It’s no secret that buyer demand has reached an all-time high here in the Triangle. Many first-timers have decided to make the leap towards homeownership thanks to historically low interest rates, as well as increased affordability. However, many would-be buyers aren’t quite sure how to start the process…or how much they can actually afford.
If you need a little financial advice before buying a home, you aren’t alone. Let’s take a peek at the benefits and programs available to prospective buyers in the Raleigh area!
Why Every Buyer Should Consider Down Payment Assistance Programs
One of the most important things you should do before beginning your search is figure out how much you can afford—but that’s easier said than done. A recent survey by Sparks Research states that 20% of first-time buyers cite a lack of financial education as a barrier to homeownership. If you don’t feel comfortable with the financial process of buying a home, it’s hard to make a confident decision.
Thankfully, there are plenty of professionals out there who can lend a helping hand. Buyers can also take advantage of down payment assistance programs at the state and regional levels.
Countless financial benefits
In a nutshell, these programs offer money to qualified buyers in an effort to ease the financial burden of a down payment. Some offer anywhere from a few hundred to a few thousand dollars, depending on eligibility.
According to Down Payment Resources, 2,340 programs exist across the nation, and over 81% of them currently have funds available for home seekers.
They aren’t just for first-time buyers
While many down payment assistance programs are targeted towards first-timers, you may still qualify if you’re a repeat buyer. Even if you don’t think you can afford to move right now, it’s still worth researching the options available to you.
For example, if you’re a current homeowner who’s adapting to permanent remote work, you might be thinking of relocating to a more affordable area where you can stretch your dollar and have more space. A USDA loan—which is one of the federal government’s most popular assistance programs—could be a great option for you.
Programs exist for Triangle buyers
Here in the Raleigh area, buyers can choose between a variety of local programs to reduce their down payment and achieve homeownership. If you’re not sure where to start, try checking out the North Carolina Housing Finance Agency. Currently, they offer $8,000 in down payment assistance for first-time and military buyers, as well as a federal tax credit program.
Have more questions? Reach out to an experienced Triangle real estate agent. They’ll have the know-how to help you find the right programs for your needs!
There’s Never Been a Better Time to Buy!
Thinking about buying a home in the Raleigh area? Contact Linda Craft & Team at 919-235-0007 to get the ball rolling on your real estate journey! We’d be honored to put our 350+ years of combined experience to work for you.
Need to sell before you buy? We’ve got you covered!