Available Down Payment Programs Rise in Q3 MABA MassachusettsRealEstate FirstTimeHomeBuyers MaBuyerAgent

 Down Payment Resource (DPR) has released its Q3 2024 Homeownership Program Index (HPI) report which found the number of national homebuyer assistance programs increase by twenty nine to two thousand four hundred and forty four during the third quarter of the year.

The report showed a five percent increase in programs for first-generation buyers. First-generation homebuyers have been singled out by the Harris Presidential campaign, which along with building three million affordable housing units for rent and ownership, proposes to provide twenty five thousand dollars down-payment assistance to first-time homebuyers who have paid rent on time for two years, with more generous support for qualifying first-generation homeowners.

“We are pleased to see a growing number of these programs, and think they are becoming a targeted way to help first-time and first-generation homebuyers struggling to save for a down payment get into a home they can afford,” said Rob Chrane, Founder and CEO of DPR. “Our data show the average DPA benefit is roughly seventeen thousand dollars. That can be a nice jump-start for saving for a down payment and other costs of homeownership.”

Key findings of the Q3 2024 Homeownership Program Index (HPI) report include:

• The number of U.S. homebuyer assistance programs increased by twenty nine over the past quarter. This represents a one point two percent increase over the previous quarter.
• There was an eight percent increase in below market rate/resale programs and seven percent increase in grant-funded programs, and six percent increase in other homebuyer assistance from Q2 2024. Below market rate or BMR homes are affordable homes sold at a lower price than the market average and are intended for low- to moderate-income buyers. When a BMR homeowner wants to sell, they must sell the home to an income-eligible buyer.
• nine hundred and forty nine municipalities offered DPA programs. Municipalities represented the majority of funding sources in Q3 2024 at thirty nine percent, which is virtually unchanged from last quarter. Nonprofits were the second highest funding source, twenty one percent in Q3 2024, followed by state HFAs at nine teen percentseven hundred and sevety. A few of these programs have seen increases from federal program resources, including the American Rescue Plan Act (ARPA) and the U.S. Department of Health & Human Services (HHS).
•  Seven hundred and seventy seven programs supported multifamily purchases, up seven percent from the previous quarter. Of those, five hundred and twenty six allowed for three-unit properties, up seven percent from Q2 2024, while five hundred and one allowed for four-unit properties, up eight percent from Q2 2024.
• One hundred and ninety five programs offer incentives for special groups. thirty five percent offer special funding for educators, twenty nine percent for protectors, twenty six percent for firefighters, twenty four percent for healthcare workers, and twenty four percent for Native Americans, and twenty two percent for military homebuyers.

 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, nonprofits and other housing organizations. DPR communicates with over one thousand and three hundred program providers throughout the year to track and update the country’s wide range of homeownership programs.

 DPR features a database that tracks more than 2,400 programs and toolsets for mortgage lenders, multiple listing services (MLSs) and API users, DPR helps housing professionals connect homebuyers with the assistance they need. DPR frequently lends its expertise to nonprofits, housing finance agencies, policymakers, government-sponsored enterprises and trade organizations seeking to improve housing affordability. Its technology is used by seven of the top twenty five mortgage lenders, the three largest real estate listing websites and six hundred thousand real estate agents.

Click here to view a state-by-state list of down payment providers, and click here to view the full “The Down Payment Resource Q3 2024 Homeownership Program Index Report.”

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