Down Payment Aid for Homes Widely Available

Cobbling together a down payment is an often-cited obstacle to homeownership. However, a new RealtyTrac and Down Payment Resource study has determined that about 87 percent of America’s 78 million single-family homes and condominiums are eligible for some form of down payment assistance. RealtyTrac’s Daren Blomquist states, “It’s unfortunate that a lot of borrowers don’t seem to know about these programs.” Too often, there is a disconnect or information gap between the federal government and nonprofit agencies that offer mortgage aid and the Realtors, brokers, and mortgage lenders who are most frequently in touch with would-be buyers, Blomquist adds. Rob Chrane, president and CEO of Atlanta-based Down Payment Resource, comments, “Many homebuyers, especially Millennials, haven’t fully investigated their home financing options because they are pessimistic about qualifying for a mortgage.” | Read More