The dream of homeownership can feel daunting for prospective buyers struggling with saving enough for a down payment. Fortunately, there are down payment assistance programs across the U.S. that can help make homeownership more accessible. These programs—generally offered by government agencies, non-profits, or employers—provide financial support to qualified homebuyers, typically in the form of grants, loans, or tax credits that cover part or the full down payment, and sometimes, closing costs.

Eligibility criteria, funding, and assistance amounts vary widely. Approximately 60% target first-time buyers, while others focus on certain demographics or areas. Research programs in your area to determine which ones you may qualify for and understand their requirements. 

If you are considering looking for down payment assistance, you can increase your chances of success by starting early and getting your ducks lined up before applying.

·      Research available programs. Keep in mind that some programs have limited funding and may have waiting lists or application deadlines.

·      Prepare required documentation. You will need proof of income, assets, and financial history, and perhaps other items specific to the applicable program. Having everything ready to present can help streamline the process.

·      Know your credit score and improve it if needed. The higher your score, the better your chances for approval!

The application process can be daunting, but it doesn’t have to be. Working with a professional who can help you understand and navigate the process is recommended. Give us a call—we can help!

For proven expertise in establishing your home value and/or searching for a new or existing home, please call Jan at (303) 520-4340.