ATLANTA, Ga., Nov. 11, 2024 (SEND2PRESS NEWSWIRE) — Down Payment Resource (DPR), the housing industry’s leading technology for connecting homebuyers with homebuyer assistance programs, is highlighting homebuyer assistance programs to support Veterans, service members and their surviving spouses in conjunction with Veterans Day and Military Family Appreciation Month, both observed in November. While service members are eligible for any of the 2,400-plus U.S. homebuyer assistance programs, DPR found there are 49 programs offering up to $117,000 in assistance specifically developed to help our military community members build, buy or make accessibility-related home renovations.
Image caption: Down Payment Resource (DPR).
“Owning a home is foundational to long-term financial stability, and our goal is to ensure Veterans and their families are aware of the assistance available to them,” said DPR Founder and CEO Rob Chrane. “As we celebrate Veterans Day and Military Family Appreciation Month, we’d like to thank our Veterans, service members and their families. It’s our hope that these programs can unlock the doors to homeownership and all the benefits it brings for them in the coming year.”
An analysis of the 49 programs from DPR’s database showcases the range of assistance available to promote homeownership among Veterans, active-duty service members and their surviving spouses:
- Financial assistance range: The programs offer homebuyer assistance ranging from $2,500 to $117,000.
- Program types: The homeownership assistance program types consist of 20 second mortgage programs, 15 grants, 12 affordable first mortgage programs, one below market rate (BMR) program, and one other program.
- Repayment features: Fifteen programs offer forgivable assistance, provided that all program conditions, such as owner-occupancy, are met. Fifteen are grant programs that do not have to be repaid.
- Multi-family support: Twenty-four programs support the purchase of 1-4 unit residential multifamily properties.
- Veterans exemptions: In addition to the 49 programs that exclusively serve Veterans, there are 211 homebuyer assistance programs that exempt Veterans from first-time homebuyer requirements.
Individuals can search for their homebuyer assistance program eligibility for free at https://downpaymentresource.com/are-you-eligible/.
Methodology:
DPR produced homebuyer assistance program findings by analyzing its DOWN PAYMENT RESOURCE® database for programs with incentives for people with disabilities. The DOWN PAYMENT RESOURCE® database tracks the funding status, eligibility rules and benefits of all U.S. homebuyer assistance programs using data sourced from more than 1,300 housing finance agencies (HFAs), municipalities, nonprofits and other housing organizations. Homebuyer assistance programs of all types are tracked, including down payment and closing cost assistance, Mortgage Credit Certificates and affordable first mortgages.
About Down Payment Resource:
Down Payment Resource (DPR) is the housing industry authority on homebuyer assistance program data and solutions. With a database that tracks more than 2,400 programs and toolsets for mortgage lenders, multiple listing services (MLSs) and API users, DPR helps housing professionals connect homebuyers with the assistance they need. DPR frequently lends its expertise to nonprofits, housing finance agencies, policymakers, government-sponsored enterprises and trade organizations seeking to improve housing affordability. Its technology is used by seven of the top 25 mortgage lenders, the three largest real estate listing websites and 600,000 real estate agents.
For more information, visit https://downpaymentresource.com/.
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MEDIA ONLY CONTACT:
(not for print or online)
Johnna Szegda
Depth for Down Payment Resource
404.798.1155
johnna@depthpr.com
News Source: Down Payment Resource
