{"id":4450,"date":"2023-12-12T11:30:00","date_gmt":"2023-12-12T11:30:00","guid":{"rendered":"https:\/\/sandpointrealtyidaho.com\/blog\/2023\/12\/12\/down-payment-assistance-programs-can-help-pave-the-way-to-homeownership\/"},"modified":"2023-12-12T11:30:00","modified_gmt":"2023-12-12T11:30:00","slug":"down-payment-assistance-programs-can-help-pave-the-way-to-homeownership","status":"publish","type":"post","link":"https:\/\/sandpointrealtyidaho.com\/blog\/2023\/12\/12\/down-payment-assistance-programs-can-help-pave-the-way-to-homeownership\/","title":{"rendered":"Down Payment Assistance Programs Can Help Pave the Way to Homeownership"},"content":{"rendered":"\n
\"Down\n

If you\u2019re looking to buy a home, your down payment doesn\u2019t have to be a big hurdle. According<\/a> to the National Association of Realtors<\/em> (NAR), 38% of first-time homebuyers find saving for a down payment the most challenging step. But the reality is, you probably don\u2019t need to put down as much as you think:<\/p>\n

<\/a><\/p>\n\n

Data from NAR shows<\/a> the median down payment hasn\u2019t been over 20% since 2005. In fact, the median down payment for all homebuyers today is only 15%. And it\u2019s even lower for first-time homebuyers at 8%. But just because that\u2019s the median, it doesn\u2019t mean you have to put that much down. Some qualified buyers put down even less.<\/p>\n

For example, there are loan types, like\u00a0FHA loans<\/a>, with down payments as low as 3.5%, as well as options like\u00a0VA loans<\/a>\u00a0and USDA loans<\/a> with no down payment requirements for qualified applicants. But let\u2019s focus in on another valuable resource that may be able to help with your down payment: down payment assistance programs.<\/p>\n

First-Time and Repeat Buyers Are Often Eligible<\/strong><\/h4>\n

According to Down Payment Resource<\/a>, there are thousands of programs available for homebuyers \u2013 and 75% of these are down payment assistance programs.<\/p>\n

And it\u2019s not just first-time homebuyers<\/a> that are eligible. That means no matter where you are in your homebuying journey, there could be an option available for you. As Down Payment<\/em> Resource<\/em> notes<\/a>:<\/p>\n

\u201c<\/em>You don\u2019t have to be a first-time buyer.<\/em><\/strong> Over 39% of all [homeownership] programs are for repeat homebuyers who have owned a home in the last 3 years.\u201d<\/em><\/p><\/blockquote>\n

The best place to start as you search for more information is with a trusted real estate professional. They\u2019ll be able to share more information about what may be available, including additional programs for specific professions or communities.\u00a0<\/p>\n

Additional Down Payment Resources That Can Help<\/strong><\/h4>\n

Here are a few down payment assistance programs that are helping many of today\u2019s buyers achieve the dream of homeownership:<\/p>\n