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Homeownership Could Be in Reach with Down Payment Assistance Programs

A recent survey from Bankrate asks prospective buyers to identify the biggest obstacles in their homebuying journey. It found that 36% of those polled said saving for a down payment is one of their primary hurdles to buying a home.

If you feel the same way, the good news is there are many down payment assistance programs available that can help you achieve your homeownership goals. The key is understanding where to look and learning what options are available. Here’s some information that can help you.

 You Can Qualify Even if You’ve Purchased a Home Before

There are several misconceptions about down payment assistance programs. For starters, many people believe there’s only assistance available for first-time homebuyers. While first-time buyers have many options to explore, repeat buyers have some, too. According to the latest Homeownership Program Indexfrom downpaymentresource.com: 

“It is a common misconception that homebuyer assistance is only available to first-time homebuyers, however, 38% of homebuyer assistance programs in Q1 2022 did not have a first-time homebuyer requirement.

That means repeat buyers could qualify for over one-third of the assistance programs available. And if you’re a repeat buyer, you may still be able to take advantage of some first-time homebuyer programs, depending on your personal situation. That’s because downpaymentresource.com also notes many of the first-time homebuyer programs use the U.S. Department of Housing and Urban Development’s definition of a first-time homebuyer. Under their definition, you could qualify as a first-time buyer if you’re:

  • Someone who hasn’t owned a primary residence in 3 years.
  • A single parent who’s only ever owned a home with a former spouse.

That means no matter where you are in your homeownership journey, there could be an option available for you.


 You May Be Eligible for Programs Based on Your Location or Profession

In addition to broader options available for repeat and first-time homebuyers, there are other types of down payment assistance programs that you could qualify for based on your location. According to the National Association of Realtors (NAR):

“Many local governments and non-profit organizations offer down-payment assistance grants and loans, targeted to area borrowers and often with specific borrower requirements.”

Plus, there are programs and special benefits for individuals working in certain professions or with unique statuses, including teachers, doctors and nurses, and veterans.

Ultimately, that means there are many federal, state, and local programs available for you to explore. The best way to do that is to connect with a local real estate professional and your lender to learn more about what’s available in your area.


Bottom Line

Down payment assistance programs have helped many homebuyers achieve their dreams, and if you qualify, they could help you too. Connect with a local real estate advisor and trusted lender today to begin exploring your options.


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Meet Kayleigh Sellars

Born and raised in Columbia SC, I graduated from The University of South Carolina in 2014. Soon after graduating I started my banking career with a credit union. I was able to work my way up and by 2018 managed two markets. 

I transitioned to a branch manager role at a large bank and redirected my focus to business and mortgage lending. I was able to see the positive financial impact a home refinance could make for a client and loved walking them through the process. Financial literacy and breaking the process down for my clients are things I’m passionate about. 

My free time is spent hanging with my husband, Richard, and our Sheepadoodle, Tucker. Recently my Dad shared a story with me about when I was little and would want to play “mortgage lady”. Here we are now and I’m a mortgage lady! (I promise I wasn’t a weird kid).


[email protected]

803.665.5788

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