{"id":5883,"date":"2024-06-19T05:30:00","date_gmt":"2024-06-19T10:30:00","guid":{"rendered":"https:\/\/nwiloanguy.com\/blog\/what-you-need-to-know-about-todays-down-payment-programs\/"},"modified":"2024-06-19T05:30:00","modified_gmt":"2024-06-19T10:30:00","slug":"what-you-need-to-know-about-todays-down-payment-programs","status":"publish","type":"post","link":"https:\/\/nwiloanguy.com\/blog\/what-you-need-to-know-about-todays-down-payment-programs\/","title":{"rendered":"What You Need To Know About Today\u2019s Down Payment Programs"},"content":{"rendered":"

\"What<\/p>\n

There’s no denying it’s gotten more challenging to buy a home<\/a>, especially with today’s mortgage rates<\/a> and home price<\/a> appreciation. And that may be one of the big reasons you\u2019re eager to look into grants and assistance programs to see if there\u2019s anything you qualify for that can help. But unfortunately, many homebuyers<\/a> feel like they don\u2019t know where to start. <\/p>\n

A recent Bank of America Institute<\/em> study asked prospective buyers<\/a> where they lack confidence in the process and need more information. And this is what topped the list:<\/p>\n

53% said they need help understanding homebuying grant programs. <\/strong><\/p>\n

So, here\u2019s some information that can help you close that gap.<\/p>\n

What Is Down Payment Assistance?<\/strong><\/h4>\n

As the Mortgage Reports<\/em> explains:<\/p>\n

\u201cDown payment assistance (DPA) programs offer loans and grants that can cover part or all of a home buyer\u2019s down payment and closing costs. <\/em>More than 2,000 of these programs are available nationwide<\/em><\/strong>. . . DPA programs vary by location, but many home buyers could be in line for thousands of dollars in down payment assistance if they qualify.\u201d<\/em><\/p><\/blockquote>\n

And here\u2019s some more good news. On top of all of these programs, you probably don\u2019t need to save as much for your down payment as you think. Contrary to what you may have heard, typically you don\u2019t have to put 20% down<\/a> unless it\u2019s specified by your loan type or lender. So, you likely don\u2019t need to save as much upfront, and there are programs designed to make your down payment more achievable. Sounds like a win-win.<\/p>\n

First-Time and Repeat Buyers Are Often Eligible <\/strong><\/h4>\n

It\u2019s also worth mentioning, that it\u2019s not just first-time homebuyers<\/a> that are eligible for many of these programs. That means whether you\u2019re looking to buy your first house<\/a> or your fifth<\/a>, there could be an option for you. As Down Payment<\/em> Resource<\/em> notes<\/a>:<\/p>\n

\u201c<\/em>You don\u2019t have to be a first-time buyer.<\/em><\/strong> Over 39% of all [homeownership] programs are for repeat homebuyers who have owned a home in the last 3 years.\u201d<\/em><\/p><\/blockquote>\n

Additional Down Payment Resources That Can Help<\/strong><\/h4>\n

Here are a few of the down payment assistance programs that are helping many buyers<\/a> achieve their dream of homeownership<\/a>, even now:<\/p>\n