Many studies about saving for a down payment automatically factor in 20 percent down as the standard. But, most first-time homebuyers don’t put down anywhere near that amount. In fact, the median down payment for buyers younger than 37 was just 7 percent, plus many loans and homebuyer programs offer much lower down payment requirements. keep reading
The First Quarter 2018 Homeownership Program Index (HPI) reports the number of total programs decreased slightly to 2,503, down four programs from the previous quarter. More than 86 percent (86.5%) of programs currently have funds available for eligible homebuyers, down about one percent from the previous quarter.
Down Payment Resource communicates with 1,308 program administrators to track and update the country’s wide range of homeownership programs, including down payment and closing cost programs, Mortgage Credit Certificates, affordable first mortgages and more. This quarter’s HPI explains today’s common down payment assistance program features. keep reading