Down Payment Assistance Programs Hit 2,679 in Q1, DPR Finds

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Down Payment Resource, Atlanta, released its Q1 Homeownership Program Index, finding that there are 2,679 homebuyer assistance programs nationwide. That’s up from 2,619 in the previous quarter.

Of the 2,679 programs tracked in Q1, 77% are currently active and funded. Municipalities lead in program delivery, accounting for 39% of all programs. Nonprofits provide 22% and state housing finance agencies provide 18%.

Programs that help first-time buyers remain plentiful, the report found, at 1,666 or 62%.

A similar number help those even earning above $100,000 annually and a significant chunk–284–have no income limits, helping to qualify a broader range of borrowers.

“Recent data shows buyers are spending more than $31,000 beyond the down payment, often far more than they’d expected,” said Rob Chrane, founder and CEO of Down Payment Resource. “With 62% of programs serving incomes above $100,000 DPA is a powerful tool to help qualified buyers move forward without draining their savings, while giving lenders more flexibility to expand access to homeownership.

Thirty-five percent of programs allow multi-unit properties. At 934 programs, that’s up from 923 in the previous quarter. Over 1,000 support manufactured housing.

Second-mortgage programs account for 56% of all programs, often structured as deferred or forgivable loans. Combined assistance programs are 10%, first-mortgage programs are 9% and grants are 8%.