In celebration of National Homeownership Month, we’re sharing the heartwarming story of Jackie, a resilient and determined individual who overcame numerous challenges to achieve her dream of homeownership with financial support from down payment assistance (DPA) programs. Her journey serves as a shining example of how homebuyer assistance can transform lives and provide stability for those who need it most.

Jackie’s Homeownership Journey

Jackie’s homeownership journey began back in December 2019, when she made the difficult decision to transition her ailing mother —  whom she had moved into a larger, accessible home to care for — into an assisted nursing facility. Unable to afford the rent alone, she was unhoused until she was invited to move in with a friend.

As Jackie began to search for a new place to call home, she quickly realized that rent in her area had been skyrocketing even faster than the price of houses, making homeownership a more desirable option because it would provide her with long-term housing cost stability and the benefit of earned equity. Then and there, Jackie made the decision to buy a home of her own. 

Jackie faced numerous financial obstacles to homeownership, which she overcame with hard work and resolve. After a divorce that left her with no credit score because everything had been in her ex-husband’s name, she built her credit by securing a starter credit card and diligently paying off her entire balance each month. She was also able to increase her income by securing a work-from-home role during the early days of COVID.

Jackie’s homebuying journey took a significant turn when her friend suggested she reach out to Pasco County about homebuyer assistance programs. After meeting the benchmark program requirements of building up $6,000 in savings and completing the Suncoast Housing Connections homebuyer education course, Pasco County provided Jackie with a list of real estate agent and lending professional partners who could help her complete her journey.

That’s how Jackie met Pam Marron, a mortgage broker with Innovative Mortgage Services, Inc. who is passionate about connecting homebuyers with affordable financing programs. Determined to help Jackie realize her dream of homeownership, Pam leveraged Pasco County Community Development’s DPA offering with Freddie Mac’s BorrowSmart℠ program via United Wholesale Mortgage to secure affordable financing.

Ultimately, Jackie was able to secure $15,000 in DPA from Pasco County in the form of a 0% interest “silent second” loan, which she will repay over time. Additionally, Jackie received a $2,500 grant from Freddie Mac, which is completely forgiven. These combined efforts made homeownership a reality for Jackie, providing her with a sense of freedom, independence, and the knowledge that every mortgage payment contributes to building equity.

Happily Ever After

Thanks to homebuyer support from Freddie Mac and Pasco County Community Development, and the dedication of industry professionals like Pam Marron, Jackie was able to overcome the obstacles standing between her and affordable homeownership. Her story serves as a beacon of hope, reminding us all of the incredible impact that can be made when individuals, communities, and organizations come together to create pathways to affordable and sustainable homeownership.

Looking to purchase a home?  Find down payment programs in your area today and see if you’re eligible!

Down payment help sounds great, but how does it actually work? What process should you follow?

While down payment programs vary greatly by state and community, there are some universal steps that will help you stay on track if a homeownership program is part of your home financing plan. Let’s look at how it worked for one Florida buyer highlighted in Business Insider.

One buyer’s story

Willy Harris, 24, and his girlfriend used a Florida first-time homebuyer program to purchase a $204,000 new construction home in Jacksonville, FL. The program allows first-time homebuyers within qualified income and purchase-price limits to receive up to $15,000 in secondary financing toward down payment and closing costs. If the homebuyer lives in the home for five years, the secondary loan is forgiven. Harris used a FHA home loan that required a 3% down payment.

They put down a $1,000 deposit to reserve the lot, while the grant covered their $7,750 closing costs and $6,150 down payment. The remaining amount of the grant went toward the principal of the home loan. Because they put 3% down, they also paid a monthly mortgage insurance premium of $109. Their first mortgage payment is currently $1,503 a month.

Harris recommends setting up a budget and savings plan, and researching programs that can give you a boost.

Check points to keep you on track

Follow these steps to get the most of using a homeownership program:

1. Do some upfront homework. Research local homeownership education and counseling services that can help you with the process.
2. Determine your budget. Figure how big a monthly mortgage payment you can afford on your salary. Don’t forget that your mortgage payment may include taxes and insurance too which you can estimate.
   Create a savings plan. Build a spreadsheet (or use an app) to track your expenses.
3. Research down payment assistance programs in your area. Contact the agency offering the program or a homeownership counselor who can help you with the process.
4. Both the buyer and the home must qualify for the assistance. Find out the home price limits and any community or neighborhood boundaries for the program that may impact your home search. Find out if you can use the program on new construction.
5. Get a list of participating lenders for the homeownership program, available on the program provider’s website. Not all lenders offer every program.
6. Get prequalified for a loan so you can review the numbers and make an educated decision on the type of financing.
7. Compare offers and ask lenders about any other programs for which you may qualify. You may even be able to layer programs, for example down payment assistance plus a tax credit.
8. Review mortgage insurance options with your lender.
9. Complete homebuyer education courses that are often required when using a down payment assistance program.
10. Ask about your options for using the funds. Can they be used for down payment or closing costs, or both?

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When Florida Realtor Jordan Feria was getting her real estate license she discovered a little known homebuyer hack. Now she’s sharing it with every first-time homebuyer — and her business is growing as a result.

As a young mom and aspiring homebuyer herself, Jordan knew first hand the challenges of new homebuyers. It can be overwhelming — from the homeownership process to saving for a down payment.

Jordan used the Florida Home Sweet Home Program combined with a Mortgage Credit Certificate when she became a homebuyer two years ago. The programs provided a $7,500 zero interest, second mortgage for the down payment and a $2,000 tax credit for the life of the loan. She closed on her own home the same month she got her license.

Realtor advice that pays off

Now, the first thing Jordan asks her buyers is which type of loan they are using and if they have thought about a first-time homebuyer program.

“It’s a completely different generation today. My clients are very receptive to information about down payment programs. Most want to learn more about all their home financing options,” said Jordan.

She wants her buyers to be comfortable and understand the home buying process. It’s something every homebuyer should look for in their Realtor, she says.

Jordan’s advice for buyers is to look into down payment programs and reach out to a participating lender who will walk them through all the steps. It’s key to find a lender who will help you understand the process and explain how the program works with your first mortgage, she says.

More than half of her buyers use programs

Jordan’s education strategy is working. Most of her marketing is now word of mouth from clients she’s helped successfully navigate the process.

Just two years in the business and Jordan has already sold 80 homes with 46 of them using at least one down payment assistance program.

Ready to take the next step?

1. Discover what programs are in your market.
2. Interview your lender with these 5 essential questions.

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When Zirconia Alleyne, editor of the Kentucky New Era, began working a news story about the Kentucky Housing Corporation’s $10,000 down-payment assistance program she didn’t know it would help her reach her own homeownership goal. Now she’s a homeowner before 30.

She recently shared her story in a column. Her message to other aspiring homebuyers?

• Research what might be available so you can buy sooner.
• Find a lender and real estate agent who will support you.
• Invest in yourself — homeownership has benefits for both you and your community.

You’ll be inspired by this new Kentucky homeowner.

Here’s her story first-hand

I did it: I bought my first house, on my own merit, before I turned 30. This goal has been on my mind for a few years now, but the chances of it happening were looking grim. I mean, what 20-something has 20% for a house down payment saved amid student loan payments, car payments, rent and general life expenses? Not this one.

It’s no surprise that journalists are not rolling in dough, and saving for a down payment on your own is not easy.

I had started to push the goal down the road, until I began reporting on the Kentucky Housing Corporation‘s $10,000 down-payment assistance program through its Hardest Hit Fund.

Last November, the Frankfort-based low-income housing program announced that DAP-HHF money would be concentrated on Christian County for the next few months, meaning local residents could get a $10,000 non-repayable loan toward buying a home in the county. A few qualifications are in place, such as a decent credit score and an income cap, but the program is pretty accessible.

After doing my research, I got pre-approved and began my house search in Hopkinsville, feeling a little more confident in my goal.

By March, I still hadn’t found a house that spoke to me.

“Don’t worry, you’ll know it when you find it,” said KHC mortgage banker Teri Knott with Stockton Mortgage Company.

The company’s staff has traveled to Hopkinsville several times to tell people the funds are available and to help them get pre-approved.

I worried the money would be divvied out and gone by the time I found something I liked.

Teri — yes, we’re on a first-name basis now because she was so nurturing and patient with me during this long process — informed me that KHC extended the Christian County funding pool through November.

With the pressure off, I took my time without fear that the funds would disappear.

In May, I finally found the perfect little house and workshop for me, my boyfriend, our two dogs and our growing food business Vansauwa’s Tacos and Vegan Eats.

After sharing my life’s financial history with the bank and signing a mound of paperwork, I closed on my first home last Friday with down-payment assistance from KHC. Teri Knott plus my dedicated family friend and Realtor Vulenzo Blount with Exit Realty were at the signing table with my mother, my boyfriend and me.

“I’m proud of you,” they all said to me individually. But I can’t take all the credit.

Yes, I’ve managed my money, paid my bills on time and put a little money away as a young adult, but that doesn’t always translate to having extra funds to make adult purchases like a house. Any how, KHC made that a possibility for myself and so many others who are in my situation.

I hope that by sharing my story with you all, maybe you’ll share the program with your neighbor or adult child or grandchild who is looking to buy. Becoming a homeowner has its benefits, not only for the buyer but for the overall community. Invest in yourself and Hopkinsville. It’s worth it.

Find out if you qualify

Are you curious if down payment assistance could help you buy sooner? Research down payment help available in your market.

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This time of year we tend to look back and realize how much has changed and how much we accomplished. We can do a lot in a year, right? But, those goals and tasks happen day-by-day. It’s the daily effort where success really happens.

This truth was never more evident than when our team here at Down Payment Resource (plus a few friends and partners!) recently partnered with Giveback Homes to complete an Atlanta Habitat for Humanity Brush With Kindness Day — an event that focuses on supporting Habitat homeowners with necessary repairs to their home.

Gwendolyn has been a successful Habitat homeowner for more than 10 years — she moved in when her daughter was just in elementary school and now she’s headed to Georgia State University to earn her nursing degree.

She raised her daughter here and became a part of the community. And, on this cold day, she joined us in painting the exterior of her home.

In a single day, her home went from this…

To this….

I think we were all amazed that this small team could paint the exterior (two coats!), take a nice lunch break and still beat Atlanta traffic home.

How did we do it?

We had a team focused around one goal and one mission. We had the supplies we needed and we knew we couldn’t stop until it was complete (no one likes to clean up paint twice!).

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It mirrors what we’ve accomplished here at Down Payment Resource. This year, our team celebrated 10 years in business. We have a mission to improve the access and awareness to the more than 2,500 homeownership programs available across the country. We’re driven to empower consumers who want to achieve homeownership with this information. Our team works day-by-day to achieve these goals.

What about your goals?

Do you want to buy a home in the coming year? Take a day to focus on that goal and empower yourself with information that can help you make it happen. Think about what you can accomplish in one day that moves you another step closer to your goal. Here are a few ideas:

1. Take a homeownership class — some are offered on weekends. Start by connecting with your state or local housing finance agency. You can also checkout online homebuyer education, such as eHomeAmerica.
2. Interview 3 lenders to find the best fit for you.
3. Research down payment assistance programs in your market.
4. Review your budget. Outline out what type of monthly housing costs your income will support.

We’d love to hear more about your path to homeownership. Share your story with us – you might inspire another future homeowner to take the first step.

From all of us at Down Payment Resource….

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After 10 years of service, three deployments and 500 missions in the U.S. Army, Austin-based REALTOR® Raoul Rowe transitioned to civilian life, earned an IT degree and became a licensed REALTOR®. Today, he’s using his personal experience to help more veterans transition back home and succeed in their path to homeownership.

“I kept thinking, man, there’s got to be a better way,” said Raoul. “Now I teach veterans how to purchase a home with valuable Texas veteran benefits and how to navigate that process more efficiently.”

Education is number one

Education is Raoul’s cornerstone Ready Front Real Estate. Raoul created an educational video series for buyers delivered to them after they sign up on his website. The video series includes shopping for a mortgage and searching for down payment assistance programs. Plus, his buyers have homework to complete after each video.

“I know where these veterans are coming from. I built an educational program I wished I had when I was buying a home. I really want to offer my veteran buyers a full-service education,” said Raoul.

He learned quickly that buyers first need to investigate homeownership programs for which they may be eligible. Through his membership with the Austin Board of REALTORS®, Raoul has access to Down Payment Resource tools to help connect his buyers with down payment help. He directs his buyers to search for programs through his personal down payment program landing page. When buyers complete the form, he reviews results with them and adds them to email campaigns to keep them moving along in the home buying process.

He explains to his buyers that lenders participate in different programs and encourages them to review with a lender who will recognize those opportunities. Raoul also cultivates relationships with lenders and learns what programs they can offer.

Texas Operation Giveback

Raoul took his educational focus one step further and set up a nonprofit for veterans called Texas Operation Giveback, INC. that is specifically geared toward educating veterans on homeownership and fiscal responsibility while giving back to the community. He works with groups like the Texas Veterans Land Board and other finance and real estate experts to provide free trainings. Buyers who complete the trainings and who have served are eligible for his Real Estate Rewards program that provides cash back — directly from Raoul’s commission — when they close on their home.

Raoul says he’s just doing what’s right by giving back and educating veteran buyers with the knowledge he’s gained. And, he’s engaging others in the real estate community to serve alongside him.

We’re cheering you on, Raoul!

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Are you a real estate professional interested in learning more about how to use down payment assistance in your business? Register for one of our upcoming webinars.

Do you have a down payment assistance success story to share? Contact us at info@downpaymentresource.com.

Amber Bennett is simultaneously pursuing two big goals – her dream to compete in the Olympics in beach volleyball and her real estate career.

“Most athletes need to find a flexible job to earn a living while training. As a Realtor, I can have a career on my terms without giving up my Olympic dream,” said Bennett.

A real estate law class at Tulane sparked her interested in real estate. Now, just four years after graduating, she’s reaching her peers in their mid- to late-20s with information about homeownership she knows they want.

Helping New Buyers

Bennett attended a training provided by Stellar MLS that included information about Down Payment Resource and down payment assistance programs. She said the programs in her market are really valuable to her first-time homebuyers.

“Talking about down payment help is a great way to touch base with potential buyers about something specific,” said Bennett. “The leads I get from my Down Payment Connect online search page provides me with useful details about the type of home they want and their household. I use that information to customize a sales meeting with new clients.”

Bennett said buyers today are doing research ahead of time and Down Payment Resource helps them understand their home financing options.

“I like that first-time homebuyers really absorb the information and details I provide. They are open minded and listen,” said Bennett.

Down Payment Resource Makes the Connection

Bennett uses Down Payment Resource (provided as a core service through her MLS) in a variety of ways:

• Her unique Down Payment Connect search page is on her email signature, alongside her photo. Prospective clients can search for programs and Bennett gets the lead email.
• After open house events, she sends a follow up email with a link to her Down Payment Connect page.
• Uses her Down Payment Connect link as her Instagram profile link. She also uses social media to highlight the opportunity with down payment programs.
• Highlights listings that are eligible for down payment assistance.

Bennett recently helped three families become first-time homebuyers with the help of Down Payment Resource and local down payment assistance programs. They were thrilled to get in a home sooner and with more equity than they thought possible. Her buyers qualified for down payment and closing cost help ranging from $10,000 to nearly $14,850.

“Having 10% down is way better than having 3% down. My clients are starting families and need that extra boost to buy,” said Bennett.

Bennett advises other agents to find good lender partners who are experts at working with these programs. Using a down payment assistance program isn’t much more complicated than the mortgage application process – you just need to have the right partners.

“If the buyer isn’t willing to give the agency or lender additional information for $15,000 in down payment help, then they aren’t really motivated buyers anyway,” she surmises.

Bennett also gets her buyers into the required homebuyer counseling as soon as they can. In fact, Bennett is actually going through the program so she can see first-hand what her buyers are learning.

What’s next?

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Are you a real estate professional interested in learning more about how to use down payment assistance in your business? Register for one of our upcoming webinars.

Do you have a down payment assistance success story to share? Contact us at info@downpaymentresource.com.