One of the obstacles homebuyers face when purchasing a home is coming up with a down payment. Yet, information available in the media about down payment requirements can be conflicting and sometimes confusing. To help debunk the misperceptions about down payments, Down Payment Resource publicized its Third Quarter 2015 Homeownership Program Index findings.
In their press release and corresponding infographic, Down Payment Resource explains that homeownership programs are available in every state and lists the number of programs each state offers. They also delve into definition of a first-time homebuyer; why homebuyers may not be required to pay a 20% down payment; and programs that can help community service professionals (i.e. healthcare workers, veterans, educators, etc.) purchase a home in a higher cost markets.
Rob Chrane, Down Payment Resource’s CEO, stated, “Most homebuyers don’t know to look for or ask about homeownership programs that could help them both in the short and long term. The requirements and benefits of programs vary greatly and may help buyers save on their down payment and closing costs, gain a lower interest rate or enjoy a healthy tax credit for the life of their loan.” Read more at http://bit.ly/1LkHMhQ.