The Importance of Down Payment Assistance Programs in a Pandemic

Economists agree that the real estate business has recovered faster than expected during the pandemic. A continued lack of inventory, low mortgage rates, and pent-up demand are all contributing factors to a robust market.

The good news for homebuyers is that down payment assistance is still available, with many program providers offering online and virtual support/education. With an average benefit of $13,000, these programs can help make the difference in achieving homeownership when competition is fierce.

In a recent appearance on the “Real Estate Coach Uncensored” show with Bernice Ross and Greg McDaniel, our very own Rob Chrane, CEO of Down Payment Resource, discussed the different types of down payment programs available and how they represent an opportunity for real estate agents and loan officers to expand their client portfolio.

Many prospective buyers are unaware of the scope of these resources or don’t think they’ll qualify. Our goal is to dispel several of the most common myths surrounding these programs:

  • Myth #1 – They’re only for first time buyers: Over a third of the programs don’t have a first-time homebuyer requirement. Further, previous homeowners who haven’t owned a home for at least 3 years can qualify as first-time buyers.
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Top 10 Down Payment Program Myths Debunked: Download the Guide

Financing a home is one of the biggest financial decisions you’ll make. And, when it comes to getting a home loan, one of the biggest hurdles is figuring out the down payment.

We know you have questions—Is 20 percent down required? Is a bigger down payment better? How do down payment programs work with your mortgage? Are down payment programs only for low cost homes? keep reading

4 Common Down Payment Program Myths Debunked

Myths or Facts Concept

If you’re considering buying a home, you’re probably in deep in research mode right now. In fact, most homebuyers do significant online research before engaging a lender or agent. And, if you’re here, you are likely researching about the down payment for your home purchase.

Home prices, along with down payments, are increasing, but down payment assistance programs can help make buying a home more affordable. We’re breaking down some of the most common myths about home financing and down payment programs. keep reading