Skip to main content

Down Payment Assistance Programs Can Help Pave the Way to Homeownership

Dreaming of owning your own place in the vibrant Triangle area? You might be worried about the down payment being a roadblock. But fear not! The reality is far more hopeful than you might think. According to the National Association of Realtors (NAR), a whopping 38% of first-time buyers find saving for a down payment the biggest hurdle. But guess what? You probably don’t need to put down as much as you imagine (see the infographic below)! This opens up a world of possibilities for achieving your Raleigh homeownership dream.

Forget the outdated 20% down payment myth! Data from NAR reveals the median for today’s buyers is just 15%, with first-time buyers in Raleigh averaging an even lower 8%. And the great news? This isn’t a rigid ceiling. Plenty of qualified buyers put down even less, thanks to various loan options and down payment assistance programs.

While loan options like FHA loans with minimal down payments (as low as 3.5%) and no-down-payment possibilities for qualified veterans and active military with VA and USDA loans offer valuable avenues, another crucial resource exists: down payment assistance programs. These programs serve as a springboard, significantly reducing the financial bridge to your Raleigh dream home, even if your initial savings might not feel sufficient.

First-Time and Repeat Buyers Are Often Eligible

Down Payment Resource boasts a vast network of thousands of programs, with a remarkable 75% specifically designed to bridge the down payment gap for eager homebuyers like you.

The good news extends beyond first-time buyers! Regardless of your homeownership journey, numerous down payment assistance programs cater to diverse needs and situations. As Down Payment Resource notes:

You don’t have to be a first-time buyer. Over 39% of all [homeownership] programs are for repeat homebuyers who have owned a home in the last 3 years.”

Feeling unsure about down payment options? Let a knowledgeable real estate professional, such as Linda Craft Team Realtors be your guide. We’ll navigate the many programs available, find ones that fit your specific needs and Raleigh location, and make the application process easier. With our help, your dream home in the Triangle area feels closer than ever!

Additional Down Payment Resources That Can Help

Here are a few down payment assistance programs that are helping many of today’s buyers achieve the dream of homeownership:

  • Teacher Next Door is designed to help teachers, first responders, health providers, government employees, active-duty military personnel, and veterans reach their down payment goals.
  • Fannie Mae provides down-payment assistance to eligible first-time homebuyers living in majority-Latino communities.
  • Freddie Mac also has options designed specifically for homebuyers with modest credit scores and limited funds for a down payment.
  • The 3By30 program lays out actionable strategies to add 3 million new Black homeowners by 2030. These programs offer valuable resources for potential buyers, making it easier for them to secure down payments and realize their dream of homeownership.
  • For Native Americans, Down Payment Resource highlights 42 U.S. homebuyer assistance programs across 14 states that ease the path to homeownership by providing support with down payments and other associated costs.

Beyond the options we’ve mentioned, a vast network of federal, state, and local programs offer additional support for down payments. Linda Craft Team Realtors can be your compass in navigating these possibilities, helping you pinpoint programs that perfectly align with your needs and location.

Bottom Line

Your Raleigh dream home is closer than you think, thanks to a wealth of available down payment assistance. Ready to explore your options and turn your dream into reality? Let’s connect! Together, we can navigate the possibilities and find the perfect program to unlock your journey to homeownership.

Leave a Reply