The Blog ofRANCHO CUCAMONGA & Beyond Real Estate

Down Payment Money is Available

Many prospective homebuyers believe that homeownership is beyond their reach because maybe it was for their parents or grandparents or they were displaced a few years ago by foreclosure or short sale. Survey such as the National Association of Realtors Profile of Home Buyers and Sellers find that first-time homebuyers are at a new low, and the finger’s pointed at the core challenges of saving for a down payment,student loan debt and increasing rent and home prices.

In fact, respondents said saving for the down payment was the most difficult step in the homebuying process. Here’s the good news: we don’t believe real estate is a zero-sum game. In fact, it sounds more like an excuse. There’s an opportunity to show more new buyers a path to homeownership. We educate consumers that the financing for their home purchase is asindividual as they are.

There are low down payment options,credit scores don’t have to top 780, and they might qualify for a homeownership program that can help them save on the their purchase,benefit from a tax credit or a below-market-level interest rate. Consumers need to know there are options that might work for them.

Here are Updates made in Down Payment Resource in fourth quarter 2015:
5,134 specific changes were made across all programs
761 programs were updated with new information about guidelines, funding status and contact information
51 new programs were added
58 previous programs were expired, confirmed no longer available and removed

To find out more of the Down Payment Programs in all other areas and to check if you are eligible, visit www.DownPaymentSources.com