Renting may initially seem easier due to no down payment or long-term commitment. However, rising rents can become costly, preventing equity building. In nearly 58% of U.S. counties, owning a home is now cheaper than renting. Various down payment assistance programs are available, making homeownership more accessible than many think.
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Down Payment Assistance Programs Can Help Pave the Way to Homeownership
Data from the National Association of Realtors shows that the median down payment for all homebuyers is 15%, and for first-time buyers, it’s even lower at 8%. Numerous down payment assistance programs exist, aiding not only first-time homebuyers but also repeat buyers. These options include federal loans with low or zero down payment requirements, and specific programs offering strategies and assistance for various demographics and professions. Local city-specific programs are also available, offering significant financial aid for both down payments and closing costs.
The Good, The Bad and The Quirky
An Update of the Bloomington “Homebuyer Mortgage Assistance” Program (“HMA”). Overview Buying a home in Bloomington? The City of Bloomington has a forgivable loan down payment assistance program for buyers purchasing a home within its city limits. The program offers $10,500 of financial aid if you meet the 80% of area median income guidelines. EligibleContinue reading “The Good, The Bad and The Quirky”
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