Homeownership Program Index: 91% programs funded

Today’s homebuyers have access to more than 2,100 homeownership programs, 91 percent are funded

Down Payment Resource released its third quarter 2014 Homeownership Program Index which measures the availability of valuable homebuyer programs administered by state and local Housing Finance Agencies (HFAs), nonprofits, and other housing organizations. The index analyzes state, local and national programs found in DPR’s databank.

Key findings from the third quarter index:
  • 2,191 total programs available
  • 1,135 program administrators
  • 91.7% of programs are funded – up from 90% from June
  • 39% do NOT have a first-time homebuyer requirement
  • 17% allow owner-occupied multifamily properties
  • 25% are available state-wide
  • Majority of programs are Community Seconds — providing down payment and closing cost assistance

Programs by Region

Region

Total Programs

Funded Programs

Program Administers

% of Total Programs

% of Funded Programs

Northeast

327

318

192

14.9%

97.2%

South

821

756

382

37.5%

92.1%

Midwest

367

342

192

16.8%

93.2%

West

659

576

353

30.1%

87.4%

Nationwide Programs

17

17

16

0.8%

100.0%

Total

2191

2009

1135

100.0%

91.7%

“The Harvard Joint Center for Housing Studies found that in many metro areas across the country, more than 50 percent of renters could afford to own a home,” said Chrane.

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DPR Releases Homeownership Program Index

Down Payment Resource Launches Homeownership Program Index

 Nationally 90% of homebuyer programs are funded

HOUSTON, TX, June 12, 2014 – At the National Association of Real Estate Editors Conference, Down Payment Resource (DPR) launched its new Homeownership Program Index. The Index measures homeownership programs available across the country and the percentage of funded programs. DPR, the nation’s only search engine for homebuyer programs, aggregates the benefits and eligibility requirements for programs including down payment assistance, grants, affordable first mortgages, and tax credits.

The June Homeownership Program Index analyzed 1,654 programs available nationwide. Across Down Payment Resource’s databank, nationally, 90 percent of programs are funded with the greatest number of programs available in the South.

June 2014 Homeownership Program Index

Region Number of Programs Available Percentage of Total Programs Percentage of Funded Programs
Northeast 228 13.8% 96.5%
South 598 36.2% 90.1%
Midwest 310 18.7% 92.6%
West 518 31.3% 86.1%

The Homeownership Program Index highlights the availability of valuable homeownership programs administered by state and local Housing Finance Agencies (HFAs), nonprofits, and other housing organizations. Programs are funded in a variety of ways, including mortgage revenue bonds and mortgage backed securities.

Many borrowers today have the income and credit rating to qualify for a home, but don’t have the funds for the down payment. keep reading