If you live in Southern New England and are looking to buy a home, you may be happy to learn how RI down payment assistance programs can help you achieve your real estate goals.
Many people are eager to buy a home right now, while affordability continues to be a highlight of the current housing market. However, a recent survey by Sparks Research reports that over two-thirds of prospective home buyers believe they’ll need assistance to save enough for a down payment.
They may not realize that there are many down payment assistance programs at the state and regional levels, and many of them have funds available for prospective buyers. Down Payment Resources recently released its Q3 2020 Homeownership Program Index, which explains:
“The number of total programs is 2,340, and over 81 percent (81.1%) of programs currently have funds available for eligible homebuyers.”
Let’s dive into what makes these down payment assistance programs so attractive for home buyers and what they could mean for your ability to own a home.
RI down payment assistance programs aren’t just for newbies
These programs aren’t just for first-time home buyers, so it’s worth exploring your options no matter where you are in your homeownership journey.
For example, if you’re working from home now, you may be thinking of relocating to a more affordable area where you can stretch your dollar further and have more space, inside and out. Lawrence Yun, Chief Economist for the National Association of Realtors (NAR), explains:
“Rural areas have mortgages (USDA loans) that don’t require down payments, and some workers who can work from home may want to consider outer suburbs or small towns where USDA home loans are available and where homes are very affordable.”
If affordability is on your mind and you’re expecting to be working from home long-term, the right home may be in an area you haven’t considered yet. Also, the RI down payment assistance program you need might be within reach, too.
We know the details so that you don’t have to
We know the real estate market here like no one else. If there’s an RI down payment assistance program, chances are we’ve used it to help buyers just like you reach their goal of owning a home.
If you’re interested in learning more about down payment assistance programs, click here for additional information available in our blog about first-time home buyer benefits in RI, MA, & CT. An experienced Realtor and Mortgage Professional can help you decide which option is best for you.
Thanks to a range of RI down payment assistance programs, affordable options are available for today’s hopeful homebuyers. It’s important to get the financial education you need to understand the home buying process and accomplish your real estate goals.
Book a free consultation with us, and we’ll connect you with the resources you need to become a homeowner.