The Rules For Being A First Time Buyer It Could Be Your Second Purchase

By
Real Estate Broker/Owner with Charles Stallions Real Estate Services

There are several misconceptions about down payment assistance programs. For starters, many people believe there’s only assistance available for first-time homebuyers. While first-time buyers have many options to explore, repeat buyers have some, too. According to the latest Homeownership Program Index from downpaymentresource.com:Homeownership Could Be in Reach with Down Payment Assistance ProgramsHomeownership Could Be in Reach with Down Payment Assistance Programs

 

A recent survey from Bankrate asks prospective buyers to identify the biggest obstacles in their homebuying journey. It found that 36% of those polled said saving for a down payment is one of their primary hurdles to buying a home.

If you feel the same way, the good news is there are many down payment assistance programs available that can help you achieve your homeownership goals. The key is understanding where to look and learning what options are available. Here’s some information that can help you.

You Can Qualify Even if You’ve Purchased a Home Before

 

“It is a common misconception that homebuyer assistance is only available to first-time homebuyers, however, 38% of homebuyer assistance programs in Q1 2022 did not have a first-time homebuyer requirement.

That means repeat buyers could qualify for over one-third of the assistance programs available. And if you’re a repeat buyer, you may still be able to take advantage of some first-time homebuyer programs, depending on your personal situation. That’s because downpaymentresource.com also notes many of the first-time homebuyer programs use the U.S. Department of Housing and Urban Development’s definition of a first-time homebuyer. Under their definition, you could qualify as a first-time buyer if you’re:

  • Someone who hasn’t owned a primary residence in 3 years.
  • A single parent who’s only ever owned a home with a former spouse.

That means no matter where you are in your homeownership journey, there could be an option available for you.

You May Be Eligible for Programs Based on Your Location or Profession

In addition to broader options available for repeat and first-time homebuyers, there are other types of down payment assistance programs that you could qualify for based on your location. According to the National Association of Realtors (NAR):

“Many local governments and non-profit organizations offer down-payment assistance grants and loans, targeted to area borrowers and often with specific borrower requirements.”

Plus, there are programs and special benefits for individuals working in certain professions or with unique statuses, including teachers, doctors and nurses, and veterans.

Ultimately, that means there are many federal, state, and local programs available for you to explore. The best way to do that is to connect with a local real estate professional and your lender to learn more about what’s available in your area.

Down payment assistance programs have helped many homebuyers achieve their dreams, and if you qualify, they could help you too. Connect with a local real estate advisor and trusted lender today to begin exploring your options.

Bottom Line "There Is A Realtor For That"

If you’re ready to buy or sell a home Charles Stallions with over 27 years of experience will give you expert advice on your specific situation.

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Comments (2)

Mary Hutchison, SRES, ABR
Better Homes and Gardens Real Estate-Kansas City Homes - Kansas City, MO
Experienced Agent in Kansas City Metro area

Useful post! And buyers who use these programs need to be prepared for--and know--the extra steps that are often associated with getting the money.  Special classes, extra paperwork and inspections, etc

Jun 30, 2022 07:54 AM
Jan Green - Scottsdale, AZ
Value Added Service, 602-620-2699 - Scottsdale, AZ
HomeSmart Elite Group, REALTOR®, EcoBroker, GREEN

This is great information. And now that the frenzy is subsiding, first time home buyers may have an opportunity to buy a home! 

Jun 30, 2022 08:29 AM