Down Payment Assistance Programs Can Help Pave the Way to Homeownership
If you’re looking to buy a home, your down payment doesn’t have to be a big hurdle. According to the National Association of Realtors (NAR), 38% of first-time homebuyers find saving for a down payment the most challenging step. But the reality is, you probably don’t need to put down as much as you think:Data from NAR shows the median down payment hasn’t been over 20% since 2005. In fact, the median down payment for all homebuyers today is only 15%. And it’s even lower for first-time homebuyers at 8%. But just because that’s the median, it doesn’t mean you have to put that much down. Some qualified buyers put down even less.For example, there are loan types, like FHA loans, with down payments as low as 3.5%, as well as options like VA loans and USDA loans with no down payment requirements for qualified applicants. But let’s focus in on another valuable resource that may be able to help with your down payment: down payment assistance programs.First-Time and Repeat Buyers Are Often EligibleAccording to Down Payment Resource, there are thousands of programs available for homebuyers – and 75% of these are down payment assistance programs.And it’s not just first-time homebuyers that are eligible. That means no matter where you are in your homebuying journey, there could be an option available for you. As Down Payment Resource notes:“You don’t have to be a first-time buyer. Over 39% of all [homeownership] programs are for repeat homebuyers who have owned a home in the last 3 years.”The best place to start as you search for more information is with a trusted real estate professional. They’ll be able to share more information about what may be available, including additional programs for specific professions or communities. Additional Down Payment Resources That Can HelpHere are a few down payment assistance programs that are helping many of today’s buyers achieve the dream of homeownership:Teacher Next Door is designed to help teachers, first responders, health providers, government employees, active-duty military personnel, and veterans reach their down payment goals.Fannie Mae provides down-payment assistance to eligible first-time homebuyers living in majority-Latino communities.Freddie Mac also has options designed specifically for homebuyers with modest credit scores and limited funds for a down payment.The 3By30 program lays out actionable strategies to add 3 million new Black homeowners by 2030. These programs offer valuable resources for potential buyers, making it easier for them to secure down payments and realize their dream of homeownership.For Native Americans, Down Payment Resource highlights 42 U.S. homebuyer assistance programs across 14 states that ease the path to homeownership by providing support with down payments and other associated costs.Even if you don’t qualify for these types of programs, there are many other federal, state, and local options available to look into. And a real estate professional can help you find the ones that meet your needs as you explore what’s available. Bottom LineAchieving the dream of having a home may be more within reach than you think, especially when you know where to find the right support. To learn more, reach out to a real estate professional who can guide you through the available resources.
Los programas de asistencia con el pago inicial pueden ayudar a preparar el camino hacia la propiedad de la vivienda
Si está buscando comprar una casa, su pago inicial no tiene por qué ser un gran obstáculo. Según la Asociación Nacional de Realtors (NAR, por sus siglas en inglés), el 38 % de los compradores de casa por primera vez consideran que ahorrar para el pago inicial es el paso más difícil. Pero la realidad es que probablemente no necesite pagar tanto como usted cree:Los datos de NAR muestran que el pago inicial promedio no ha superado el 20 % desde 2005. De hecho, el pago inicial promedio de todos los compradores de casa hoy es solo del 15 %. Y es aún más bajo para los compradores de casa por primera vez, con un 8 %. Pero el hecho de que ese sea el promedio no significa que tenga que poner tanto. Algunos compradores calificados pagan incluso menos.Por ejemplo, hay tipos de préstamos, como los préstamos FHA, con pagos iniciales tan bajos como el 3.5 %, así como opciones como los préstamos VA y los préstamos USDA sin requisitos de pago inicial para los solicitantes calificados. Pero centrémonos en otro recurso valioso que puede ayudarle con su pago inicial: los programas de asistencia con el pago inicial.Los compradores por primera vez y habituales suelen ser elegiblesSegún Down Payment Resource, hay miles de programas disponibles para los compradores de casa, y el 75 % de ellos son programas de asistencia con el pago inicial.Y no solo los compradores de casa por primera vez son elegibles. Eso significa que no importa dónde se encuentre en su trayecto hacia la compra de una casa, podría haber una opción disponible para usted. Como señala Down Payment Resource:“No tiene que ser un comprador primerizo. Más del 39 % de todos los programas [de la propiedad de la vivienda] son para compradores de casas habituales que han sido propietarios de una casa en los últimos 3 años”.El mejor lugar para comenzar a buscar más información es con un profesional en bienes raíces de confianza. Ellos podrán compartir más información sobre lo que puede estar disponible, incluidos programas adicionales para profesiones o comunidades específicas. Recursos adicionales para el pago inicial que pueden ayudarEstos son algunos programas de asistencia con el pago inicial que están ayudando a muchos de los compradores de hoy a lograr el sueño de ser propietarios de una casa:Teacher Next Door está diseñado para ayudar a los maestros, socorristas, proveedores de salud, empleados del gobierno, personal militar en servicio activo y Veteranos a alcanzar sus metas del pago inicial.Fannie Mae brinda asistencia con el pago inicial a compradores de casa elegibles por primera vez que viven en comunidades mayoritariamente Latinas.Freddie Mac también tiene opciones diseñadas específicamente para compradores de casa con puntajes de crédito modestos y fondos limitados para un pago inicial.El programa 3By30 establece estrategias prácticas para agregar 3 millones de nuevos propietarios de la comunidad negra para 2030. Estos programas ofrecen recursos valiosos para los compradores potenciales, lo que les facilita la obtención de los pagos iniciales y la realización de su sueño de ser propietarios de una casa.Para los americanos nativos , Down Payment Resource destaca 42 programas de asistencia para compradores de casa en los Estados Unidos en 14 estados que facilitan el camino hacia la propiedad de la vivienda al brindar apoyo con el pago inicial y otros costos asociados.Incluso si no califica para este tipo de programas, hay muchas otras opciones federales, estatales y locales disponibles que considerar. Y un profesional en bienes raíces puede ayudarle a encontrar los que satisfagan sus necesidades mientras explora lo que está disponible.En conclusiónLograr el sueño de tener una casa puede estar más cerca de lo que cree, especialmente cuando sabe dónde encontrar el apoyo adecuado. Para obtener más información, comuníquese con un profesional en bienes raíces que pueda guiarle a través de los recursos disponibles.
The Perfect Home Could Be the One You Perfect After Buying
There’s no denying mortgage rates and home prices are higher now than they were last year and that’s impacting what you can afford. At the same time, there are still fewer homes available for sale than the norm. These are two of the biggest hurdles buyers are facing today. But there are ways to overcome these things and still make your dream of homeownership a reality.As you set out to make a purchase this season, you’ll want to be strategic. This includes taking a close look at your wish list and considering what features you really need in your next home versus which ones are nice-to-have. This will help you avoid overextending your budget or limiting your pool of options too much because you’re searching for that perfect home.Danielle Hale, Chief Economist at Realtor.com, explains:“The key to making a good decision in this challenging housing market is to be laser focused on what you need now and in the years ahead, . . . Another key point is to avoid stretching your budget, as tempting as it may be . . .”To help identify what you truly need, make a list of all the features you’ll want to see. From there, work to break those features into categories. Here’s a great way to organize your list:Must-Haves – If a house doesn’t have these features, it won’t work for you and your lifestyle (examples: distance from work or loved ones, number of bedrooms/bathrooms, etc.).Nice-To-Haves – These are features you’d love to have but can live without. Nice-to-haves aren’t dealbreakers, but if you find a home that hits all the must-haves and some of these, it’s a contender (examples: a second home office, a garage, etc.).Dream State – This is where you can really think big. Again, these aren’t features you’ll need, but if you find a home in your budget that has all the must-haves, most of the nice-to-haves, and any of these, it’s a clear winner (examples: a pool, multiple walk-in closets, etc.).If you’re only willing to tour homes that have all of your dream features, you may be cutting down your options too much and making it harder on yourself (and your budget) than necessary.While you’d love to have granite countertops or a pool in the backyard, those are both things you could potentially add after you move. Instead, it may be best to focus on finding the things that you can’t change (like location or a certain number of rooms). Then, you can upgrade or add some of the other features or finishes you want later on.Sometimes the perfect home is the one you perfect after buying it.Once you’ve categorized your list in a way that works for you, discuss your top priorities with your real estate agent. They’ll be able to help you refine the list further, coach you through the best way to stick to it, and find a home in your area that meets your top needs.Bottom LineWith the current affordability challenges and limited housing supply, you’ll want to be strategic so you can find a home that meets your needs while staying within your budget. Connect with a real estate agent who can help make that possible.
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