{"id":3061,"date":"2022-06-29T10:00:59","date_gmt":"2022-06-29T10:00:59","guid":{"rendered":"https:\/\/sandpointrealtyidaho.com\/blog\/2022\/06\/homeownership-could-be-in-reach-with-down-payment-assistance-programs\/"},"modified":"2022-06-29T10:00:59","modified_gmt":"2022-06-29T10:00:59","slug":"homeownership-could-be-in-reach-with-down-payment-assistance-programs","status":"publish","type":"post","link":"https:\/\/sandpointrealtyidaho.com\/blog\/2022\/06\/29\/homeownership-could-be-in-reach-with-down-payment-assistance-programs\/","title":{"rendered":"Homeownership Could Be in Reach with Down Payment Assistance Programs"},"content":{"rendered":"

\n

\n

$\"Homeownership$ <\/p>\n

A recent survey<\/a> from 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><\/p>\n

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<\/a>. The key is understanding where to look and learning what options are available. Here\u2019s some information that can help you.<\/p>\n

You Can Qualify Even if You\u2019ve Purchased a Home Before<\/strong><\/h4>\nThere are several misconceptions about down payment assistance programs. For starters, many people believe there\u2019s only assistance available for first-time homebuyers<\/a>. While first-time buyers have many options to explore, repeat buyers have some, too. According to the latest Homeownership Program Index<\/em><\/a> from downpaymentresource.com<\/em>:<\/p>\n
\n
\u201cIt 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.<\/strong>\u201d<\/em><\/p>\n<\/blockquote>\n
That means repeat buyers could qualify for over one-third of the assistance programs available. And if you\u2019re a repeat buyer, you may still be able to take advantage of some first-time homebuyer programs, depending on your personal situation. That\u2019s because downpaymentresource.com <\/em>also notes<\/a> many of the first-time homebuyer programs use the U.S. Department of Housing and Urban Development\u2019s<\/em>\u00a0definition of a first-time homebuyer. Under their definition<\/a>, you could qualify as a first-time buyer if you\u2019re:<\/p>\n
\n
Someone who hasn\u2019t owned a primary residence in 3 years.<\/li>\n
A single parent who\u2019s only ever owned a home with a former spouse.<\/li>\n<\/ul>\n
That means no matter where you are in your <\/strong>homeownership<\/strong><\/a> journey, there could be an option available for you.<\/strong><\/p>\n
You May Be Eligible for Programs Based on Your Location or Profession<\/strong><\/h4>\nIn 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<\/a> to the National Association of Realtors<\/em> (NAR):<\/p>\n
\n
\u201cMany local governments and non-profit organizations offer down-payment assistance grants and loans, targeted to area borrowers and often with specific borrower requirements.\u201d<\/em><\/p>\n<\/blockquote>\n
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>\n
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\u2019s available in your area.<\/p>\n
Bottom Line<\/strong><\/h4>\n
Down payment assistance programs have helped many homebuyers achieve their dreams, and if you qualify, they could help you too. Let\u2019s connect today so you can begin exploring your options.<\/p>\n<\/div>\n\n<\/body>","protected":false},"excerpt":{"rendered":"
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 […]<\/p>\n","protected":false},"author":1,"featured_media":3062,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"om_disable_all_campaigns":false,"_monsterinsights_skip_tracking":false,"_monsterinsights_sitenote_active":false,"_monsterinsights_sitenote_note":"","_monsterinsights_sitenote_category":0,"_jetpack_newsletter_access":"","_jetpack_dont_email_post_to_subs":false,"_jetpack_newsletter_tier_id":0,"_jetpack_memberships_contains_paywalled_content":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":"","jetpack_publicize_message":"","jetpack_publicize_feature_enabled":true,"jetpack_social_post_already_shared":true,"jetpack_social_options":{"image_generator_settings":{"template":"highway","default_image_id":0,"font":"","enabled":false},"version":2},"jetpack_post_was_ever_published":false},"categories":[12],"tags":[29,27,20,18,28],"class_list":["post-3061","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-real-estate-insight","tag-idaho-real-estate","tag-north-idaho-homes","tag-rain-silverhawk","tag-real-estate","tag-sandpoint-idaho"],"aioseo_notices":[],"aioseo_head":"\n\t\t\n\t\n\t\n\t\n\t\n\t\n\t\t\n\t\t\n\t\t\n\t\t\n\t\t\n\t\t\n\t\t\n\t\t\n\t\t\n\t\t\n\t\t\n\t\t\n\t\t\n\t\t\n\t\t\n\t\t\n\t\t\n\t\t\n\t\t\n\t\t\n\t\t