09/25/2024
Believe it or not, almost 80% of first-time homebuyers qualify for down payment assistance, but only 13% actually use it. And if you’re hoping to buy a home, this is a mission-critical gap to close – fast.
Amplify Your Down Payment Potential
For first-time buyers, the name of the game with down payments is making sure you’re taking advantage of all the resources out there designed to help you.
For example, there are loan options that require as little as 3% down, or even 0% for certain qualified borrowers, like Veterans. And let’s not forget down payment assistance, like grants and other opportunities, that help you cover the upfront cost of your down payment.
If you’re interested in exploring those options and what you may be able to use to your advantage, connect with a trusted lender.
Don’t Let News Headlines About Down Payments Scare You
There’s one more thing to address. News coverage has been talking about how the typical down payment is rising.
But don’t let those high dollars scare you. Just because the average down payment is rising doesn’t mean down payment requirements are going up. That’s a key piece of the puzzle to understand. It’s really just because people are choosing to put more down to try to offset higher mortgage rates, and current homeowners who are putting their equity to work are using that to increase their down payment on their next home.
What’s the best thing to do? Talk with a trusted lender about your options. They’ll help you figure out where you stand today and how to access the resources you may qualify for. Because help is out there, you just need to work with a pro to take advantage of it.
Believe it or not, almost 80% of first-time homebuyers qualify for down payment assistance, but only 13% actually use it.
