Down Payment Resource programs can help you! Most buyers are unware this program even exisits. When I set you up to search for homes on the mls portal, the homes that are eligible for this program are in the portal.
How Low Down Payments Make Homeownership Affordable
Last year the affordability of starter homes declined more than twice as much as trade-up homes, and nearly four times as much as premium homes according to Trulia. It’s no surprise that first-time buyers have been hit hardest by rising prices—and rising down payments—even for buyers with the income to qualify for a starter home, whose median price rose 7.6 percent last year. The problem is greatest in the nation’s markets where prices are rising fastest.
In many markets tens of thousands of buyers are turning to down payment assistance programs to get into a home. San Francisco’s first DPA program was launched in 2013. It
doubled its capacity in 2014 and now is arranging even more financing to fill a demand so great it temporarily exceeded funding (See In Hot Markets, DPA is Booming).
Down payment assistance and options like FHA and conventional down payment programs make it possible for buyers to get into a home now before prices rise even more.
Equally important, buyers who can get into a rising market without waiting months or even years to save for a 20 percent down payment start the clock ticking on the accumulation of equity. Buyers who can buy now in markets where inventories are at historic lows and prices are forecasted to continue to rise are no longer the victims but the beneficiaries of market trends.
The down payment program benefit most frequently found is $10,000.
Most borrowers have no idea that this money exists.
Lenders who work with DPR are able to help connect their borrowers to extra funds, add value to important referral partners, and reach CRA/LMI goals, all of which helps them grow their business.