With home prices going up and mortgage rates changing frequently, it’s essential to explore every resource available to help you buy a home. One key area to pay attention to is the significant increase in down payment assistance (DPA) programs that have become available recently.

Check out the graph below to see how many new programs have been added over the past year, based on data from Down Payment Resource.

More Programs, More Opportunities for You

What does this increase mean for you? With more programs available, there’s a better chance that one of them can assist you in achieving your homeownership goals.

These programs offer significant assistance; they can really help cover a substantial portion of your expenses. As Rob Chrane, Founder and CEO of Down Payment Resource, points out:

“We are pleased to see a growing number of these programs, and think they are becoming a targeted way to help first-time and first-generation homebuyers struggling to save for a down payment get into a home they can afford. Our data shows the average DPA benefit is roughly $17,000. That can be a nice jump-start for saving for a down payment and other costs of homeownership.”
— Rob Chrane, Founder and CEO of Down Payment Resource

Imagine qualifying for $17,000 to put toward your down payment. That’s a significant boost, particularly if you're a first-time homebuyer. With that kind of assistance, purchasing a home might be more achievable than you realize.

The increase in down payment assistance (DPA) options isn't only targeting first-time and first-generation buyers. Many new programs are designed to support affordable housing initiatives as well, which cover manufactured and multi-family homes. This broader focus allows more individuals and a greater range of home types to qualify for down payment assistance, making it easier for you to find a suitable option that meets your needs.

Talk to a Real Estate Expert About What’s Available for You

With all the DPA programs available, it’s important to find the one that suits your needs best. This is where your real estate and lending professionals come in; their guidance can be invaluable. The Mortgage Reports emphasizes this point:

“The best way to find down payment assistance programs for which you qualify is to speak with your loan officer or broker. They should know about local grants and loan programs that can help you out.”
— The Mortgage Reports

Your loan officer or real estate agent is familiar with the options in your area and can guide you to programs that fit your needs.

Bottom Line

With more down payment assistance programs available than ever, it's an ideal time to look into how these options can support your homebuying journey. Together, we can ensure you have a team of knowledgeable advisors to help identify which DPA programs might work best for you.