Latest news with #downpaymentassistance
New York Times
10-08-2025
- Business
- New York Times
Down Payment Assistance Is a Growing Tool for Home Buyers
When Benjamin Sar's friend suggested he save up to buy a house, he laughed it off. Mr. Sar, a photographer, lived out of his car for three months after he moved to Miami in 2021 to pursue his career. After paying for his flight and other expenses, he had $25 left. But in October 2024, Mr. Sar, 28, closed on a brand-new three-bedroom, three-bath house in North Miami with white porcelain floors for $400,000. Mr. Sar had received help from down payment assistance programs, which exist across the country to help buyers attain homeownership as prices rise. Typically offered as loans or grants, the money can also help cover closing costs and other fees. The programs come from a range of sources, including government agencies, housing nonprofits and real estate firms like Zown, which offers up to $25,000 in down payment assistance to qualified buyers in California and plans to expand nationwide this year. Some loans have low- or no-interest, and many are forgivable after buyers live in the home for a set number of years. Mr. Sar was living in an apartment with roommates when a friend suggested he look into BlueNest, a South Florida developer catering to first-time buyers. Mr. Sar moved to the United States from Liberia as a child, and as an immigrant who'd have been a first-generation home buyer, he hadn't seriously considered owning property. 'I didn't understand the process, and buying a home is scary if you don't know how to do it,' he said. Want all of The Times? Subscribe.
Yahoo
21-06-2025
- Business
- Yahoo
New Florida laws will impact property owners: Here's what to know
The Brief The Florida Association of Realtors is claiming victory now that the 2025 Florida Legislative session is over. A key highlight for residential real estate: $50 million has been allocated for down-payment assistance programs for essential workers, including teachers and first responders. Critics say the legislature didn't go far enough on the state's broader housing issues. TALLAHASSEE, Fla. - The 2025 Florida Legislative session has wrapped up, and the Florida Association of Realtors is calling it a major victory for property owners and the real estate market. With a combination of targeted budget allocations and new laws, the session addressed a range of housing and property issues across the state. Big picture view A key highlight for residential real estate: $50 million has been allocated for down-payment assistance programs for essential workers, including teachers and first responders. The initiative is designed to help more Floridians "get a foot in the door" of homeownership. "At the end of the day, we gotta put our foot in the door. And I think that's how a lot of people see real estate nowadays," said Jack Cleary, a Florida realtor. READ: New Florida laws taking effect July 1: Here's what you need to know Additionally, the My Safe Florida Home Program received $280 million to help homeowners fortify their properties against hurricanes and other storms. Realtors say it's a step toward keeping more people in their homes safely. "We only have so many buyers in the pool and we have a lot of inventory," Cleary noted, emphasizing the need to support both supply and demand. Perhaps the most significant policy win for commercial property owners is the repeal of the Business Rent Tax, a move Republican lawmakers say could save Florida businesses over $900 million. What they're saying "If those tax breaks give relief to corporations to allow them to grow and prosper in Florida, that is good for the employees, the Floridians that work for those companies," said Rep. Lawrence McClure (R-District 68). The legislature also passed new protections for property owners dealing with squatters, particularly in commercial and vacation rentals. Property owners can now take quicker legal action to remove unlawful occupants. "Being able to have them arrested or have that consequence over their head is great," said Josh Bradley, a vacation rental owner. "They cost me a lot of money." The other side Not all lawmakers are satisfied. Critics say the legislature didn't go far enough on the state's broader housing issues. "Housing affordability is a major crisis right now. Property insurance is out of control. And the reality is that this session did not deliver on any of those problems," said Rep. Anna Eskamani (D-Orange County). Additional legislation passed this session will now require better flood risk disclosures for long-term renters and increased transparency around mobile home park lot conditions. The Source This story was written with information gathered by FOX 13's Genevieve Curtis. STAY CONNECTED WITH FOX 13 TAMPA: Download the FOX Local app for your smart TV Download FOX Local mobile app: Apple | Android Download the FOX 13 News app for breaking news alerts, latest headlines Download the SkyTower Radar app Sign up for FOX 13's daily newsletter Follow FOX 13 on YouTube
Fast Company
30-05-2025
- Business
- Fast Company
This startup wants to give you money to buy a house
Potential buyers in California have seen the daunting challenge of owning a home become even more difficult. Due to higher mortgage rates and increased home values, a recent report from the California Association of Realtors found that buyers needed an income of $218,000 to afford a median home, a figure that's jumped 82% since 2019. A Canadian startup seeks to make those figures a little more favorable, especially for working class and first-time buyers. Zown, which opened for operations in California in the fall, offers buyers what it calls down payment assistance. The model works like this: By using automation and salaried showing agents to help facilitate deals, it can reduce commissions that usually account for 2.5% or more of a home's purchase price to about 1%, offering the difference as a rebate to buyers to use toward a down payment or to cover closing costs. Zown was launched by Canadian entrepreneur Rishard Rameez, who documented his own struggles with housing affordability on a viral Reddit thread. He found the process laborious and expensive and, in 2021, started working on a way to simplify the transaction. He developed a model that uses automation and a team of salaried brokers to cut commission fees and pass those savings along to buyers. He said Zown is able to give back roughly $10,000 to $15,000 per buyer for down payment assistance, an amount that equaled what an average person could save in a year or two.
