Celebrating the Unexpected
This year has been full of challenges and a lot of unknowns. At Down Payment Resource, we’ve shared in those ups and downs, but we’ve also found a few silver linings in celebrating the unexpected.
Celebrating Homeownership Programs
At the start of the pandemic, we began monitoring the impact of COVID-19 on homeownership programs and first-time homebuyers. While program providers decided on “work from home” best practices, there was a temporary drop in available programs at the city and county level. However, state housing finance agencies, which comprise nearly 24 percent of all homeownership programs, never closed or paused business during the pandemic.
And with low inventory and increasing sales prices, more industry professionals are seeing the benefit of down payment programs for their buyers. These programs can help offset closing costs, which is a huge boon for sellers. Down payment help also means buyers can use their savings for other homebuying expenses such as moving, home repairs, upgrades and furnishings.
This year marked our first attempt at providing education directly to homebuyers with our six part webinar series, The Path to Homeownership. The series took potential homebuyers through each step of the homebuying process, from housing counseling to mortgage options and even what to consider after closing. keep reading