Latest news with #DownPaymentAssistance
Associated Press
29-07-2025
- Business
- Associated Press
45 new assistance programs launched during Q2 2025, bringing the total number of nationwide programs to a record-breaking 2,554
- Down payment assistance, with an average benefit of $18,000, remains a bright spot for the nation's homebuyers, with more programs supporting a variety of needs, income levels and property types - ATLANTA, Ga., July 29, 2025 (SEND2PRESS NEWSWIRE) — Down Payment Resource (DPR), the housing industry authority on homebuyer assistance program data and solutions, today released its Q2 2025 Homeownership Program Index (HPI) report. The report finds 45 new programs launched in Q2, traditionally the busiest homebuying season, bringing the total number of available programs to 2,554 — a new record — and the number of program providers to 1,340. Down payment assistance (DPA) can be used by lenders to lower a homebuyer's loan-to-value (LTV) ratio by an average of 6%, helping them qualify more of their mortgage-ready buyers. In addition to down payments, many DPA programs can help with closing costs, prepaid expenses, buying down the mortgage interest rate, and even lessening mortgage insurance expenses. In some cases, buyers can combine multiple programs for even greater savings. This assistance is vital as the median home price in the U.S. increased to $369,000 in Q2 2025, from $350,275 in Q1, while the average 30-year fixed mortgage rate for the quarter was 6.82%. 'With home prices rising and interest rates still hovering close to 7%, prospective homebuyers are feeling the pinch heading into the summer, traditionally a very active homebuying season,' said Rob Chrane, founder and CEO of DPR. 'Even with these market headwinds, we are heartened to find more assistance programs than ever—at least one in every U.S. county and 2,000 counties with 10 or more—helping lenders qualify eligible buyers and close more loans in this tough market.' KEY Q2 2025 HPI REPORT FINDINGS An examination of the existing 2,554 homebuyer assistance programs on July 3, 2025, resulted in the following key findings: A more detailed analysis of the Q2 2025 HPI findings, including infographics and examples of the programs described in this release, can be found on DPR's website at: For a complete list of homebuyer assistance programs by state, visit: Members of the media are encouraged to contact DPR for data specific to their reporting needs. METHODOLOGY Published quarterly, DPR's HPI surveys the funding status, eligibility rules and benefits of U.S. homebuyer assistance programs administered by state and local housing finance agencies, municipalities, nonprofits and other housing organizations. DPR communicates with over 1,300 program providers throughout the year to track and update the country's wide range of homeownership programs, including down payment and closing cost programs, Mortgage Credit Certificates (MCCs) and affordable first mortgages, in the DOWN PAYMENT RESOURCE® database. 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 2,500 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 X: @DwnPmtResource #downpaymentassistance #affordabilitycrisis #housingaffordability #mortgage #housingequity #downpayment NEWS SOURCE: Down Payment Resource ### MEDIA ONLY CONTACT: (not for publication online or in print) Elizabeth Schroeder Depth for Down Payment Resource 209.774.6555 [email protected] ### Keywords: Mortgage, Down Payment Resource, Q2 2025 HPI Report, housing market, CEO Rob Chrane, homebuyer assistance program data and solutions, ATLANTA, Ga. This press release was issued on behalf of the news source (Down Payment Resource) who is solely responsibile for its accuracy, by Send2Press® Newswire. Information is believed accurate but not guaranteed. Story ID: S2P128066 APNF0325A To view the original version, visit: © 2025 Send2Press® Newswire, a press release distribution service, Calif., USA. RIGHTS GRANTED FOR REPRODUCTION IN WHOLE OR IN PART BY ANY LEGITIMATE MEDIA OUTLET - SUCH AS NEWSPAPER, BROADCAST OR TRADE PERIODICAL. MAY NOT BE USED ON ANY NON-MEDIA WEBSITE PROMOTING PR OR MARKETING SERVICES OR CONTENT DEVELOPMENT. Disclaimer: This press release content was not created by nor issued by the Associated Press (AP). Content below is unrelated to this news story.
Yahoo
21-03-2025
- Business
- Yahoo
Area experts walk potential first-time home buyers through the process
Mar. 21—"Every one of us works for you. If you don't like what we are doing, you can fire us." — Juli Rasmussen, Country Financial MOSES LAKE — How to facilitate a first home purchase was the topic of a seminar in Moses Lake Tuesday. The Homebuying Process Workshop, hosted by Opportunities Industrialization Center, or OIC, of Washington, featured three experts in home purchasing and a ton of advice for people new to the process. One of the biggest hurdles to homeownership is saving up for a down payment. OIC has a program that can help with that, said OIC Support Service Counselor Jose Vasquez. The Down Payment Assistance program will provide up to $20,000 or 20% of the home's purchase price for eligible buyers. There are other programs that can be combined with OIC's to make coming up with a down payment within reach, said Rosa Cabrera, a loan officer with Self-Help Credit Union in East Wenatchee. One is the Equity Boost program, which is open to either first-generation home buyers — people whose parents did not own a home — or those with an income of 80% or less of the Area Median Income. In Grant and Adams counties, the AMI is $90,000 per year, which makes that 80% maximum $72,000. The Equity Boost program also finances the closing costs, Cabrera added. "We have signed loans where families have bought their homes with as little as $3,000 out of their own pocket," she said. Another SHCU program, for buyers whose income might be just a little bit over that minimum, is a zero-down program, but the buyer pays the closing costs. That one involves a little more out-of-pocket expense for the buyer, she said. Both of those programs can be layered with OIC's DPA, Cabrera said, or any other assistance the buyer can find. It applies to almost any sort of housing, she said. "I can finance a home, I can finance a duplex, I can finance a triplex. I can finance a four-plex (if it's the) first-time buyer's primary residence," she said. "You have to live in the home that I will finance. If it's a duplex, you will live in one (and) rent the other. I can also finance condos, townhomes (or) manufactured homes." There are certain restrictions on a manufactured home, Cabrera added: It must be from 1994 or newer, it must be at least a doublewide. It must also be on its own lot and its own foundation. Once the financing is secured, it's time to find a house. That process can have its pitfalls, and it takes a good agent to help the first-time buyer navigate it, said Stacy Lopes of Re/Max in Ellensburg. That agent should form a team with the lender and the title company to make the process as smooth as possible, she said. "The reason I became a Realtor is because I had a terrible Realtor, and I was like, 'Oh, I can do this. I can definitely do this,'" Lopes said. The first step that buyers sometimes aren't prepared for is earnest money, Lopes said. "It's basically your promise to purchase," she said. "This seller, if they accept your offer, they're putting their house (on) pending, so pretty much no one else is going to want to look at it. So, you have to have some sort of skin in the game, a promise to purchase their place. It's typically 1% of the purchase price, but it's definitely negotiable and flexible." Once the seller has accepted the offer, the buyer has three business days to get that information to the title company, and then 10 days — not business days, that includes weekends — to get an inspection done. "That's hiring the inspector, booking it, paying for it, having the inspection, receiving the report and responding back to the seller," she said. "We have 10 days, so it's good to get on that." The inspection is likely to reveal problems in the house that need to be fixed before the purchase is complete, Lopes said. That may be a broken garage door or funky wiring, among other things. Sometimes the seller will have the problem fixed, or sometimes they'll reduce the price of the house to accommodate the buyer dealing with the issue. "That purchase price doesn't always remain that purchase price," she said. "But one thing you have to watch out for is that anytime you mess with the purchase price, you have to check back in with your lender. Not all Realtors will do that, and it creates problems towards the end. So it's really important to have great communication throughout the whole process with every party involved." The last presenter was Juli Rasmussen, an agent and financial advisor with Country Financial Insurance in Moses Lake. She emphasized the importance of not following any professional blindly simply because they're a professional. "I say this at every home buyer seminar that I do: We work for you," Rasmussen said. "Every one of us works for you. If you don't like what we are doing, you can fire us ... You have the right to do business with whomever you want, to interview real estate agents, interview insurance agents. Just because you have car insurance doesn't mean that that (insurance agent) is the perfect fit for you in your home." Insurance agents should have that same approach, Rasmussen said, and be ready to stand up for their clients. "You've got a plumbing issue, let me know," she said. "If there is a problem with that house and it was remodeled within the last year I want you to call me, because I will tell you, 'Oh no, we're going to go after that contractor. He has to warranty that work,' and I will stand right beside you and make sure it gets done on his policy, not coming out of your wallet." For more information: Antonia Mende, OIC of Washington Down Payment Assistance Program: 509-731-5332. Rosa Cabrera, Self-Help Credit Union, 509-317-7246 Stacy Lopes, Re/Max: 509-972-7459 Juli Rasmussen, Country Financial: 509-766-9197
