A recent survey from Bankrate asks prospective buyers to identify the biggest obstacles in their homebuying journey. It found that 36% of those polled said saving for a down payment is one of their primary hurdles to buying a home. If you feel the same way, the good news is there are many down payment assistance programs available that can help you achieve your homeownership goals. The key is understanding where to look and learning what options are available. Here’s some information that can help you.
You Can Qualify Even if You’ve Purchased a Home Before There are several misconceptions about down payment assistance programs. For starters, many people believe there’s only assistance available for first-time homebuyers. While first-time buyers have many options to explore, repeat buyers have some, too.
According to the latest Homeownership Program Index from downpaymentresource.com: “It is a common misconception that homebuyer assistance is only available to first-time homebuyers, however, 38% of homebuyer assistance programs in Q1 2022 did not have a first-time homebuyer requirement.”
That means repeat buyers could qualify for over one-third of the assistance programs available. And if you’re a repeat buyer, you may still be able to take advantage of some first-time homebuyer programs, depending on your personal situation. That’s because downpaymentresource.com also notes many of the first-time homebuyer programs use the U.S. Department of Housing and Urban Development's definition of a first-time homebuyer. Under their definition, you could qualify as a first-time buyer if you’re:
Someone who hasn’t owned a primary residence in 3 years.
A single parent who’s only ever owned a home with a former spouse.
That means no matter where you are in your homeownership journey, there could be an option available for you.
You May Be Eligible for Programs Based on Your Location or Profession In addition to broader options available for repeat and first-time homebuyers, there are other types of down payment assistance programs that you could qualify for based on your location. According to the National Association of Realtors (NAR): “Many local governments and non-profit organizations offer down-payment assistance grants and loans, targeted to area borrowers and often with specific borrower requirements.” Plus, there are programs and special benefits for individuals working in certain professions or with unique statuses, including teachers, doctors and nurses, and veterans. Ultimately, that means there are many federal, state, and local programs available for you to explore. The best way to do that is to connect with a local real estate professional and your lender to learn more about what’s available in your area.
Bottom Line Down payment assistance programs have helped many homebuyers achieve their dreams, and if you qualify, they could help you too. Let’s connect today so you can begin exploring your options.
Scott Sweeney Realtor - M&M Real Estate Cell: Call/Text 707-330-2324 Office: Call/Text 916-245-3060 Schedule a call or zoom with us here! 👇
About Scott Sweeney Scott Sweeney is a top 5% producing Elk Grove Realtor who services the greater Sacramento & Solano county areas. He has been the top producer for the last 6 consecutive years at M&M Real Estate, and his association has recognized his success and inducted him into the Sacramento Association Of Realtors Masters Club in 2019. Scott has over 15 years working in the real estate industry all of which at M&M Real Estate; a locally owned and operated real estate office in Elk Grove, Ca. Scott has a Bachelor Of Science in Business Administration, with a concentration in Marketing from CSUS. His education, and extensive background in the hospitality, marketing, and real estate industries, have helped Scott to become one of the leading, and most sought-after agents in the area. Scott puts his clients first and is known for taking an educational approach with his clients so they understand every step and strategy of the home buying and selling process. Reach out to Scott Sweeney & SweeneySells today to take the first step towards your real estate goals! Read Scott's Reviews Here Contact Information: Scott Sweeney Realtor - M&M Real Estate BRE Lic# 01938720
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