Struggling With A Downpayment? Here's A Few Tips That Can Help!

For many people looking to purchase a home, the thought of saving up for a down payment can feel super intimidating, especially in today’s market where people are making all cash offers. Help, someone direct us to the nearest money tree!

In a recent survery performed by the NAR, they asked what people find most difficult in the homebuying process and a lot of the buyers said saving for a downpayment is one of the hardest steps to purchasing a home.

National Association of Realtors (NAR) data shows:

“For first-time home buyers, 29 percent said saving for a downpayment was the most difficult step in the process.”

If you are  finding that your down payment to purchase a home is the biggest hurdle you have to overcome, the good news is there are many down payment assistance programs available that can help you achieve your goals. (Don't forget to invite us to the housewarming, cheers!)

Here is some more information that can help:

Programs Available to help First-Time and Repeat Buyers: 
According to downpaymentresource.com, there are thousands of financial assistance programs available for homebuyers, yes we said thousands. Down payment assistance programs and options actually make up the majority. It’s not just first-time homebuyers that are eligible for these programs either so don't run away kicking and screaming just yet, they may be able to help.

Downpaymentresource.com says:

“You don’t have to be a first-time buyer. Over 38% of all programs are for repeat homebuyers who have owned a home in the last 3 years.”

There Are Also Local and Specialized Programs for Public Servants:
There are also multiple down payment assistance resources designed to help those who serve our communities. (Thank you to you all!) Teacher Next Door is one of those programs for, can you guess, teachers and more!

“The Teacher Next Door Program was designed to increase home ownership among teachers and other public servants, support community development and increase access to affordable housing free from discrimination.”

Teacher Next Door is just one program whose goal is to help teachers, first responders, health providers, government employees, active-duty military personnel, and veterans achieve there down payment goals.

It is important to also note, even if you do not qualify for these types of specialized programs, there are many federal, state, and local programs available for you to check out as well. As we have stated before, the best way to do that is to connect with your local real estate advisor to learn more about what’s available to you in your area and how they can help.