In our Q3 2016 Homeownership Program Index (HPI), we see innovation in programs for community service workers, as more states and municipalities aim to help workers in high cost markets. The HPI found that 6 percent of programs are available for community service workers, including educators, police officers, firefighters and healthcare workers.
The HPI also analyzed new data from buyers who successfully completed program searches at DownPaymentResource.com:
The average household size was 2.75.
The average household income entered was $53,846.
The average home purchase price provided was $180,084.
Homebuyers found an average of 8.5 programs per successful search.
Get all the latest trends about down payment programs in the new HPI.
THINK YOU KNOW THE LATEST ON MORTGAGES? IT MAY BE WORTH ANOTHER LOOK.
You know the drill…underwriting, credit standards, down payments, interest rate and all the other factors that go into determining the true cost of your home loan. Maybe you already shopped around for a home loan 6 months ago and gave up. If so, it may be time for another look. There are now more programs and loan types available for creditworthy buyers today.
COULD A MATCHED SAVINGS PROGRAM PROGRAM GET YOU CLOSER TO BUYING A HOME?
Matched savings programs, formally known as Individual Development Account (IDA) programs, are defined as special savings accounts that match the savings deposited by the account holder. The amount of matching funds varies by program, but programs generally provide a dollar for dollar match, or more, depending on the program’s guidelines and funding source.
Learn how they work and how you can pair them with a down payment assistance program.
TAKE PART IN NATIONAL SPRUCE UP DAY
You know how one good deed leads to another? Well, that’s the idea behind National Spruce Up Day—to be held on Saturday, November 19. Spearheaded by leaders in the real estate industry, the one day event will tackle projects in communities across the U.S., including park clean up, recycling events, neighborhood gardens and more. Create your own project with your friends or coworkers and help improve your community one step at a time!