Fully 70% of homebuyers don’t know about down payment assistance
Down payment is one of two biggest hurdles for first-time buyers
Seventy percent of U.S. adults are unaware of down-payment assistance programs available for middle-income homebuyers in their community, according to findings from the second annual America at Home survey commissioned by NeighborWorks America.
NeighborWorks America is national nonprofit community development corporation based in Washington, DC.
“Down-payment assistance programs make home purchasing more accessible for first-time buyers,” said Marietta Rodriguez, vice president of Homeownership Programs and Lending at NeighborWorks America. “In addition, because many down-payment assistance programs require home-buyer education, these purchasers tend to be more successful in the long term.
"Research has shown pre-purchase counseling helps reduce mortgage default and equips homeowners with the information they need to budget for other expenses and maintain their property,” she said.
There are hundreds of millions of dollars available for down-payment assistance.
NeighborWorks organizations provided 6,000 people with more than $100 million in such assistance last year, and expect to make even more available this year.
Down payment assistance is especially helpful for homebuyers who are unsure about affordability because of student loan debt.
NeighborWorks organizations play a critical role in helping people find resources like down payment assistance.
Details can be found at the NeighborWorks website.