Four times a year, we release a Homeownership Program Index (HPI) report where we delve into the data collected from our DOWN PAYMENT RESOURCE® database to unveil significant developments and emerging patterns in homebuyer assistance programs across the United States.

While Q3 2023 was marked by interest rates topping 20-year highs, our data revealed a bastion of hope in homebuyer assistance programs. Program administrators responded swiftly to the mounting home affordability crisis by rapidly rolling out new programs as well as funding buydowns and other monthly payment reduction strategies.

Fifty new agencies began offering homebuyer assistance programs last quarter, raising the number of agencies providing support for aspiring homeowners to 1,373. Moreover, the number of programs increased by 54, raising the total number of programs offered to 2,256*. As of October 25, 2023, a substantial 82% of these programs had funding for eligible homebuyers.

Program Trends

• 295 programs allow funds to be used for buydowns to lower mortgage rates. Of them: 
  • 253 programs allow for a permanent rate buydown 
  • 66 programs allow for a temporary rate buydown
    • 53 programs allow for 1-0 buydowns
    • 58 allow for 2-1 buydowns
    • 55 allow for 3-2-1 buydowns

Tenfold’s York Homebuyer Assistance Program offers up to $10,000 in down payment assistance (DPA) to first-time homebuyers purchasing homes in York County and York, Penn. The assistance comes as a 0% interest, silent second mortgage. The loan is fully forgiven over a five-year term on a prorated basis provided that all program conditions, such as owner-occupancy, are met. A minimum middle credit score of 620 is required, and recipients must take a HUD-approved homebuyer education course before entering a sales agreement. Household income and home price limits apply.

• Hundreds of programs allow funds to be used to cover certain loan and MI fees: 
  • 224 programs can be used to pay the upfront mortgage insurance premium (UFMIP) on FHA loans, the funding fee on VA loans and guarantee fees on these types of loans. 
  • 71 programs allow MI offsets so the homebuyer can reduce MI premiums upfront.
  • 241 programs can be used to pay the MI premium.

The Broward County Homebuyer Purchase Assistance Program provides up to $80,000 in purchase assistance for people buying homes in Broward County, Florida. The assistance takes the form of a forgivable second mortgage loan that is deferred at 0% interest for 15 years, provided all program requirements are met. Eligible homebuyers can make up to 80% of HUD AMI and use the funds to buy homes up to $568,557.

• Support for Native American homebuyers: 43 homebuyer assistance programs in 14 states are specifically designed to support Native Americans. While Native Americans are eligible for any of the 2,200-plus U.S. homebuyer assistance programs, these programs were specifically developed to help Native American homebuyers with down payments and/or other home-buying costs. 

The Cherokee Nation Mortgage Assistance Program provides up to $20,000 in DPA and credit coaching to members of federally recognized tribes, with priority given to citizens of the Cherokee Nation. The assistance takes the form of a 10-year forgivable loan and can be used to purchase an existing home or construct a new one. Borrowers who comply with additional requirements after close may be eligible for an additional $7,500 principal reduction. 

• 50 new agencies began offering homebuyer assistance programs. Now, 1,373 agencies administer assistance programs to aspiring homeowners, a 3.78% increase over the previous quarter.

On October 16, 2023, Davis County, Utah, launched an inaugural homebuyer assistance program to help LMI families achieve their homeownership dreams. According to its website, Davis County began offering homebuyer assistance because “home prices in the last several years have dramatically appreciated across the state,” which has created an “unprecedented challenge to homeownership.”

Breakdown of New Programs

Here is a breakdown of the homebuyer assistance programs added last quarter by assistance type:

• Below market value (BMR)/resale restriction programs saw the largest growth, with 24 programs added. Close behind, 16 second mortgage programs and 14 matched savings programs were added. Additionally, three combined assistance programs, two deed restriction, two housing choice vouchers, two rehab assistance and one other program was added.

Breakdown of All Programs

Overall, the breakdown of homebuyer assistance programs available by type was virtually the same as the previous quarter. 

• Of the 2,256 homebuyer assistance programs:
  • 82% of programs are currently funded.
  • 9% of programs are currently inactive.
  • 4% of programs have a waitlist for funding.
  • 6% of programs are temporarily suspended.
• 74% of programs in the database are for down payment or closing cost assistance. 
• 10% of programs are first mortgages.
• 3% of programs are Mortgage Credit Certificates (MCCs)
• 13% are other program types

A complete, state-by-state list of homebuyer assistance programs can be viewed here. You can also download the full infographic.

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Down Payment Resource has crafted tools to help mortgage lenders, real estate agents and multiple listing services build relationships with homebuyers by connecting them with the homebuyer assistance they desire.

To explore the best option for your business, contact us.

*On October 25, 2023, DPR updated the way it classifies certain homebuyer assistance programs that are available to the general public but also offer expanded benefits to veterans and military personnel. As a result of the update, DPR’s total count of U.S. homebuyer assistance programs was adjusted downward; however, its breakdowns by region, assistance type and funding source remained the same. This change reflects an evolution of DPR’s reporting methodology, not a reduction in the overall availability of homebuyer assistance. DPR normalized last quarter’s data using its new counting methodology before calculating quarter-over-quarter trends.

Down Payment Resource (DPR) started in 2008 with a small but very dedicated team committed to making it easier for homebuyers to find down payment assistance programs. In the early years, our team traveled to partner sites to develop the rapport and trust that would serve us well as we grew our database to cover the entire U.S. with more than 2,300 programs from over 1,300 agency partners.

As we’ve grown, our commitment and laser-focused effort on quality is stronger than ever.

This month, we’d like to introduce you to Kris Case, Adam Goodman and Tracy McIntosh who work behind the scenes to keep our technology systems running and onboard new business partners in the mortgage, real estate and housing finance agency spaces.

Each of these team members has a unique background that positions them to provide top-notch support to our ever-growing customer and partner base. With their widespread expertise, DPR is better equipped to champion innovative tools, strategies and programs that make homeownership more affordable and accessible for everyone.

So, without further ado, let’s meet these three members of the DPR team!

Kris Case, DPA Program Specialist 

Kris has been with DPR for more than 12 years and previously worked as a writer reviewing records and concerts for music publications and contributing interviews, advertorials and feature articles to The Arabian Horse Times, an Arabian horse publication.

She also worked for Neodata/Centrobe, a marketing communications services firm that integrated with E.D.S., making it one of the world’s largest direct marketing services companies. In her role as an account manager in the company’s publishing fulfillment division, she worked with clients like Conde Nast Publications, Meredith Corporation, US News and World Report and the United States Postal Service. 

At DPR, Kris works with management to organize and administer various company initiatives, taking full advantage of her skills in qualitative and quantitative research. Kris earned her degree in political science from Middle Tennessee State University.

What’s a personal accomplishment you’re particularly proud of?

I enjoy helping, healing, training and working with animals, especially those that have been abused, injured, or are fearful with no experience with humans, including wild horses that were captured by the Bureau of Land Management. 

What’s your favorite way to spend a day off work?

I enjoy playing with my Chihuahua and re-watching Game Of Thrones episodes for the hundredth time.

If you could travel anywhere, where would you go and why? Or, what is the best place you’ve visited and why?

If I could choose to travel anywhere, it would be to Ireland. I’d love to walk around all the historical places and see what it feels like to be there. The best place I’ve visited/lived is the Santa Ynez Valley in California. It’s beautiful and felt like heaven to me.

Adam Goodman, Software Engineer

Adam Goodman is a skilled software engineer who helps keep our technology up and running smoothly for consumers and business partners. As a full-stack developer, Goodman can build both the front end (the parts of a website a user sees and interacts with) and the back end of a website (the behind-the-scenes data storage and processing). These two areas of web development require different skill sets. Adam brings both to the equation as well as being well-versed in Ruby on Rails, a server-side web application framework.

Adam has been with DPR for two years. He graduated from Florida State University with a Bachelor of Science degree in Applied Economics in 2015 and is currently pursuing his Master of Science from Kennesaw State University.

What’s a personal accomplishment you’re particularly proud of?

Teaching myself programming and making a career out of it. 

What do you enjoy most about your job? 

I enjoy the freedom I have here to be creative and solve problems independently. 

What’s your favorite way to spend a day off work? 

I like to do a morning workout, and then it’s off to the golf course or beach. Preferably both! I also enjoy basketball.

If you could travel anywhere, where would you go and why? Or, what is the best place you’ve visited and why?

My favorite travel experiences were driving from Connecticut to Florida every fall semester during college with my dad and stopping all along the East Coast to visit different gyms and golf courses.

If you could have a superpower, what would it be and why?

Super speed for sure. There are never enough hours in the day to do everything I want to do.

What’s your dream house?

It would be on a private lot, with a wraparound porch and an ocean view. Also, an indoor golf simulator.

Tracy McIntosh, Business Coordinator

Tracy brings a unique skillset to the DPR team, with an extensive background in planning, designing, coordinating and running events of all types including large-scale corporate events, weddings and more.

“These previous experiences have helped me tremendously with my role at DPR,” Tracy explains. Specifically, she says, in those roles she learned to help people through her creativity and organizational skills. “I genuinely want to provide outstanding customer care. Helping others is a major component for any job I’ve ever had and I love that I’ve gotten to do that with lenders, agents and homebuyers here,” she says.

Tracy has been with DPR for about two years. In her role as business coordinator, she is responsible for organizing, managing and administering various interdepartmental tasks and technologies.  

What are your hobbies? 

Coming from an event background with an innate desire to be creative, I love planning and hosting themed parties. I also developed a passion for poetry when I was in high school and still to this day enjoy writing my own pieces as well as reading others.

What do you enjoy most about your job? 

There’s so much to love about working here at DPR, but nothing will ever top how much I love helping others here. I grew up in a family that wasn’t wealthy and struggled to make ends meet, but excelled in providing love. I see my family in every deserving homebuyer wanting desperately to get into a home but doesn’t have the wealth to back it up. I’m fortunate enough to work with an extraordinarily talented, intelligent team of people who all have giving hearts. Being surrounded by them helps me to provide the type of customer service and attention that’s important to me. 

What’s your dream house?

Entertaining and having a welcoming home is important to me. My dream house would be large enough that I could host gatherings with family and friends. It would be at the beach with views of the ocean and I’d be able to watch and hear the waves. I dream of watching the sunset at the end of each day as I walk the beach and feel the tide rush against my feet.

Interested in learning more about our all-star team? Meet three more DPR VIPs — Amy, Rick and William!

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Down Payment Resource has crafted tools to help mortgage lenders, real estate agents and multiple listing services build relationships with homebuyers by connecting them with the homebuyer assistance they desire.

To explore the best option for your business, contact us.

Four times a year, we release a Homeownership Program Index (HPI) report where we delve into the data collected from our DOWN PAYMENT RESOURCE® database to unveil significant developments and emerging patterns in homebuyer assistance programs across the United States.

In our Q2 2023 HPI report, we have uncovered that for the second consecutive quarter, there has been a 0.5% increase in the availability of homebuyer assistance programs aimed at helping individuals finance their dream homes. This brings the total number of programs to an impressive 2,373. Moreover, as of July 3, 2023, a substantial 82.5% of these programs continue to offer funds to eligible homebuyers.

Breakdown of new programs

Here is a breakdown of the homebuyer assistance programs added last quarter:

• By assistance type: Similar to last quarter, community seconds saw the largest growth, with 24 programs added. Four grants, four combined assistance programs, one deed program, seven BMR/resale programs and six MCCs were also among the programs added.
• By region: There was a 1.18% increase in statewide programs, a 1.73% increase in programs supporting home purchases in defined locales and a 6.85% increase in nationwide and multi-state programs. Programs supporting homebuyers in New Mexico saw the largest percent growth of any state, increasing by 21.43%.
• By funding source: Florida’s State Housing Initiatives Partnership (SHIP) programs saw the largest cumulative growth overall with 17 programs added, a quarterly increase of 18.09%. Other funding sources that saw a notable increase were Native American Housing Assistance and Self Determination Act (NAHASDA) block grants, which increased by 4.3%, and assistance backed by the Federal Home Loan Banks (FHLB), which increased by 4.76%.

New program trends

• Municipality administered programs: Municipalities support 42.2% of all programs, more than any other type of homebuyer assistance administrator.  

The City of Madison’s Home-Buy The American Dream (HBAD) program provides up to $35,000 in down payment and closing cost assistance in the form of a deferred, silent second mortgage. This means the loan does not have to be repaid until certain conditions are met, such as selling the home or refinancing the loan. Because HBAD is also a shared appreciation program, once the loan is due, borrowers must repay the same percentage of the home value at sale as DPA borrowed at the time of purchase. While the program doesn’t limit home purchase price, borrower household income must be 80% HUD AMI or less.

• Florida State Housing Initiatives Partnerships (SHIP) programs: The number of SHIP-funded programs increased by 18.09%, a dramatic increase over the last quarter.

Clay County SHIP Purchase Assistance Program provides people purchasing a home in Clay County, Fla. up to $15,000 in DPA in the form of a 30-year deferred, forgivable soft second. Provided all program conditions are met, borrowers do not have to repay the loan at the end of its term. Borrowing households may earn up to 140% of HUD AMI. Purchase price limits apply.

• Continued incentivized program growth:  There was a 4.75% increase in incentivized programs — which are geared toward public servants such as teachers and protectors, Native Americans, people with disabilities and veterans, among others. 

The City of Canton Down Payment Assistance Program provides up to $15,000 of DPA to people buying homes in Canton, Ga. The program takes the form of a five-year deferred, forgivable soft second mortgage, which means that borrowers do not have to make payments and the loan will be fully forgiven at the end of its term provided that requirements, such as maintaining owner occupancy, are met. Borrowers may earn up to 80% of HUD AMI. Purchase price limits are $333,000 for existing homes and $361,000 for new construction homes.

Breakdown of all programs

Overall, the breakdown of homebuyer assistance programs available by type was unchanged from the previous quarter.

• Of the 2,373 homebuyer assistance programs:
  • 82.5% of all programs are currently funded.
  • 8.8% of all programs are currently inactive.
  • 3.1% of all programs have a waitlist for funding.
  • 5.6% percent of all programs are temporarily suspended.
• 75.3% of programs in the database are for down payment or closing cost assistance.
• 10.0% of programs are first mortgages.
• 3.6% of programs are Mortgage Credit Certificates (MCCs).

A complete, state-by-state list of homebuyer assistance programs can be viewed here. Homebuyer assistance programs that waive the first-time homebuyer requirement for veterans and military personnel are tracked as two separate programs to report on dedicated assistance for military buyers.

You can also download the full infographic.

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Down Payment Resource has crafted tools to help mortgage lenders, real estate agents and multiple listing services build relationships with homebuyers by connecting them with the homebuyer assistance they desire.

To explore the best option for your business, contact us.

Down Payment Resource (DPR) is growing to support the overwhelming demand for homebuyer assistance and the increasing popularity of our tools for lenders, agents and listing sites. To keep up with this incredible growth, we’ve added four fantastic housing finance professionals to our team who are as knowledgeable about down payment assistance (DPA) as they are passionate.

These new team members will play a vital role in strengthening our relationships with housing finance agencies (HFAs), providing top-notch support to our ever-growing customer base and expanding our footprint. With their widespread expertise, DPR will be better equipped to champion innovative tools, strategies and programs that make homeownership more affordable and accessible for everyone.

So, without further ado, let’s meet the newest members of our DPR family:

Tani Lawrence, Enterprise Sales Executive 

As DPR’s enterprise sales executive, Tani Lawrence plays a vital part in identifying sales opportunities, driving business growth and expanding our market share. Tani’s mortgage technology sales prowess, business development expertise and remarkable talent for negotiation make her an invaluable asset to the DPR team. 

Before joining DPR, Tani was a senior business development executive at DocProbe, where she successfully managed the sales of their outsource solution for trailing docs. Her outstanding skills and dedication led her to secure the company’s largest client, boosting DocProbe’s revenue and market share in multiple regions. 

Tani’s journey also led her to work as a business development officer at Optimal Blue, where she specialized in their Comergence risk management toolset and ensured top-notch service delivery. Additionally, Tani was a regional account manager for VidVerify, a platform that automates the delivery of informative video messages throughout the loan process. 

A true go-getter, Tani even launched her own venture called Short Sale Execs. Through this consultancy, Tani leveraged her deep mortgage expertise to help buyers, sellers and agents close deals. Now, that’s impressive dedication and skill!

With Tani on board, we’re confident that DPR will continue making homeownership more accessible and affordable for everyone.

What do you enjoy most about your job? 

“The best part of my job is meeting and strategizing with industry professionals to reach our common goal of bringing down payment assistance programs to aspiring homeowners.”

What’s your favorite way to spend a day off work? 

“Walking somewhere in nature is my favorite way to unwind during my time off.”

If you could travel anywhere, where would you go and why? Or, what is the best place you’ve visited and why? 

“I would travel to Kennebunkport, Maine. This beautiful area truly lives up to its slogan: “Kennebunkport — the way life should be!’”

Angel Romero, HFA Relationship Manager

As our new HFA relationship manager, Angel is tasked with building and maintaining DPR’s relationships with hundreds of local HFAs nationwide. She has a natural talent for fostering partnerships and developing strategies to ensure down payment and homebuyer assistance programs reach underserved communities that need them the most. 

Before joining DPR, Angel was AVP, post-closing manager and resident housing program expert at Cherry Creek Mortgage. Her expertise and hard work played a significant role in the company’s expansion into new markets with help from DPR’s robust DPA Directory.

Angel’s deep mortgage industry experience, strategic mindset and passion for creating opportunities for underserved communities make her an invaluable part of the DPR team. Stay tuned for more exciting updates from Angel as she works tirelessly to empower more people on their journey to homeownership!

What do you enjoy most about your job?  

“What I enjoy most about my job is knowing that I am helping to get down payment assistance information out to the masses. By helping someone purchase a home that wouldn’t be possible without DPA, I get to play a role in fulfilling their homeownership dreams.”

What’s your favorite way to spend a day off work? 

“I love to spend my days off of work with my family. I don’t really care what we do, as long as we are spending time together.”

What are your hobbies? 

“My hobbies are spending time with my grandchildren and working in my garden.”

Keith Futrell, DPA Program Specialist

DPA Program Specialist Keith Futrell draws on nearly two decades of housing finance expertise as he advances DPA awareness and participation among current and prospective DPR partners. 

Keith previously worked at Allen Tate Companies as an underwriter, reviewing and issuing an impressive average of two or more loans per day. In recognition of his exceptional skills, Keith was named the MVP of Underwriting — not once but twice, in 2019 and 2021! Before that, Keith flawlessly managed and maintained a pipeline of over 50 conventional, FHA, USDA and VA loans per month as a mortgage loan processor for First Financial Services, Inc. 

Keith also rocked it as an account executive at Ameritrust, where he maintained strong relationships with mortgage brokers and educated them about non-conforming loan products. Keith’s dedication allowed him to consistently surpass the company’s sales expectations for closed loans. 

Keep an eye out for more exciting updates and insights from Keith as he continues to positively impact the world of housing finance!

What do you enjoy most about your job? 

“Every day brings an opportunity to help someone and educate someone on the biggest purchase they will ever make, and to see that dream come true is extremely exciting.”

What’s your favorite way to spend a day off work? 

“I like to spend time off work with my family, whether it’s relaxing on a beach or competing in sports. I’m a big fan of the Carolina Panthers, so football season brings that passion.”

What is the best place you’ve visited and why?

“The best destination I’ve visited is St. John, the smallest of the United States’ three Virgin Islands. The landscape was absolutely beautiful, and swimming with the turtles in Maho Bay is something I will never forget.”

Kathy Gault, DPA Program Specialist

Give a warm welcome to Kathy Gault, one of our incredible new DPA program specialists. Using her extensive understanding of compliance guidelines, DPA programs and affordable lending processes, Kathy will provide DPR clients and partners with custom DPA insights and affordable lending strategies.

Before joining DPR, Kathy coordinated Mountain West Financial, Inc.’s products and affordable housing programs. She was responsible for curating the lender’s impressive roster of DPA programs, as well as training loan origination teams to wield these programs for borrowers’ benefit. Kathy also served as a senior business development officer at Arrowhead Credit Union, where she honed her skills in cross-selling, business development, loss mitigation and portfolio management. 

What sets Kathy apart is her unwavering commitment to community-first values. With Kathy’s expertise, DPR can provide our partners and clients with even more tailored guidance to navigate and excel in the complex world of DPA programs.

What do you enjoy most about your job? 

“The best part of my job is knowing that at the end of the day, what I’ve done has possibly helped a deserving family make the dream of homeownership come true.”

What’s your favorite way to spend a day off work? 

“I like to spend my time off shopping, relaxing or taking a day trip — not necessarily in that order.”

Describe your dream house. 

“Oh, this one is easy: one that is self-cleaning!”

With these four new talented hires — Kathy, Keith, Angel and Tani — the DPR team is stronger than ever. To witness firsthand how our DPA tools can elevate your affordable lending initiatives, request a demo today!

Each quarter, we issue a Homeownership Program Index (HPI) report that examines data from our DOWN PAYMENT RESOURCE® database to uncover noteworthy changes and trends in U.S. homebuyer assistance programs.

Our Q1 2023 HPI report revealed a 0.5% uptick in the number of homebuyer assistance programs available to help people finance homes, raising the number of programs to 2,362. Of these programs, 83.5% had funds available for eligible homebuyers as of April 7, 2023. 

Breakdown of new programs

Here is a breakdown of the homebuyer assistance programs added last quarter:

• By assistance type: Community seconds saw the largest growth, with seven programs added. Six grants, five combined assistance programs, three deed restriction programs, three first mortgage programs, three deed programs and one rehabilitation program were also added.
• By region: There was a 2.4% increase in statewide programs, a 0.5% increase in programs supporting home purchases in defined locales and a 1.4% decrease in nationwide and multi-state programs. Programs supporting homebuyers in Pacific states saw the largest percent growth of any region, increasing by 1.5%.
• By funding source: Community Development Block Grant (CDBG) programs saw the largest cumulative growth overall with 13 CDBG-funded programs added, a quarterly increase of 5.7%. Other funding sources that saw a notable increase in the number of programs available were to-be-announced (TBA) programs, which increased by 4.3%, Florida’s State Housing Initiatives Partnership (SHIP) programs, which increased by 4.1%, and assistance backed by the California Department of Housing and Community Development (CalHome), which increased by 2.3%. 

New program trends

• Housing programs for repeat homebuyers: The number of programs that do not have a first-time homebuyer (FTHB) requirement grew to 861 in Q1 2023, a 2% increase over the previous quarter. 39.7% of all available homebuyer assistance programs now support repeat homebuyers, up from 38% in Q1 2022.

The City of Dallas’ Anti-displacement Homebuyer Assistance Program (DHAP 10) provides down payment support to low- and moderate-income Dallas residents who have lived in city limits for at least 10 years. Assistance is available to FTHBs as well as repeat borrowers. Eligible individuals can receive up to $50,000 in assistance, and there is no purchase price limit. The total household income must fall between 50% to 120% of the area median income (AMI) to qualify for support. Participants are also required to complete homebuyer education prior to receiving DPA funds.

• Programs with incentives: 11 incentivized programs were added in Q1 2023, a 3% increase over the previous quarter. There was a 4.7% increase in programs for veterans and military service members, a 5.2% increase in programs for protectors, a 5.8% increase in programs for firefighters and a 4.8% increase in the program for healthcare workers. Programs with incentives now make up 17.5% of all available programs.

The Holland Public Schools (HPS) Teachers Live Here Program provides up to $25,000 in forgivable funds over five years for eligible HPS educators. Applicants’ total household income must be below $100,000 to qualify for assistance. The Teachers Live Here program operates on a cycle-based funding system, and while FTHB status is not required to qualify, they are given priority over current homeowners. DPA recipients must remain employed in the HPS district for at least five additional years after receiving support and must purchase a home within 15 miles of HPS’ district boundaries. 

• Assistance program repayment features: Of the 2,362 down payment assistance programs nationwide, which include community seconds, grants and combined assistance programs, 86.3% offer a deferred repayment option and 57.8% are completely forgivable. 856 DPA programs are both deferred and forgivable, up from 792 in Q1 2022 — an 8.1% year-over-year increase.

The Portland Housing Center’s WELCOME HOME Gresham DPA Program offers up to $40,000 in DPA as an interest-free deferred loan, which is completely forgiven after the recipient has occupied their home for 15 years. Program eligibility is limited to those who meet the Portland Housing Center’s definition of a FTHB, which includes those who have not owned a home in the past three years, single parents and displaced homemakers. Total household income must not exceed 80% AMI for applicants to qualify, and the purchase price of the home cannot exceed $437,000.

Breakdown of all programs

Overall, the breakdown of homebuyer assistance programs available by type was unchanged from the previous quarter. 

• 75 percent of programs in the database are for down payment or closing cost assistance.
  • 84 percent of all programs are currently funded.
  • 9 percent of all programs are currently inactive.
  • 3 percent of all programs have a waitlist for funding.
  • 5 percent of all programs are temporarily suspended.
• 10.5% of programs are first mortgages.
• 3.9% of programs are Mortgage Credit Certificates (MCCs).

Other notable trends:

The share of programs receiving active funding grew to 83.5% in Q1 2023, up from 82.9% in the previous quarter. At the same time, the number of inactive programs fell by 26 to 9.1%. While there was a slight uptick in temporarily suspended and waitlisted programs, the overall number of programs being funded has continued to grow steadily for more than a year.

A complete, state-by-state list of homebuyer assistance programs can be viewed here. Homebuyer assistance programs that waive the first-time homebuyer requirement for veterans and military personnel are tracked as two separate programs to report on dedicated assistance for military buyers.

You can also download the full infographic.

In conclusion:

The number of U.S. homebuyer and down payment assistance programs continued to grow in the first quarter of 2023, with 2,362 total programs now available. As the housing market continues its slow recovery in 2023, mortgage and real estate professionals should educate themselves and their clients about affordability programs. By illustrating the role homebuyer assistance can play in each prospective homebuyers’ wealth-building journey, housing industry players can grow their business while also expanding housing accessibility for the traditionally underserved.

Down Payment Resource has crafted tools to help mortgage lenders, real estate agents and multiple listing services build relationships with homebuyers by connecting them with the homebuyer assistance they desire.

To explore the best option for your business, contact us.

The MBA Tech All-Star Awards celebrate industry leaders who have made outstanding contributions to mortgage technology 

ATLANTA, Ga., April 3, 2023 — Down Payment Resource (DPR), the housing industry’s leading technology for connecting homebuyers with homebuyer assistance programs, announced today that its founder and CEO Rob Chrane has been named a 2023 MBA NewsLink Tech All-Star by the Mortgage Bankers Association (MBA). The MBA is the leading professional group for the mortgage industry with more than 2,100 member companies. Its Tech All-Star awards are presented to individuals who deliver significant, impactful contributions to the mortgage industry.

Chrane was recognized for developing innovative tools that enable mortgage lenders, real estate agents and multiple listing services to make affordable home financing opportunities more accessible to consumers and easier to originate. DPR keeps tabs on every homebuyer assistance program in the country by communicating with over 1,200 program providers year-round and keeping more than 2,300 down programs up-to-date in its DPA Directory.

“I am grateful and very honored to receive this award from MBA because, for more than a decade, my team and I have made it our mission to give housing professionals the tools and resources they need to help more borrowers achieve homeownership, particularly those in underserved communities,” said Chrane. “I hope that this recognition will raise industry awareness about the far-reaching benefits that affordability programs offer to homebuyers and housing professionals.” 

Chrane’s nomination was supported by Meg Burns, Executive Vice President, Housing Policy Council, a trade association for mortgage originators, servicers, insurers and settlement service providers. “There is no other single place to turn for this important information, and Rob’s dedication to creating the platform and updating the information regularly is meaningful, commendable, and certainly worthy of recognition as an MBA Newslink Tech All-Star,” Burns wrote in her recommendation.

Tech All-Star winners received a plaque and were honored during a live ceremony earlier today at the MBA Tech Solutions Conference and Expo in San Jose, Calif. They also are featured in MBA NewsLink, the trade association’s online news channel.

The cost of housing has been climbing exponentially in Down Payment Resource’s (DPR’s) hometown of Atlanta, making it more difficult for prospective homebuyers to realize their homeownership dreams. Overcoming decreasing affordability can be especially daunting for first-time homebuyers (FTHBs) and low-to-moderate income homebuyers. The silver lining is that there are 46 homebuyer assistance programs available to help metro Atlanta homebuyers begin building generational wealth by owning a home of their own.

In conjunction with our new report on the availability of homebuyer assistance programs in metro Atlanta, we’re putting a spotlight on some of the financial support offerings that can make homeownership attainable for local families. 

Atlanta Neighborhood Development Partnership (ANDP) Veterans Program

The ANDP Veterans Program provides up to $7,500 in homebuyer assistance to honorably discharged veterans, active-duty military personnel, reserve members, guard members and Gold Star family members. The program does not have an FTHB requirement, so participants can qualify for assistance even if they have owned a home. If an applicant is pursuing their first mortgage, it must be a 30-year fixed conventional loan or a loan backed by the Federal Housing Administration (FHA), U.S. Department of Veterans Affairs (VA) or U.S. Department of Agriculture (USDA). 

Applicants must also complete a homebuyer education course and earn 120% of the area median income (AMI) or less to be eligible for assistance. ANDP DPA funds are provided as a seller contribution at closing, which may only be used to purchase or lease an ANDP-approved property.

Full program details can be found on the ANDP Homes website.

Atlanta Housing (AH) Homeownership DPA Program

The AH Homeownership DPA Program allows eligible homebuyers to qualify for up to $20,000 of DPA to purchase a home in the City of Atlanta. Current military service members, veterans and applicants working in public safety, healthcare or education can qualify for up to $25,000. 

Applicants must make no more than 80% AMI, complete homebuyer education and be a documented Georgia resident for at least six months to qualify for assistance. Eligible borrowers must either be a FTHB or not have owned a home in the past three years. DPA funds can be combined with other homebuyer support programs, and AH will completely forgive the DPA loan after ten years of owner occupancy.

Full program details can be found on the AH website.

Invest Atlanta ATL Home Renovation Advantage (AHRA) 

Invest Atlanta’s AHRA program provides eligible homebuyers up to $10,000 in DPA, which is forgiven after five years of homeownership. Funds can be applied to cover the down payment and closing costs for a 30-year fixed FHA, VA or conventional home renovation mortgage loan.

AHRA-eligible properties include new and existing single-family homes and two-to-four-unit apartments, townhomes and condominiums with a maximum purchase price of $375,000. Program participants must contribute $1,200 to cover the cost of their homebuyer education coursework and may possess up to $25,000 in liquid assets. Consumers must also work with an AHRA participating lender and closing attorney to qualify for assistance.

Full program details can be found on the Invest Atlanta website.

Georgia Department of Community Affairs (DCA) Georgia Dream

The Georgia Dream program was created by the Georgia DCA to make homeownership possible for low-to-moderate income Georgians by providing affordable financing options, DPA and homebuyer education. Georgia Dream offers eligible borrowers a DPA loan of up to $10,000, with special programs for protectors, educators, nurses and people with disabilities offering up to $12,500. 

The Georgia Dream program is available to FTHBs and homebuyers that have not owned a home in the last three years. There is an exception for repeat homebuyers who purchase a home in select areas. Eligible participants must receive credit approval for a 30-year fixed rate FHA, USDA-RD, VA or conventional mortgage loan from a Georgia Dream Participating Lender. Maximum home sales prices and household income limits vary by county.

Full program details can be found on the Georgia Dream website.

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From Atlanta to Albuquerque, Boston to Boise and Cincinnati to Carson City, DPR monitors thousands of down payment and homebuyer assistance offerings across the United States to help housing industry professionals make their customers’ homeownership dreams come true. 

Ready to become the go-to DPA expert in your community? 

We’re here to help!

Down payment assistance (DPA) and other affordable homeownership programs are vital resources for narrowing the Black homeownership gap. The life-changing benefits that these programs can offer homebuyers are even more apparent in this inflated housing market, where mortgage rate hikes and limited inventory have caused down payment costs to swell. 

By connecting Black homebuyers with financing programs designed to help them afford the upfront costs of a mortgage, lenders can chip away at the race-based homeownership disparities that have plagued our industry for decades. 

In celebration of Black History Month, here are just a few examples of available DPA offerings specifically created to expand Black and minority homeownership:

Dearfield Fund for Black Wealth — Colorado

The Dearfield Fund for Black Wealth helps Black and African American families in Colorado develop intergenerational wealth and financial wellness through affordable and sustainable homeownership. The program offers qualified applicants up to $40,000 of DPA in the form of a 15-year, deferred, silent second loan. Consumers in the Denver region must make 140% or less than the area median income (AMI) to qualify for financial assistance. 

When a DPA recipient eventually decides to sell or refinance their home, they then return their original down payment along with 5% of the home’s appreciation to the Dearfield Fund, which will be recycled to help future Black homebuyers start their own journey to wealth. However, if participants repay the full principal within 18 months of closing, they are only required to return the initial DPA amount.

Full details can be found on the Dearfield Fund for Black Wealth’s website.

Housing Development Fund Homeownership Equity Fund — Connecticut

The Housing Development Fund (HDF) Homeownership Equity Fund program was created to support borrowers who identify as Black or African American, Hispanic or Latino, Asian, American Indian or Alaskan Native, Native Hawaiian or other Pacific Islander. The program offers up to $20,000 of DPA in the form of a 30-year, deferred, silent second loan to minority homebuyers that have not owned a home in the past three years.

Applicants must plan to purchase a home in one of the program’s service areas, and income limits for eligible borrowers vary by county. In addition to a history of on-time bill payments and at least two years of steady work history, program participants must supply 1% of a home’s purchase price, pre-closing costs and emergency reserves.

Visit the HDF’s website for more information.

Champlain Housing Trust Homeownership Equity Program — Vermont

The Champlain Housing Trust (CHT) Homeownership Equity Program (HEP) supports Black, Indigenous and People of Color (BIPOC). CHT provides qualified applicants with zero-interest loans of up to $25,000 that are completely forgiven after three years of homeownership. The buyer can use the funds to pay the costs of buying the home, which enables them to borrow less money and build home equity more rapidly. The funds can be combined with Vermont Housing’s First Generation Program, which offers first generation homebuyers a $15,000 grant for down payment and closing cost support.

To be eligible for assistance, applicants must also qualify for CHT’s Share Equity Program (SEP). Eligibility guidelines include income and asset limits, homebuyer education and at least $3,000 to cover closing costs.

For more information, visit CHT’s website.

Homeownership Council of America Equity DPA

The Homeownership Council of America’s (HCA’s) Equity DPA program is designed to uplift historically underserved communities by providing them with the down payment funds to qualify for a conventional mortgage. Donors can even direct their contributions to DPA for specific communities, including racial and ethnic minority homebuyers, as well as direct funds to specific regions and HCA partners. 

The zero-interest Equity DPA loan features no fees and encourages homeownership stability by offering its participants total forgiveness after five years. With funding provided by a wide range of donors including DPR, the Equity DPA program is able to provide a projected average of $10,000 of direct financial assistance per eligible homebuyer. 

Visit the HCA’s website for more Equity DPA details and eligibility requirements.

Want to learn about even more DPA programs in your area that can help you support Black homebuyers? 

We’re here to help!

Down Payment Resource’s Q4 2022 HPI report shows how homebuyer and down payment assistance flourished despite housing market downturns

Each quarter, we issue a Homeownership Program Index (HPI) report that examines data from our DOWN PAYMENT RESOURCE® database to uncover noteworthy changes and trends in U.S. homebuyer assistance programs.

Our Q4 2022 HPI report revealed a 1.8% uptick in the number of homebuyer assistance programs available to help people finance homes, raising the number of programs to 2,351, a net increase of 42 over the previous quarter. Of these programs, 82.9% had funds available for eligible homebuyers as of January 6, 2022.

Breakdown of new programs

Here is a breakdown of the homebuyer assistance programs added last quarter:

• By assistance type: Community seconds saw the largest growth with 27 programs added. Eight grants, three combined assistance programs, two deed restriction programs and one first mortgage program were also added.
• By region: There was a 1.2% increase in statewide programs, a 1.7% increase in programs supporting home purchases in defined locales and a 7.2% increase in nationwide and multi-state programs. Programs supporting homebuyers in New England saw the largest percent growth of any region, increasing by 4.6%.
• By funding source: For the second consecutive quarter, assistance backed by the U.S. Department of Housing and Urban Development’s HOME Investment Partnerships Program (HOME) saw the largest cumulative growth overall with 12 HOME-funded programs added, a quarterly increase of 2.7%. Other funding sources that saw a notable increase in the number of programs available were bond-funded programs, which increased by 2.1%, Florida’s State Housing Initiatives Partnership (SHIP) programs, which increased by 5.7%, and Community Development Block Grant (CDBG) programs, which increased by 2.7%. 

New program trends

• Housing programs for manufactured homes: The number of programs that support manufactured housing grew to 669 in Q4 2022, a 5% increase over the previous quarter. 31% of all available homebuyer assistance programs now support manufactured housing, up from 28% in Q4 2021 and 26% in Q4 2020.

The Vermont Champlain Housing Trust’s Manufactured Housing Down Payment (MHDP) Loan Program provides applicants with a deferred, zero-interest loan to help cover down payment and closing costs associated with the purchase of an Energy Star Rated manufactured home. MHDP loans are offered at 0% interest, and all payments are deferred until the property is sold, transferred, or refinanced. Participants must take an approved homebuyer education course to qualify for assistance.

• Programs with income limits: There was a 5.5% increase in programs where applicants’ income must fall below a specific threshold in order to qualify for assistance — growing from 1,961 in Q3 2022 to 1,990 in Q4 2022. Programs with income limits now make up 92.4% of all available programs.

The North Carolina Housing Coalition (NCHC) Homeownership Assistance Program (HAP) is a down payment and closing cost assistance program for low-to-moderate income (LMI) households that earn up to 120% of the area median income (AMI). The property must be a one or two unit primary residence located in one of the 16 counties defined by HUD as most impacted by Hurricanes Matthew and Florence. First-generation homebuyers whose parents do not currently own a home are eligible for up to $30,000 in down payment assistance and first-time homebuyers are eligible for up to $20,000. An additional 5% is provided toward closing costs.

• Assistance for multifamily communities: 33 new programs that support multifamily homebuyers and builders were added in Q4 2022. Multifamily programs now make up 29.3% of all available assistance offerings, a 5.5% increase over Q3 2022. 

The Family Housing Fund is a community collaborative that provides affordable Building Equity construction loans to support the development and rehabilitation of two-to-four unit multifamily homes homes in the Minneapolis and Twin Cities metro regions of Minnesota. The program prioritizes Black, Indigenous and People of Color building developers and homebuyers with low-to-moderate incomes. It also offers forgivable down payment assistance for qualifying homebuyers who have completed owner-occupant training.

Breakdown of all programs

Overall, the breakdown of homebuyer assistance programs available by type was unchanged from the previous quarter.

• 75 percent of programs in the database are for down payment or closing cost assistance.
  • 83 percent of all programs are currently funded.
  • 10 percent of all programs are currently inactive.
  • 3 percent of all programs have a waitlist for funding.
  • 4 percent of all programs are temporarily suspended.
• 10.4% of programs are first mortgages.
• 4.4% of programs are Mortgage Credit Certificates (MCCs).

Other notable trends:

Several new incentivized homebuyer assistance programs were added in Q4 2022, including four programs for veterans and military service members, four for firefighters, three for educators and three for protectors. Programs for Native American homebuyers and surviving spouses were also added.

A complete, state-by-state list of homebuyer assistance programs can be viewed here. Homebuyer assistance programs that waive the first-time homebuyer requirement for veterans and military personnel are tracked as two separate programs to report on dedicated assistance for military buyers.

You can also download the full infographic.

In conclusion:

The number of U.S. homebuyer and down payment assistance programs grew steadily over each quarter of 2022, with 2,351 total programs now available. While there was a notable increase in the number of temporarily suspended programs in Q4 2022, these programs only make up 4.2% of all programs. With 83% of programs still being actively funded, homebuyer assistance remains a widely available option for homebuyers today. Mortgage and real estate professionals that want to boost revenue in this sluggish housing market can market programs like these to make homeownership more accessible and affordable to hesitant buyers in 2023.

Down Payment Resource has crafted tools to help mortgage lenders, real estate agents and multiple listing services build relationships with homebuyers by connecting them with the homebuyer assistance they desire.

To explore the best option for your business, contact us.

Down Payment Resource’s Q3 2022 HPI report reveals a timely increase in affordable homeownership programs; meanwhile, the median U.S. down payment has reached nearly double pre-pandemic levels

Each quarter, we issue a Homeownership Program Index (HPI) report that examines data from our DOWN PAYMENT RESOURCE® database to uncover noteworthy changes and trends in U.S. homebuyer assistance programs.

Our Q3 2022 HPI report revealed a 1.6% uptick in the number of homebuyer assistance programs available to help people finance homes, raising the number of programs to 2,309, a net increase of 36 over the previous quarter. Of these programs, 83.9% had funds available for eligible homebuyers as of October 3, 2022.

Breakdown of new programs

Here is a breakdown of the homebuyer assistance programs added last quarter:

• By assistance type: Community seconds saw the largest growth with 24 programs added. Three grants, three below market rate (BMR) resale programs, two combined assistance programs and one first mortgage program were also added.
• By region: There was a 2.9% increase in statewide programs, a 1.6% increase in programs supporting home purchases in defined locales and a 2.8% decrease in nationwide programs. Programs supporting the southern U.S. saw the largest percent growth of any region, increasing by 2.8%.
• By funding source: Assistance backed by the U.S. Department of Housing and Urban Development’s HOME Investment Partnerships Program (HOME) saw the largest cumulative growth overall with five HOME-funded programs added, a quarterly increase of 1.2%. Other funding sources that saw an increase in the number of programs available were Florida’s State Housing Initiatives Partnership (SHIP) programs, which increased by 4.5%, and Community Development Block Grant (CDBG) programs, which increased by 0.4%. 

New program trends

• Housing programs for educators: There was a 16.4% increase in programs that offer unique benefits for educators — growing from 61 in Q2 2022 to 71 in Q3 2022.

The Teacher Next Door Program is available to all U.S. public and private school teachers, college and university professors and non-instructional school personnel. Eligible borrowers can receive up to $10,681 in down payment assistance toward any home on the market. The program also waives all up-front fees and offers participants preferred mortgage rates, a $545 appraisal credit at closing and grants up to $8,000 in some areas.

• Programs available to repeat homebuyers: Around two out of five (39.1%) programs do not have a first-time homebuyer requirement and are available for eligible repeat homebuyers. 22 programs that accept repeat buyers were added in Q3 2022, a 2.7% increase over the previous quarter.

The Home At Last program helps low- and moderate-income homebuyers buy a home in the state of Nevada. Qualified first-time and repeat homebuyers receive up to 4% assistance for a down payment and closing costs and a loan with a competitive interest rate. Eligible borrowers must have a minimum FICO credit score of 640, a debt-to-income ratio up to 50% and an annual income no greater than $150,000.

Breakdown of all programs

Overall, the breakdown of homebuyer assistance programs available by type was unchanged from the previous quarter.

• 74 percent of programs in the database are for down payment or closing cost assistance.
  • 84 percent of all programs are currently funded.
  • 10 percent of all programs are currently inactive.
  • 3 percent of all programs have a waitlist for funding.
  • 3 percent of all programs are temporarily suspended.
• 10.5% of programs are first mortgages.
• 4.6% of programs are Mortgage Credit Certificates (MCCs).

Other notable trends:

Twelve programs supporting manufactured housing were added this quarter, bringing the total number of programs in this category up to 30% of homebuyer assistance programs that now allow manufactured housing as an eligible property type, up 1.9% from Q2 2022 and 7.2% from Q1 2022. 

Homebuyer assistance programs that support multi-family housing purchases increased by 2.9% in Q3 2022, bringing the total number of programs in this category up to 600, or 28.3% of all available programs.

California, Florida and Texas remained the top three states with the greatest number of down payment and homebuyer assistance programs. Of the 10 states with the greatest number of homebuyer assistance programs, Maryland, Minnesota and Massachusetts saw quarterly increases in the number of programs offered over last quarter, and Virginia made the list with 57 programs.

A complete, state-by-state list of homebuyer assistance programs can be viewed here. Homebuyer assistance programs that waive the first-time homebuyer requirement for veterans and military personnel are tracked as two separate programs to report on dedicated assistance for military buyers.

You can also download the full infographic.

In conclusion:

Both the number of homebuyer assistance programs and the volume of available funding increased in Q3 2022, reflecting an industry-wide push to mitigate economic conditions negatively impacting housing affordability. As mortgage rate hikes, home price appreciation, low housing inventory and economic uncertainty continue to limit homebuyer demand in Q4 2022, mortgage and real estate professionals must be prepared to educate prospective homebuyers about the variety of financial programs that can help make homeownership more accessible and affordable.  

Down Payment Resource has crafted tools to help mortgage lenders, real estate agents and multiple listing services build relationships with homebuyers by connecting them with the homebuyer assistance they desire.

To explore the best option for your business, contact us.