Understanding Down Payment Assistance with Krista Klause

Buying a home has become more challenging with today's mortgage rates and home price appreciation. Many homebuyers are eager to explore grants and assistance programs but don't know where to start. A recent Bank of America Institute study found that 53% of prospective buyers need help understanding homebuying grant programs. Here’s some information to help you navigate these options.

What Is Down Payment Assistance?

Down Payment Assistance (DPA) programs offer loans and grants that can cover part or all of a home buyer’s down payment and closing costs. 🏠 More than 2,000 programs are available nationwide. Many homebuyers could be eligible for thousands of dollars in assistance. Plus, you might not need to save as much for your down payment as you think. Contrary to popular belief, a 20% down payment is not always necessary. 🎉

First-Time and Repeat Buyers Are Often Eligible

It’s not just first-time homebuyers who can benefit from these programs. Over 39% of homeownership programs are for repeat buyers who have owned a home in the last three years. 🚪

Additional Down Payment Resources

Here are some programs helping buyers achieve homeownership:

• Teacher Next Door: Assists teachers, first responders, health providers, government employees, active-duty military personnel, and Veterans.
• Fannie Mae: Provides down payment assistance to eligible first-time homebuyers in majority-Latino communities.
• Freddie Mac: Offers options for buyers with modest credit scores and limited funds for a down payment.
• 3By30 Program: Aims to add 3 million new Black homeowners by 2030.
• Native American Programs: Highlights 42 homebuyer assistance programs across 14 states.

For more information on these programs, contact a trusted real estate professional. They can share details about available options, including federal, state, and local programs tailored to specific professions or communities. 🏡

Bottom Line

Affordability remains a challenge, so take advantage of all available resources. Connect with a team of real estate professionals, including a trusted lender and local agent, to explore your options. 🌟

For personalized advice and expert guidance, reach out to Krista Klause, your trusted realtor.