12.18.14 by Jeff Johnson
A recent survey by NeighborWorks America found that the biggest obstacle to buying a home was lack of a down payment, and that for those already paying on student debt, the hurdle was even higher. The same survey found that 70 percent of U.S. adults are unaware of down payment assistance programs for middle-income home buyers that they might qualify for.
Realtors were most often cited as the main source of information about home ownership, along with friends, families and coworkers. In California, there are over 300 homeownership assistance programs being offered, including some with direct down payment assistance, closing costs assistance, or mortgage credits of up to $2,000 for the life of the loan. Over 6,000 home buyers received more than $100 million in assistance last year, and even more funds are expected to become available. The California Association of Realtors is offering a new Down Payment Resource Directory tool to allow consumers to enter their own information to see what resources are available in their own community and determine their eligibility. This will save you the time for searching countless municipal and state websites.
Check it out! When you’ve talked to a program(s) that fits your situation, NewLook Realty Company is ready to listen to your needs and desires, find a home that works for you, and help you succeed in achieving home ownership!
— Source: California Association of Realtors