Did you know that 87% of Home Buyers Qualify For Down Payment Assistance?

You may have heard about some of the down payment programs out there for home buyers. Most people have heard of the first time buyers credit, but few people know that there are over 2,000 down payment assistance programs in the United States. Nearly 70 million homes qualify for down payment assistance in their county? The question is, are you going to seize this opportunity?  

What’s the first step?

You must be asking yourself, what’s out there? Who gets it? Where can I find free money?

The first step is to see if you might qualify for one of these programs.

One of the best known home buyer down payment assistance programs out there was a first time home buyer program that gives up to $7,500 for your down payment.  Although the Obama administration’s original government-backed program ended quite some time ago, the U.S. Department of Housing (HUD), still offers up to $7,500 in grants. Unlike the original programs launched in 2008, homeowners DO NOT have to pay anything back!

How Else Can I Qualify?

There are loads of other factors that make up the thousands of down payment assistance programs. People working in health care, law enforcement, fire fighters, and education can qualify for assistance. Same goes for those with disabilities, as well as members of the U.S. military, and veterans.

There are even down payment assistance programs for certain energy efficient homes or ones that have green features.

It is important to note that these grants, credits, or assistance are not always given directly to individuals.  They may instead be awarded to states, municipalities, or institutions who in turn distribute them to their residents and clients. HUD.gov is a great resource that gives potential homeowners contacts for local governmental institutions that work in helping individuals qualify for grants. You should also look at Downpaymentresource.com.  It invites homebuyers to answer a simple questionnaire to see what opportunities may be available to them.

My Advice To You

Regardless of your situation, it’s always a good idea to put in some research and see if there are any programs that can benefit you. With a little homework, you could save yourself thousands of dollars. 

As always, having a responsible and trustworthy agent is always a good move.  When you are represented by someone who is knowledgeable about the current markets, trends, and incentives, you will always benefit. They can open up opportunities that you might not have known existed and help you into the home you always wanted.

If you have any questions about this or any other aspects of real estate please reach out! Contact an Owner Advocate Agent near you.