“The number of total programs is 2,340, and over 81 percent (81.1%) of programs currently have funds available for eligible homebuyers.”
Down Payment Assistance Programs Are Not Only for First-Time HomebuyersKeep in mind, these programs aren’t just for first-time homebuyers, so it’s worth exploring your options no matter where you are in your homeownership journey. For example, if you’re working from home now, you may be thinking about relocating to a more affordable area where you can stretch your dollar further and have more space, inside and out. Lawrence Yun, Chief Economist for the National Association of Realtors (NAR), explains:
“Rural areas have mortgages (USDA loans) that don’t require down payments; and some workers who can work from home may want to consider outer suburbs or small towns where USDA home loans are available and where homes are very affordable.”If affordability is on your mind and you’re expecting to be working remotely for the long-term, the right home may be in an area you haven’t considered yet. In addition, the assistance program you need might be within reach too. When you’re interested in learning more about down payment assistance programs, information is available through sites like downpaymentresource.com.