Many people are eager to buy a home right now, while affordability remains a highlight of the current housing market, particularly in areas like Chicago, Illinois. However, a recent survey by Sparks Research shows that 20% of first-time homebuyers cite a lack of financial education as a barrier to homeownership. This is definitely understandable.
If you don’t feel comfortable with the financial process of buying a home, it’s hard to make a confident decision. In fact, four in five homebuyers say they need help understanding what they can afford. This is why finding the right professionals to help you through the process is so important.
On top of that, the same survey reports over two-thirds of prospective home buyers believe they’ll need assistance to save enough for a down payment. What they may not realize iOn top of that, the same survey reports over two-thirds of prospective home buyers, including those in Chicagoland, believe they’ll need assistance to save enough for a down payment.
What they may not realize is that there are a lot of down payment assistance programs at the state and regional levels, and many of them have funds available for potential buyers.
Down Payment Resources recently released its Q3 2020 Homeownership Program Index, which explains:s that there are a lot of down payment assistance programs at the state and regional levels, and many of them have funds available for potential buyers. Down Payment Resources recently released its Q3 2020 Homeownership Program Index, which explains:
“The number of total programs is 2,340, and over 81 percent (81.1%) of programs currently have funds available for eligible homebuyers.”
Not Just for First-Time: Down Payment Assistance Programs
Remember that these programs aren’t just for first-time homebuyers, so it’s worth exploring your options no matter where you are in your homeownership journey. For example, if you’re working from home now, you may be thinking of relocating to a more affordable area where you can stretch your dollar further and have more space, inside and out.
Lawrence Yun, Chief Economist for the National Association of Realtors (NAR), explains:
“Rural areas have mortgages (USDA loans) that don’t require down payments; and some workers who can work from home may want to consider outer suburbs or small towns where USDA home loans are available and where homes are very affordable.”
If affordability is a concern and you’re expecting to work from home long-term, the right home may be in an area you haven’t considered yet. In addition, the assistance program you need might be within reach.
If you’re interested in learning more about down payment assistance programs, the Down Payment Resource has additional information. Your real estate advisor can help you decide on the best option.
Bottom Line.
Thanks to a range of down payment assistance programs, affordable options are out there to unlock for today’s hopeful homebuyers. Getting the financial education you need to understand the home-buying process and accomplish your real estate goals is important.
Let’s connect with KM Realty Group LLC, Chicago, today so you can have real estate agents with you to get started on the path to your dream home.
