More Than One Hundred and Seventy New Homebuyer Assistance Programs Launched in 2024 MABA MassachusettsRealEstate FirstTimeHomeBuyers MaBuyerAgent

Homebuyer assistance programs increased by one hundred and seventy two (seven percent) in 2024, and the number of entities offering them increased by seventy five year-over-year, according to the latest Homeownership Program Index (HPI) report from Down Payment Resource (DPR). That brings the total number of programs available to prospective buyers up to two thousand four hundred and sixty six.

“We are pleased to see state and local agencies adapting to the current and ongoing housing affordability crisis by adding new programs and expanding their criteria to allow for the purchase of multi-family and manufactured housing,” said Rob Chrane, Founder and CEO of DPR. “We’re also seeing more flexibility in how funds can be used a down payment, closing costs or buying down their interest rate. In a market with few homes for sale and escalating prices, down payment assistance has become vital for many buyers in helping them to become homeowners and start building wealth through equity.”

Key HPI Report Findings for quarter four 2024

• The number of U.S. homebuyer assistance programs increased by twenty two over the past quarter: A one percent increase over the previous quarter, and a seven percent year-over-year increase.
• The largest share of program gains year-over-year was from grants: The most substantial year-over-year gains were seen in grant programs (fifty), combined assistance programs (forty nine), and below-market-rate (BMR)/resale-restricted programs (twenty one).
• Local housing finance agencies added the most programs in 2024: Local housing finance agencies introduced seventy two programs, a sixty percent year-over-year increase. Non-profits added fifty programs, and municipalities added forty six programs during this period.
• Multi-family and manufactured housing programs continue to grow: Programs supporting multi-family purchases increased by seventeen percent year-over-year, rising from six hundred and eight six in quarter four 2023 to eight hundred and five in quarter four 2024. Similarly, programs for manufactured housing grew by fourteen percent year-over-year, from eight hundred and four in quarter four 2023 to nine hundred and fourteen in quarter four 2024.
• By the end of 2024, one hundred and ninety six programs offered incentives for special groups: This breaks down to sixty eight programs offering special funding for educators, fifty four programs for protectors, forty nine programs for military veterans, forty seven programs for firefighters, forty four programs for healthcare workers, and forty seven for Native Americans.

Click here for a more detailed analysis of the quarter four 2024 HPI findings, including infographics and examples of the programs described above, and click here for a complete list of homebuyer assistance programs by state.

The post More Than 170 New Homebuyer Assistance Programs Launched in 2024 first appeared on The MortgagePoint.

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