Hey, if you're thinking about buying a home, don't stress too much about the down payment. The National Association of Realtors (NAR) says that 38% of first-time homebuyers struggle most with saving for the down payment, but the truth is, you might not need to put down as much as you believe.

Hey, did you know that according to NAR, the typical down payment for homebuyers hasn't gone beyond 20% since 2005? Actually, the median down payment for all homebuyers these days is just 15%, and for first-time homebuyers, it's even lower at 8%. But here's the cool thing: you don't have to put down that much if you're a qualified buyer. Some folks are putting down even less!

When it comes to home loans, there are some great options available. You've got things like FHA loans that only need a 3.5% down payment, and then there's VA and USDA loans that don't require any down payment for eligible folks. But, let's dive into another helpful option for your down payment: down payment assistance programs.

First-Time and Repeat Buyers Are Often Eligible

Hey, did you know that Down Payment Resource says there are tons of programs out there for people buying a home? And get this – 75% of them are actually for down payment assistance!

Hey there, just so you know, it's not only people buying a home for the first time who can qualify for this. What this actually means is that no matter where you're at in the process of buying a home, there might be a suitable option for you. According to Down Payment Resource:

““You don’t have to be a first-time buyer. Over 39% of all [homeownership] programs are for repeat homebuyers who have owned a home in the last 3 years.”
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— Quote Source

If you're looking for more info about available properties and special programs, your best bet is to chat with a reliable real estate agent. They can hook you up with all the details you need and even clue you in on any special deals for certain professions or neighborhoods.

Additional Down Payment Resources That Can Help

I've got some great news for you. There are a few programs available that can help you with your down payment, making it easier for you to achieve your dream of owning a home.

• Teacher Next Door is set up to assist teachers, first responders, health providers, government employees, active-duty military personnel, and veterans in achieving their down payment goals.

• Fannie Mae is offering help with down payments for first-time homebuyers who live in neighborhoods where most residents are Latino.

• Did you know that Freddie Mac offers special options tailored for homebuyers with lower credit scores and not a lot of money for a down payment?

• Have you heard about the 3By30 program? It's all about helping 3 million new Black homeowners achieve their dream of owning a home by 2030. This program provides practical strategies and resources to make it easier for potential buyers to secure down payments and make homeownership a reality.

• If you're a Native American looking to buy a home, you might be interested in checking out Down Payment Resource. They've got info on 42 different homebuyer assistance programs in 14 states. These programs can help you out with down payments and other costs, making it easier for you to become a homeowner.

Even if you don't meet the requirements for these programs, there are plenty of other federal, state, and local options out there for you to check out. A real estate agent can assist you in finding the ones that suit your needs while you're exploring what's out there.

Bottom Line

Getting your dream home might be more possible than you realize, especially when you have the right support. If you want to explore your options, let's chat and find out more.