More Buyers Use Down Payment Help
Industry data shows use of down payment assistance doubled in four years
Homeownership Program Index Reports Program Funding Down Nearly 3% While Down Payment Assistance Use Increases
Atlanta, GA, July 25, 2019 – Atlanta-based Down Payment Resource, the nationwide database for homebuyer programs, today released its First and Second Quarter 2019 Homeownership Program Index (HPI). The number of total programs decreased to 2,516, down just 8 programs from the fourth quarter of 2018. Nearly 83 percent (82.9%) of programs currently have funds available for eligible homebuyers, down 2.9 percent from the previous index.
Down Payment Resource (DPR) communicates with 1,248 program administrators to track and update the country’s wide range of homeownership programs, including down payment and closing cost programs, Mortgage Credit Certificates, affordable first mortgages and more.
HPI key facts
- 41% of homeownership programs do not have a first-time homebuyer requirement and are available for eligible repeat homebuyers. (First-time homebuyer is defined by HUD as someone who has not owned a home in three years.)
- 72.5% of programs are available in a specific local area, such as a city, county or neighborhood. 27.5% of programs are available statewide through state housing finance agencies.
- 22% of programs allow buyers to purchase a multi-family property as long as the buyer occupies one of the units.