DOWN PAYMENT ASSISTANCE IS YOUR GO-TO IN 2020

It’s 2020 and I’m sure you’ve already heard the news: the real estate market is booming right now. Tons of people are eager to buy homes that they’ve essentially dried up the market. This is good news for sellers- since the costs of homes has increased as the tug of war between supply and demand endures.

Unsurprisingly, 2020 has been financially difficult on most people. The once “American Dream: of owning a home has been halted for millions of Americans who just don’t have the requisite down payment needed to buy a home. Bank of America just recently posted a survey that showed roughly 20% of first-time home buyers were deterred from purchasing a home because they couldn’t understand the financial process behind home ownership.

The quick and easy fix for any first-time home buyer is to ask the right questions to the right people. I’m talking about financial professionals whose whole career is serviced around helping individuals who lack the requisite knowledge needed to buy a home. The survey also stated that roughly two-thirds of all prospective first-time home buyers are convinced that they don’t have the financial stability to put forth their down payments.

While this may be true, there are plenty of down payment assistance programs within your state that specifically preserve funds for eligible homebuyers. Keep in mind, these assistance programs are available for all types of homebuyers, not just specifically first timers! These programs are designed to assist individuals by providing affordable options- i.e. a really lax payment schedule.

These programs allow individuals to confidently purchase a home without feeling like they can’t afford the down payment, which, is really what the “American Dream” is all about.

Topics: Real Estate, Finance, Investment

Source: KCM Crew, https://www.keepingcurrentmatters.com/2020/10/27/how-down-payment-assistance-opens-the-door-to-homeownership/;

D. Steve Boland, https://about.bankofamerica.com/assets/pdf/BofA_Consumer_Lending_Homebuyer_Insights_083020_R10-WW.pdf