Are Down Payment Assistance Programs Gone?

Homebuyers are wondering what COVID-19 will mean for their home financing plans. Will down payment assistance be available? Are low down payment loans still available? What about credit score and employment verification changes?

The good news is that down payment assistance programs and low down payment loans are still widely available. However, the market is very fluid and some programs modified eligibility requirements and made process changes. keep reading

The Impact of COVID-19 on Down Payment Assistance Programs

by Rob Chrane, CEO, Down Payment Resource

We’re closely monitoring the impact of today’s unprecedented environment on Down Payment Assistance (DPA) programs and first-time homebuyers. Lenders are managing extreme refinance demand and volatility in the MBS market. Homeownership program providers are not only taking expected precautions, but also reacting to the same MBS volatility that in some cases is impacting the funding of certain program types.

Fortunately, there are many programs and funding mechanisms. The impact so far has been limited, but the situation remains fluid. keep reading