As you prepare to buy your first home, you may be wondering how you’re going to afford a down payment. Homebuyer assistance programs to the rescue! There are more financial assistance programs for homebuyers to choose from in 2022.
According to Down Payment Resource, 46 new home assistance programs were introduced in the first quarter of 2022. That brings the total number of assistance programs to 2,238. Homebuyer assistance programs include first mortgage programs, grants, two combined assistance programs, and second mortgages.
2,238 homebuyer downpayment assistance programs exist in the U.S.
Every state in the U.S. has at least 6 homebuyer assistance programs and as many as 312. In addition, there are 66 multi-state and nationwide programs to help you get financial assistance to buy a house. These programs have seen the most significant increase in financial assistance for homebuyers:
- State Housing Initiative Partnership (SHIP)
- Community Development Block Programs (CDBG)
- HOME Investment Partnerships Programs (HOME)
Community Hero Programs
Community hero programs, geared toward healthcare workers, grew by six programs. Veterans, protectors, firefighters, and educators can take advantage of two new programs, while healthcare workers can take advantage of four new financial assistance programs.
A variety of programs exist for community heroes.
Manufactured Home Financing
Financing programs for manufactured housing are rising, with an additional 31 programs available. Programs like Blue Ridge Housing Network HOMEownership Down Payment Assistance Program now offer financial assistance for the down payment and closing costs when buying a manufactured home. Eligible borrowers can receive up to 10% of the sales price when purchasing a home through the Blue Ridge program.
Conclusion
Thankfully, more homebuyer financial assistance programs are available to help you afford a new home. If you aren’t a first-time homebuyer, you’ll be glad to know that 38% of these financial assistance programs do not have a first-time homebuyer requirement. Talk to your real estate agent and mortgage lender to learn about financial assistance programs you can use to buy a home in your area.
If you want to buy a home and need assistance from a local real estate agent, please contact us at info@reazo.com .
