87 Percent of U.S. Homes Qualify for Down Payment Help

RealtyTrac® the nation’s leading source for comprehensive housing data, today released a joint analysis with Down Payment Resource on the availability of down payment programs across the country, which found that 87 percent of U.S. homes qualify for down payment help.

RealtyTrac looked at 2,290 down payment programs from Down Payment Resource’s Homeownership Program Index and found that out of more than 78 million U.S. single family homes and condos in 1,792 counties with sufficient home value data, more than 68 million (87 percent) would qualify for a down payment program available in the county where they are located based on the maximum price requirements for those programs and the estimated value of the properties.

“Many homebuyers, especially Millennials, haven’t fully investigated their home financing options because they are pessimistic about qualifying for a mortgage. Our Homeownership Program Index highlights the wide range and availability of down payment programs available to today’s homebuyers. In fact, 91 percent of the 2,290 programs in our registry have funds available to lend to eligible buyers. Plus, income limits vary depending on the market and programs extend beyond just first-time homebuyers,” said Rob Chrane, president and CEO of Down Payment Resource. “It’s important for buyers to research down payment programs as part of their loan shopping process.”

“Historically low homeownership rates across nearly every age demographic have led to a public policy push to lower the barrier to homeownership through down payments as low as 3 percent, but the fact is that the barrier to homeownership is often much lower than even that 3 percent for borrowers who take advantage of one of the myriad down payment help programs available across the country,” said Daren Blomquist, vice president at RealtyTrac. “Prospective buyers — or their agents — willing to put in a few minutes of time to find out what programs are available to them will put themselves in a much better position to successfully purchase a home.”

10 U.S. Counties with Most Homes Qualifying for Down Payment Help
State County Total Single Family Homes & Condos in County Total that Qualify for Down Payment Assistance Pct that Qualify
CA Los Angeles 1,762,256 1,377,813 78.18%
IL Cook 1,372,463 1,163,913 84.80%
AZ Maricopa 1,227,121 1,052,746 85.79%
TX Harris 1,038,027 961,957 92.67%
MI Wayne 692,174 653,221 94.37%
CA San Diego 717,165 618,050 86.18%
FL Miami-Dade 716,924 589,683 82.25%
NV Clark 605,679 558,411 92.20%
TX Dallas 574,849 533,518 92.81%
FL Broward 623,634 523,178 83.89%

read more —>  http://www.realtytrac.com/news/home-prices-and-sales/down-payment-assistance-analysis-q1-2015/


2 thoughts on “87 Percent of U.S. Homes Qualify for Down Payment Help

  1. Pingback: SAN DIEGO MEDIAN HOUSE PRICES BY ZIP CODE, JAN 2015 | San Diego with RealtorPeg

  2. Pingback: SAN DIEGO MEDIAN CONDO PRICES BY ZIP CODE, JAN 2015 | San Diego with RealtorPeg

Leave a Reply

Fill in your details below or click an icon to log in:

WordPress.com Logo

You are commenting using your WordPress.com account. Log Out /  Change )

Google+ photo

You are commenting using your Google+ account. Log Out /  Change )

Twitter picture

You are commenting using your Twitter account. Log Out /  Change )

Facebook photo

You are commenting using your Facebook account. Log Out /  Change )


Connecting to %s