Homeownership Could Be in Reach with Down Payment Assistance Programs

<article class="post-354396 post type-post status-publish format-standard has-post-thumbnail hentry" id="post-354396"><span class="entry-date">June 29, 2022</span><div class="entry-header center-block text-center"><h1 class="entry-title">Homeownership Could Be in Reach with Down Payment Assistance Programs</h1><div class="shareBlock"><div class="shareTitle">Share</div><div class="shareIcons"><a aria-label="Twitter Share Link" class="twitter solid display-inline-block" data-tracking="Post,Social Post Link Clicked,Twitter" href="http://twitter.com/share?text=Homeownership+Could+Be+in+Reach+with+Down+Payment+Assistance+Programs&amp;url=https%3A%2F%2Fgilliggroup.com%2Fblog%2Fhomeownership-could-be-in-reach-with-down-payment-assistance-programs%2F" target="_blank"><span class="force-hidden">Twitter</span></a>
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<p><img alt="Homeownership Could Be in Reach with Down Payment Assistance Programs | Simplifying The Market" class="webfeedsFeaturedVisual wp-post-image" decoding="async" link_thumbnail="" loading="lazy" sizes="auto, (max-width: 549px) 100vw, 549px" src="https://files.simplifyingthemarket.com/wp-content/uploads/2022/06/28151739/20220628-KCM-Share-1-549×300.jpg" srcset="https://files.simplifyingthemarket.com/wp-content/uploads/2022/06/28151739/20220628-KCM-Share-1-549×300.jpg 549w, https://files.simplifyingthemarket.com/wp-content/uploads/2022/06/28151739/20220628-KCM-Share-1.jpg 750w" style="display: block; margin-bottom: 5px; clear:both;max-width: 100%;" width="358"/></p>
<p>A recent <a href="https://www.bankrate.com/mortgages/homeownership-remains-centerpiece-of-american-dream/">survey</a> from <em>Bankrate</em> 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.<span id="more-46743"></span></p>
<p>If you feel the same way, the good news is there are many down payment assistance programs available that can help you achieve your <a href="https://www.simplifyingthemarket.com/2022/06/10/the-top-reasons-to-own-your-home-infographic/?a=712984-fa409495d5d70154d03a25e81e9540e2">homeownership goals</a>. The key is understanding where to look and learning what options are available. Here’s some information that can help you.</p>
<h4><strong>You Can Qualify Even if You’ve Purchased a Home Before</strong></h4>
<p>There are several misconceptions about down payment assistance programs. For starters, many people believe there’s only assistance available for <a href="https://www.simplifyingthemarket.com/2022/06/08/what-are-the-best-options-for-todays-first-time-homebuyers/?a=712984-fa409495d5d70154d03a25e81e9540e2">first-time homebuyers</a>. While first-time buyers have many options to explore, repeat buyers have some, too. According to the latest <a href="https://downpaymentresource.com/professional-resource/more-homebuyer-assistance-programs-introduced-as-affordability-declines-in-most-u-s-counties/"><em>Homeownership Program Index</em></a> from <em>downpaymentresource.com</em>:</p>
<blockquote>
<p><em>“It is a common misconception that homebuyer assistance is only available to first-time homebuyers, however, <strong>38% of homebuyer assistance programs in Q1 2022 did not have a first-time homebuyer requirement.</strong>”</em></p>
</blockquote>
<p>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 <em>downpaymentresource.com </em>also <a href="https://downpaymentresource.com/homebuyer-resource/4-common-down-payment-assistance-program-myths-debunked/">notes</a> many of the first-time homebuyer programs use the <em>U.S. Department of Housing and Urban Development’s</em> definition of a first-time homebuyer. Under their <a href="https://archives.hud.gov/offices/hsg/sfh/ref/sfhp3-02.cfm">definition</a>, you could qualify as a first-time buyer if you’re:</p>
<ul>
<li>Someone who hasn’t owned a primary residence in 3 years.</li>
<li>A single parent who’s only ever owned a home with a former spouse.</li>
</ul>
<p><strong>That means no matter where you are in your </strong><a href="https://www.simplifyingthemarket.com/2022/06/02/how-homeownership-impacts-you/?a=712984-fa409495d5d70154d03a25e81e9540e2"><strong>homeownership</strong></a><strong> journey, there could be an option available for you.</strong></p>
<h4><strong>You May Be Eligible for Programs Based on Your Location or Profession</strong></h4>
<p>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. <a href="https://www.nar.realtor/first-time-homebuyers/first-time-homebuyer-loans-grants">According</a> to the <em>National Association of Realtors</em> (NAR):</p>
<blockquote>
<p><em>“Many local governments and non-profit organizations offer down-payment assistance grants and loans, targeted to area borrowers and often with specific borrower requirements.”</em></p>
</blockquote>
<p>Plus, there are programs and special benefits for individuals working in certain professions or with unique statuses, including teachers, doctors and nurses, and veterans.</p>
<p>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.</p>
<h4><strong>Bottom Line</strong></h4>
<p>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.</p>
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