Don’t Miss Out on the Growing Number of Down Payment Assistance Programs
The Number of Down Payment Assistance Programs Is Increasing
Buying a home can feel overwhelming, especially if saving for a down payment seems out of reach. But the good news is, the number of down payment assistance (DPA) programs is increasing. Rob Chrane, Founder and CEO of Down Payment Resource, shares:
“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.”
More Programs, More Options
In Q(614) 633-7119 alone, 29 new homebuyer assistance programs were added, bringing the total to 2,444 programs nationwide—an 8% increase over last year. These programs are designed to help first-time and first-generation homebuyers break into the market and make homeownership more attainable.
Local Programs to Help You
If you're looking to buy in Ohio, consider these fantastic options:
✔️ Wright-Patt Credit Union (WPCU) offers:
- FHA & USDA Loans: Flexible qualifications with low or no down payment.
- VA Loans: $0 down payment for veterans and active-duty military.
- Conventional Loans: Fixed or adjustable rates with private mortgage insurance for lower down payments.
✔️ Ohio Homebuyer Plus Savings Program through KEMBA Financial Credit Union:
- Contribute as little as $100 to save for your home.
- Earn above-market interest rates and enjoy potential tax benefits.
- Eligible for a $1,500 credit toward closing costs when financing through KEMBA.
How to Find the Right Program
As The Mortgage Reports suggests, the best way to explore these options is by connecting with a loan officer or broker who knows your local market. They can guide you toward the programs that fit your needs and help you secure the funding you need to buy your dream home.
