It’s a common misconception that down payment assistance is only available to first-time homebuyers. In reality, many programs are open to repeat buyers as well. Down Payment Resource clarifies:
“You don’t have to be a first-time buyer. Over 39% of all [homeownership] programs are for repeat homebuyers who have owned a home in the last 3 years.
This inclusivity means that whether you’re purchasing your first home or your fifth, there could be a down payment assistance program available to you.
Additional Down Payment Resources
Numerous programs are designed to assist buyers in achieving their homeownership dreams, even in today’s challenging market. Here are a few notable ones:
Teacher Next Door: Supports teachers, first responders, health providers, government employees, active-duty military personnel, and veterans in reaching their down payment goals.
Fannie Mae: Offers down payment assistance to eligible first-time homebuyers in majority-Latino communities.
Freddie Mac: Provides options for homebuyers with modest credit scores and limited funds for a down payment.
3By30 Program: Aims to add 3 million new Black homeowners by 2030, offering valuable resources for securing down payments.
Native American Programs: Down Payment Resource highlights 42 U.S. homebuyer assistance programs across 14 states that provide support with down payments and other costs for Native Americans.
Getting Started
For more information on these programs, your best bet is to contact a trusted real estate professional. They can provide details about what’s available, including programs tailored to specific professions or communities. Even if you don’t qualify for these particular programs, they can help you explore other federal, state, and local options that might be a fit.
Bottom Line
Affordability remains a significant challenge for many potential homebuyers. To maximize your chances of success, it’s crucial to utilize all available resources. Connecting with a team of real estate professionals, including a trusted lender and a local agent, is the best way to navigate the various assistance programs and find the support you need to achieve homeownership.
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