According to Rob Chrane, President and CEO of Down Payment Resource, 91 percent of the 2,290 programs available -have funds available for today’s home buyers. As shocking as it may sound many home buyers have not explored their options to obtain free money. Due to historically low home ownership rates, a strong policy push to free the barriers to buying a home have been initiated.
Some experts say that lack of knowledge that these programs exist is partially to blame for buyers failing to take advantage of them. Though people may have heard about the programs in passing many individuals assume that it is used up by now or that they won’t qualify but that really isn’t the case. There are many different types of programs that indivduals can qualify for with varying income requirements and/or debt to income ratio’s. The programs are intended to increase home ownership so making these funds out of reach for the majority would be counterproductive.
If you are in the market for a home don’t pass up free money and a chance to get more home for your dollar. These programs won’t be around forever so take advantage while you can. Here are a few facts about the Down Payment Assistance Program:
- Approx 915 of programs have funds available now for home buyers
- At least one down payment program is available in all US counties across the nation and more than 2k counties have more than 10 down payment programs available
- Many of these programs can be layered with each other and can be used with most loan products including FHA and VA Loans
- The South and the West lead the nation in the number of available programs
- The average amount of down payment assistance is around $11,565.