
- 3By30 Program: Aim to add 3 million new Black homeowners by 2030 through actionable strategies and valuable resources.
- Native American Assistance: This section highlights 42 U.S. homebuyer assistance programs across 14 states for Native Americans, which ease the path to homeownership by supporting down payments and other costs.
For more details about these programs, contacting a trusted real estate professional is the best place to start. They can share specifics about what might be available, including other programs tailored to specific professions or communities. Even if you don’t qualify for these programs, they can help identify other federal, state, and local options.
Bottom Line
Affordability is still a challenge, so if you want to buy, take advantage of every available resource. The best way to discover what’s out there is by connecting with a team of real estate professionals, including a trusted lender and a local agent.
