Down Payment Help for Our Community Heroes

Nearly 13 percent of programs offer special incentives for law enforcement, first responders, educators and military

The Down Payment Resource (DPR) Second Quarter 2018 Homeownership Program Index (HPI) shows that the number of total programs increased to 2,527, up 24 programs from the previous quarter. Eighty-six (86) percent of programs currently have funds available for eligible homebuyers, down just a half a percent from the previous quarter.

As home prices increase, especially among starter homes, more states, cities and municipalities are considering down payment assistance and incentive programs to help address homeownership affordability challenges for its community servants. This quarter, nearly 7 percent (6.8%) of programs are available for workers who provide some of the most important services to a community, including teachers, first responders, law enforcement, firefighters and healthcare workers. Plus, more than 6 percent (6.1%) of programs have benefits for veterans, members of the military and surviving spouses. These programs can also be layered with zero down payment VA loans.

“All markets value our first responders, military, educators and other community service roles. More cities — especially higher cost markets — are beginning to look for creative ways to recruit and retain these workers, including ways to make homeownership possible,” said Rob Chrane, CEO of Down Payment Resource. keep reading

5 Affordable Housing Principles for Every Real Estate Pro

By Rob Chrane, CEO of Down Payment Resource

Our company is celebrating 10 years in business this year. And yes, that means we launched a housing startup in the shadow of the housing crisis.

We wanted to solve a long standing problem in real estate — helping homebuyers and professionals access hard-to-find information about homeownership programs.

Milestones like this give you an opportunity to look back and assess how far you’ve come and what you’ve learned. Here are five things I’ve learned over the last 10 years about real estate and affordable housing that I want to pass along to my fellow pros: keep reading

Should You Dip Into Retirement Savings For Your Down Payment?

We know, saving for a down payment can be the most difficult part of home buying, especially for first-timers who don’t have the proceeds from a previous home sale to help with their down payment.

You may already be saving for retirement through your 401K or IRA. If it’s your biggest source of savings, you may be tempted to borrow from yourself to get that down payment now. But, should you? keep reading