The Importance of Down Payment Assistance Programs in a Pandemic
Economists agree that the real estate business has recovered faster than expected during the pandemic. A continued lack of inventory, low mortgage rates, and pent-up demand are all contributing factors to a robust market.
The good news for homebuyers is that down payment assistance is still available, with many program providers offering online and virtual support/education. With an average benefit of $13,000, these programs can help make the difference in achieving homeownership when competition is fierce.
In a recent appearance on the “Real Estate Coach Uncensored” show with Bernice Ross and Greg McDaniel, our very own Rob Chrane, CEO of Down Payment Resource, discussed the different types of down payment programs available and how they represent an opportunity for real estate agents and loan officers to expand their client portfolio.
Many prospective buyers are unaware of the scope of these resources or don’t think they’ll qualify. Our goal is to dispel several of the most common myths surrounding these programs:
- Myth #1 – They’re only for first time buyers: Over a third of the programs don’t have a first-time homebuyer requirement. Further, previous homeowners who haven’t owned a home for at least 3 years can qualify as first-time buyers.
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