When you start thinking about buying your New Home, saving for a down payment is indeed one of your primary goals.
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 find your options and I have 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 is 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 are a repeat buyer, you may still be able to take advantage of some first-time homebuyer programs, depending on your personal situation. That is 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 are:
- Someone who hasn’t owned a primary residence in 3 years.
- A single parent who has only 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.
Which means, there are many federal, state, and local programs available for you to explore. The best way to do that is to connect with your local real estate professional and your lender to learn more about what homes are available in your area.
Down payment assistance programs have helped many homebuyers achieve their dreams, and if you qualify, they could help you too.
Steve Schappert The Connecticut Real Estate Broker
Call and Text Steve Schappert 203-994-3950
Email Broker@CTREB.com
Truth
You are a concerned homebuyer or homeseller and you need to know what is happening in your housing market, so you can make the most informed decisions possible.