Down Payment Assistance Can Help You Achieve Homeownership
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Down Payment Assistance Can Help
If you’re ready to put renting behind you and make the transition to homeownership, you’ve probably already begun to save for a down payment, right? For many homebuyers, the thought of actually saving for a down payment can feel dauting, especially in today’s market. When asked what the most difficult and confusing step in the homebuying process is, most buyers say saving for a down payment is one of the hardest steps on the path. The National of Relators NAR reports:
“30% of first-time homebuyers said saving for a down payment was the most difficult and confusing step on the path to ownership.”
But how much money do you exactly need and how can you properly save for a down payment until you’re ready to pull the trigger? These are all common questions first-time home buyers ask themselves in preparation for purchasing. If you’re finding that your down payment is your biggest hurdle, the good news is there are many down payment assistance programs available that can help you achieve your goals. The key is understanding where to look and get educated on what options are available.
Here’s some information that can help.
First-Time and Repeat Buyers Are Often Eligible
These options make up the large majority. Downpaymentresource.com states 73% of the assistance available to homebuyers is there to help you with your down payment.
And it’s not just first-time homebuyers that are eligible for these programs. Over 38% of all programs are for repeat homebuyers who have owned a home in the last 3 years.
That means no matter where you are in your homeownership journey, there could be an option available for you, based on your financial situation and the type of property you’re buying.
There are also Local programs Available and Specialized Programs for Public Servants
There are also multiple down payment assistance resources designed to help those who serve our communities like teachers, first responders, health providers, government employees, active-duty military personnel, and veterans reach their down payment goals.
And, most importantly, even if you don’t qualify for these types of specialized programs, there are many federal, state, and local programs available for you to explore. And the best way to do that is to connect with our team and get educated on what’s available for you based on your needs and goals.
If saving for a down payment seems overwhelming, there are many programs available that can help. And if you work to serve your community, there may be even more opportunities available. Connect with one of our team members and start your homebuying journey today.