As the 2024 year comes to a close, states are expanding down payment assistance (DPA) programs for first-time homebuyers. A report from Down Payment Resource (DPR) shows a 1.2% increase in DPA programs from the previous quarter, with 2,444 total programs available. The average benefit is $17,000, providing significant support for new buyers. California leads in programs and funding, and assistance for first-generation homebuyers increased by 5%.
Below-market-rate homes and grant-funded programs rose by 8% and 7%, respectively, offering more affordable homeownership options. DPA programs that supported the purchase of two-, three-, and four-unit properties rose by 7% in Q3 2024. With the election approaching and fluctuating mortgage rates, future program availability could shift.
Seeking a company who specializes in these programs can truly benefit a homebuyer who qualifies for these particular programs. The ultimate objective is to help buyers achieve their goals and attain homeownership.
Source: https://bit.ly/4eSUedZ
By: Jon Iacono