Seventy new down payment assistance programs were launched across the country during the third quarter, according to a new data report from Down Payment Resource (DPR). This brings the total number of active assistance programs nationwide to 2,624.
More than 2,000 counties now have 10 or more down payment assistance programs available for homebuyers, with more programs now supporting teachers, police, and military families. The uptick in new programs mirrors the rising costs of housing – during the third quarter, the median home price increased to $375,000, up from $369,000 in the previous quarter.
“With home prices continuing to rise and mortgage rates still hovering near 6.5%, lenders know how challenging it can be to qualify today’s homebuyers,” said Rob Chrane, founder and CEO of DPR. “The good news is that there are now more tools than ever to help.”
Chrane added the programs are able to help lenders “lenders reduce LTV ratios to qualify more mortgage-ready buyers and close more loans, even in a tight market.”
