DPR: 29 Homebuyer Assistance Programs Added in Q3

(Image courtesy of DPR; Breakout image courtesy of Charlotte May/pexels.com)

Down Payment Resource, Atlanta, released its Q3 Homeownership Program Index Report, highlighting the homebuyer assistance programs added and available in the quarter. The number offered reached 2,444 in Q3.

The 29 added in Q3 puts the number of homebuyer assistance programs up 192 from Q3 2023, or an 8% increase.

Breaking the programs down further, DPR found 226 options don’t have income limits, a 20% increase from last year.

Almost 1,000 municipalities offer DPA programs, representing 39% of the funding source totals, up 40% from last year. Nonprofits represented 21% of funding sources and state Housing Finance Agencies were 19%.

The number of programs supporting manufactured housing grew 15% from Q3 2023, to 898.

DPR also offered a new breakdown, analyzing which programs allow for the purchase of multifamily properties. DPR found 777 allow for the acquisition of two-unit properties, 526 for three-unit properties and 501 for four-unit properties. That’s a 7% increase in programs that allow the purchase of multifamily dwellings.

The number of programs that support first-time homebuyers increased 7% year-over-year to 1,455. Twenty-two programs specifically target first-generation buyers, up 5% from the second quarter of this year.

Of the 29 programs added this past quarter, below market rate/resale and grant programs grew 8%. Grant assistance programs grew by 7%. Energy efficiency programs were up by 25%, surviving military spouse programs were up by 14% and programs aimed at Native American buyers were up 5%.

Of the 2,444 homebuyer assistance programs total, 81% are currently funded, 10% are inactive, 4% have a waitlist for funding and 5% are temporarily suspended.