How Down Payment Assistance Increase the Pool of Homebuyers
A lot of people, individuals, couples, and families, are determined to purchase a home soon since low mortgage rates remain a great benefit for homeowners and first time buyers. However, the latest study from Sparks Research reveals that one out of every five first-time homebuyers report not enough financial education as a barrier to getting them to the closing table.
It's not easy to reach a decision if you're unsure of the process of buying a home. The truth is, around 80 percent of homebuyers need help on what they can even afford. This makes the reason for finding the right professionals to help you through the homebuying process so important.
Furthermore, the same study states more than 66-percent of potential homebuyers feel they'll need financial assistance for the down payment so they end up stop looking. What they may be unaware of is that there are many down payment assistance programs at the state and local levels, and many have funds available waiting for prospective buyers.
Down Payment Assistance Programs Are Available for Many Types of Homebuyers
It is not restricted to just first-time homebuyers so it's worth checking out additional options wherever you are in your path to homeownership. As an illustration, if you have a job that gives you the flexibility to work from home, you may want to consider moving to a more inexpensive area where you can buy more goods with your income along with having more space. The Chief Economist for the National Association of Realtors (NAR), Lawrence Yun, points out:
"Suburban and Rural areas have home loans, like USDA loans, that can be financed with a zero down payment to qualified borrowers."
If affordability is one of your concerns and you know that working from home long-term is cemented, the perfect home could be in an area you never considered before. Moreover, the down payment assistance program you are looking for may be within reach too.
If you're curious about getting more information about these local assistance programs, further information can be obtained from Down Payment Resources. Your real estate agent should be able to help you figure out which option is best for you personally.
The Takeaway
As a result of several down payment assistance products, low-cost home buying options are available for today's prospective homebuyers. Get connected in order to get started on the path towards homeownership.
