**Good news for aspiring homeowners!** Hefty down payments are no longer necessary to secure a mortgage. There are numerous down payment and homebuying assistance resources readily available to the public. In fact, there are over 2,300 nationwide as of April 2023, according to Down Payment Resource (DPR).
DPR's quarterly report surveys the funding status, eligibility rules, and benefits of homebuyer assistance programs throughout the United States. Assistance includes down payment and closing cost programs, Mortgage Credit Certificates (MCCs), and affordable first mortgages.
- 2,362 homebuyer assistance programs are active as of April 7, 2023.
- Of all types of homebuyer assistance, 43.4% percent of programs are forgivable.
- Incentivized programs geared towards public servants, Native Americans, people with disabilities, veterans, and others are increasing. Programs with incentives now make up 17.5% of all available programs.
- Programs that support multifamily homeownership saw a 2.2% increase over the previous quarter, making up 29.8% of all homebuyer assistance offerings.
- DPA programs without a first-time homebuyer requirement grew by 2% in Q1 2023. 39.7% of all assistance offerings do not feature a first-time homebuyer requirement.
Call us today and get personalized guidance for making homebuying more affordable.