The Lowdown on Down Payment Assistance
Did you know nearly 80% of first-time homebuyers qualify for down payment assistance, but only 13% use it? If you plan to buy a home, this gap could cost you big. Here’s what you need to know to make the most of your down payment in today’s market:
Amplify Your Down Payment Potential
Take advantage of resources: Many first-time buyers don’t realize the many options available to help with down payments.
Low down payment loans: Some loans require as little as 3% down—or even 0% for specific qualified borrowers like veterans.
Down payment assistance programs: Grants and other forms of assistance can help cover the upfront costs of your down payment.
Work with a trusted lender: They can help you explore what’s available and ensure you aren’t missing out on opportunities to boost your down payment and lower your monthly costs.
Don’t Let Headlines Scare You About Down Payments
Rising down payments aren’t requirements: While headlines report that the average down payment has hit a record high of $67,500, that doesn’t mean down payment requirements are increasing. Many buyers are choosing to put down more to offset mortgage rates.
Why people are putting more down:
Lower monthly mortgage payments: A larger down payment can help reduce your monthly costs—something many buyers aim for in a high-interest rate market.
Homeowners leveraging equity: Current homeowners are using the equity they’ve built up to make more significant down payments, which skews the averages upward.
Bottom Line
The best step forward is to connect with a trusted lender. They’ll guide you through your options and help you tap into down payment assistance programs, ensuring you’re not leaving money on the table. I'd love to help you navigate the world of homebuying. Reach out today!
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