We’ve all been caught off guard by the rising prices — especially those of you who rent. While buying a home can be cheaper than renting, there is still that pesky down payment to worry about. When costs are up it’s harder to save and homeownership can seem like a destination that cannot be reached.
There is good news my friends (if you need more good news, check out the Good News Network), 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. So pause your doom scrolling and let’s talk Down Payment Assistance Programs.
You Can Qualify Even if You’ve Purchased a Home Before
It’s possible that you haven’t heard of Down Payment Assistance Programs and if you have, there are several misconceptions that are made about them. For starters, many people believe there’s only assistance available for first-time homebuyers. Not true (more good news, right?). While first-time buyers have many options to explore, repeat buyers have some, too.
Repeat buyers may qualify for over one-third of the assistance programs available. How amazing is that? 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. Strange, I know, but let me explain. 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. Wonderful! But wait, there’s more!
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. Local governments and non-profit organizations may offer Down Payment Assistance Programs targeted to a specific area.
Plus (yes more awesome things), 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 (Bethany here!) and your lender to learn more about what’s available in your area.
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.