Quarterly Survey of Homebuyer Assistance Programs Across the United States Highlights Growing Availability of Help for First Responders and Other Community Heroes
ATLANTA, Ga., Jan. 25, 2022 (SEND2PRESS NEWSWIRE) — Down Payment Resource (DPR), the national database of U.S. homebuyer relief programs, today announced the release of its latest program index Home Ownership (HPI). The company’s analysis of 2,192 homebuyer assistance programs in its DOWN PAYMENT RESOURCE® database showed measurable quarter-over-quarter gains in program funding levels and prevalence. increased programs to help community heroes.
Published quarterly, DPR’s HPI surveys the funding status, eligibility rules, and benefits of U.S. homebuyer assistance programs administered by state and local housing finance agencies, municipalities, non-profit organizations and other housing organizations. DPR communicates with more than 1,200 program administrators throughout the year to track and update the country’s wide range of homeownership programs, including down payment and closing cost programs, mortgage credit certificates and affordable first mortgages, in the DOWN PAYMENT RESOURCE® database.
The Q4 2021 HPI reviewed a total of 2,192 homebuyer assistance programs that were active as of January 6, 2022. The key findings are as follows.
* Funding levels are on the rise. 84% of programs had funds available for eligible homebuyers. This level of funding reflects an increase of almost 2% compared to the third quarter of 2021.
* More programs now target community heroes. Nearly 9% of all homebuyer assistance programs available in Q4 benefit teachers, first responders, law enforcement, firefighters, healthcare workers and other service providers essential communities. Another 11% of programs provide benefits to veterans, military personnel and surviving spouses.
* Three in four programs (73%) focus on helping homebuyers with down payments and/or closing costs. This figure includes refundable, partially forgivable and fully forgivable programs. Other major categories of assistance include Affordable First Mortgage Programs (11%), Mortgage Certificates (5%), Matched Savings Programs and Housing Choice Vouchers.
* Assistance is available for homebuyers and returning owners. About 38% of programs do not require home ownership. In addition, 27% of programs allow buyers to acquire a multifamily property as long as the buyer occupies one of the units.
*Availability varies by location. Three out of four programs (74%) target properties in specific locations such as cities, counties or neighborhoods, with the rest of the programs available statewide through public housing finance agencies. The states with the most homebuyer assistance programs are California, Florida and Texas.
* Support for manufactured homes is increasing. While homebuyer assistance programs have historically favored site-built homes, in the fourth quarter, 28% of programs allow manufactured homes as an eligible property type, up nearly 2% from the fourth quarter. previous quarter.
“First responders, military, educators and other community service roles have been at the forefront for their extraordinary contributions to the pandemic,” said DPR CEO Rob Chrane. “Many localities — especially in higher-cost markets — are determined to find creative ways to recruit and retain these workers, including helping them make homeownership more affordable.”
A more in-depth analysis of the fourth quarter HPI results, including infographics and examples of many of the programs discussed in this release, is available on DPR’s website at https://downpaymentresource.com/professional -resource/homeownership-program-index-highlights-programs -for-the-heroes-of-the-community/.
For a complete, state-by-state list of homebuyer assistance programs, visit https://downpaymentresource.com/wp-content/uploads/2022/01/HPI-state-by-state-data.Q42021. pdf.
About Deposit Resource:
Down Payment Resource (DPR) creates opportunities for home buyers, real estate agents and lenders by discovering programs that get people into homes. The company tracks funding status, eligibility rules, benefits and more for more than 2,000 homebuyer assistance programs through partnerships with state and local program providers. DPR has been recognized by Inman News as a “Most Innovative New Technology” and named to HousingWire’s Tech100™ list of Most Innovative Companies Serving the Mortgage and Real Estate Industries. DPR is licensed to multiple listing services, REALTOR® associations, lenders and housing counselors across the United States and offers a subscription service, Down Payment Connect, to help officers and loan officers match buyers to available programs. For more information, visit https://www.downpaymentresource.com.
Twitter: @DwnPmtResource #homebuyers #mortgageindustry
NEWS SOURCE: Deposit Resource
This press release has been issued on behalf of the source of the information (Down Payment Resource) which is solely responsible for its accuracy, by Send2Press® Newswire. Information is believed to be accurate but not guaranteed. Story ID: 78419 APDF-R8.2
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