Lisa Mailhot | May 30, 2024
Buyers
Homeownership has long been a cherished dream for many, but the financial hurdles sometimes seem insurmountable. One of the biggest obstacles faced by first-time buyers and those with limited resources is the down payment. However, a solution can make this dream a reality: down payment assistance (DPA) programs.
Despite their availability and benefits, DPA programs are often shrouded in misconceptions. One common myth is that these programs are solely for low-income households or specific neighborhoods. The truth is that a staggering 87% of properties in the U.S. are eligible for DPA, and the programs cater to a wide range of homebuyers, including first-time buyers, those with existing mortgages, and even buyers interested in multi-unit or manufactured housing.
Another misconception is that a 20% down payment is mandatory for purchasing a home. DPA programs can provide substantial financial assistance, the most common amount being $17,000 or even higher, depending on the program and the buyer's qualifications.
Types of Down Payment Assistance
DPA programs come in various forms, each designed to cater to different needs:
The Benefits of Down Payment Assistance
DPA programs not only make homeownership more accessible but also offer numerous advantages:
As the housing market evolves, DPA programs have become an invaluable tool for real estate professionals, enabling them to demonstrate their value and assist a broader range of clients in achieving the dream of homeownership.
If you're considering a move to Orange County, let's connect. With my expertise and knowledge of down payment assistance programs, I can guide you through the process and unlock the door to your dream home.
Reference: “At long last — down payment assistance is finally cool” by Bernice Ross. Published on May 28, 2024.
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