Local heroes, such as healthcare workers and first responders, deserve all the financial help they can get when buying a house. Down payment assistance programs can save homebuyers thousands of dollars. Let’s look at financial support options for community heroes who want to become homeowners.
- Down payment assistance
- Closing cost assistance
- First mortgages
According to Down Payment ResourceⓇ (DPG), first responders and other community heroes have access to various homebuyer assistance programs, and the list is growing. Community heroes can get assistance for their down payment, closing costs, and their first mortgage.
Eligibility for homebuyer assistance is up nearly 2% from the 3rd quarter of 2021, according to DPG’s Homeownership Program Index. That means more financial support for our community superheroes! Teachers, law enforcement officers, first responders, firefighters, healthcare workers, and other related professionals can benefit from these homebuyer assistance programs.
Community heroes must meet specific criteria to qualify for these homeownership programs. For example, the CalHFA MyHome program requires borrowers to be first-time homebuyers and complete homebuyer education counseling, among other requirements. The requirements for each of the homebuyer assistance programs will vary. Please visit these websites for more information and talk to your real estate agent.
- MyHome Assistance Program
- Homeownership for the Brave
- Heroes to Homeowners Program
- Utah First-Time Homebuyer Grant
- Home For Veterans (HFV) Program
- Veterans Down Payment Assistance Loan Program
In the past, manufactured housing wasn’t fully supported under these homebuyer assistance programs. As of the 4th quarter of 2021, 28% of these programs make manufactured housing an eligible property type.
As a community hero, take advantage of these down payment assistance programs and save thousands when buying a home. As a veteran, you can also take advantage of veteran-owned moving companies. Please share this article with other community heroes so they can take advantage of the savings. You deserve to buy a house and save money at the same time. Explore the options listed above, and ask your real estate agent if additional down payment assistance options exist in your area.