Grants and Down Payment Assistance Programs
A potential solution to helping you afford your first home would be to look into Down Payment Assistance (DPA) and other first-time home buyer programs. Over 2,000 DPAs exist nationwide and can help with your downpayment, closing cost, or both. For example, we were able to help one of our clients obtain almost $14,000 in downpayment and closing cost assistance after they realized the type of home they would prefer was outside of their budget. Were it not for the assistance program, they would have had to delay purchasing their home and either sign another 12-month lease or pay to break it. This illustrates how down payment assistance programs can help you get into a home faster!
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* Copyright ©2020 “2020 Home Buyers and Sellers Generational Trends Report.” NATIONAL ASSOCIATION OF REALTORS®. All rights reserved. Reprinted with permission. March, 2020, Link to study