Let's Talk Down Payment Assistance Programs

Financial services comapny, Bankrate, conducted a recent survey asking potential buyers to outline their biggest challenge when purchasing a home. Astoundingly, 36% of these subjects identified saving for a down payment as their number one obstactle when buying real estate.

If you can relate, I've got great news for you. There are many down payment assistance programs that can help you in your homeownership journey - you just have to know where to look.

If You Already Own A Home, You Still Qualify!

There are alot of assumptions when it comes to down payment assistance programs, like only first time homebuyers qualifying. While they do have more options to explore, repeat buyers have options too. Downpaymentresource.com's Homeownership Program Index states:

“It is a common misconception that homebuyer assistance is only available to first-time homebuyers, however, 38% of homebuyer assistance programs in Q1 2022 did not have a first-time homebuyer requirement.”

Meaning, repeat buyers have at least one-third of the assistance programs at their disposal and, depending on your personal situation, you can still qualify for some first-time homebuyer programs. The also note that many programs use the U.S. Department of Housing and Urban Development’s definition of a first-time homebuyer. The qualifications of this areL

  • Someone who hasn’t owned a primary residence in 3 years.
  • A single parent who’s only ever owned a home with a former spouse.

You Can Qualify Based on Your Location or Career!

Just like the title says, you can qualify for assistance programs based on where you live. According to the National Association of Realtors (NAR):

“Many local governments and non-profit organizations offer down-payment assistance grants and loans, targeted to area borrowers and often with specific borrower requirements.”

Additionally, there are special programs and benefits for people working in certain fields like frontline workers, teachers, and veterans. 

If you meet any of these criteria, there are ample federal, state, and local programs in the palm of your hands! If you want to learn specifics, connect with us to learn about Hawaii specific down payment assistance programs.

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