{"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":"

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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\u00a0 FHA loans<\/a>, with down payments as low as 3.5%, as well as options like\u00a0 VA 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>\nAccording 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
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Teacher Next Door<\/a> is designed to help teachers, first responders, health providers, government employees, active-duty military personnel, and veterans reach their down payment goals.<\/li>\n
Fannie Mae<\/a> provides down-payment assistance to eligible first-time homebuyers living in majority-Latino communities.<\/li>\n
Freddie Mac<\/a> also has options designed specifically for homebuyers with modest credit scores and limited funds for a down payment.<\/li>\n
The 3By30<\/a> program lays out actionable strategies to add 3 million new Black homeowners by 2030. These programs offer valuable resources for potential buyers, making it easier for them to secure down payments and realize their dream of homeownership.<\/li>\n
For Native Americans, Down Payment Resource<\/a> highlights 42 U.S. homebuyer assistance programs across 14 states that ease the path to homeownership by providing support with down payments and other associated costs.<\/li>\n<\/ul>\n
Even if you don\u2019t qualify for these types of programs, there are many other federal, state, and local options available to look into. And a real estate professional can help you find the ones that meet your needs as you explore what\u2019s available.\u00a0<\/p>\n
Bottom Line<\/h3>\n
Achieving the dream of having a home may be more within reach than you think, especially when you know where to find the right support. To learn more, reach out to a real estate professional who can guide you through the available resources.<\/p>\n<\/div>\n\n<\/body>","protected":false},"excerpt":{"rendered":"
If you\u2019re looking to buy a home, your down payment doesn\u2019t have to be a big hurdle. According to the National Association of Realtors (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","protected":false},"author":1,"featured_media":4451,"comment_status":"registered_only","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-4450","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