What You Need To Know About Today’s Down Payment Programs

**What You Need To Know About Today’s Down Payment Programs** Buying a home has become more challenging lately with higher mortgage rates and home prices. That’s why looking into grants and assistance programs can be a smart move. However, many homebuyers don’t know where to begin. A study from the Bank of America Institute found that 53% of prospective buyers need help understanding homebuying grant programs. **What Is Down Payment Assistance?** According to Mortgage Reports, down payment assistance (DPA) programs offer loans and grants to help cover part or all of your down payment and closing costs. There are over 2,000 such programs nationwide. You might not need to save as much as you think because these programs make your down payment more achievable. **First-Time and Repeat Buyers Are Often Eligible** Good news—it’s not just for first-time buyers. Whether you’re buying your first or fifth home, you might find a program that can help. Down Payment Resource says that over 39% of these programs are for repeat homebuyers who have owned a home in the last three years. **Additional Down Payment Resources That Can Help** Here are a few helpful down payment assistance programs: - **Teacher Next Door:** Assists teachers, first responders, health providers, government employees, active-duty military, and Veterans with their down payment. - **Fannie Mae:** Offers down payment help to eligible first-time homebuyers in majority-Latino communities. - **Freddie Mac:** Provides options for buyers with modest credit scores and limited down payment funds. - **3By30 Program:** Aims to add 3 million new Black homeowners by 2030. - **Native American Programs:** Down Payment Resource highlights 42 programs across 14 states for Native American buyers. For more information, contacting a trusted real estate agent is a good starting point. They can detail available options, including programs for specific professions or communities. Even if you don’t qualify for these, there may be other federal, state, and local programs you can explore. **Bottom Line** Affordability remains a challenge, so it's important to take advantage of all available resources. Connect with real estate professionals, including a trusted lender and local agent, to find out what’s out there for you. --- How does that work?

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