What are you looking for?
Three in four U.S. households that don’t own their home say homeownership is part of their American dream. That’s according to the National Association of REALTORS® Profile of Aspiring Home Buyers, published last year. But being able to say “I own it!” means first jumping over several financing hurdles, including having enough income to qualify for a mortgage, having a good credit score, and saving for the down payment.
Your expert advice can make a difference. In addition to coaching prospective buyers on how to get financially prepared, you can help them investigate loan opportunities that include a down payment assistance component.
On top of federal loan programs that offer low or no down payment options, there are more than 2,500 down payment assistance programs operating around the country, according to a 2019 report from the Joint Center for Housing Studies at Harvard University, authored by senior fellow Michael Stegman and others. The most common source of funding is state and local housing finance agencies; in 2017, housing finance agencies alone provided down payment assistance to more than 123,000 borrowers. But other government entities, nonprofits, and mortgage lenders operate their own assistance programs.