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Down Payment Resource highlights 48 Native American homebuyer assistance programs in honor of Native American Heritage Month

By: Send2Press

News Source: Down Payment Resource

Analysis finds 48 programs in 13 states offering up to $90,000 in assistance designed to help Native Americans purchase a home

ATLANTA, Ga., Oct. 16, 2024 (SEND2PRESS NEWSWIRE) — Down Payment Resource (DPR), the housing industry’s leading technology for connecting homebuyers with homebuyer assistance programs, is highlighting 48 U.S. homebuyer assistance programs in 13 states that are specifically designed to support Native Americans (American Indians and Alaska Natives) in conjunction with Native American Heritage month in October. While Native Americans may be eligible for all of the 2,400-plus U.S. homebuyer assistance programs, these 48 programs were specifically developed to provide help with down payments and other home-buying costs.

Down Payment Resource
Image caption: Down Payment Resource.

The Native American homeownership rate is around 56% which is significantly lower than the national average, with a gap of roughly 15 percentage points compared to white households. The Native American-white homeownership gap exceeds 30 percentage points in five states.

While the federal government is responsible for providing funding for housing programs on tribal lands, historically this funding has been insufficient, especially in rural areas, according to the National Indian Council on Aging. These communities have many substandard housing units, including dilapidated homes, and many continue to struggle with overcrowding. Nearly 16% of households across tribal lands live in overcrowded conditions, compared to 2.2% nationally, notes the Council.

An analysis of the 48 programs showcases the range of assistance available to promote Native American homeownership.

  • Eligibility: Most programs are limited to members of federally recognized tribes for purchasing homes on reservations or within specified service areas.
  • Financial assistance range: The programs offer homebuyer assistance ranging from $2,125 to $90,000.
  • Income requirements: Fifteen programs have no income requirements. Thirty-one programs have income requirements that range from 80% to 120% of the Area Median Income.
  • Availability: Assistance programs are offered in 13 states. The states with the most programs are Oklahoma (12), Michigan (9), California (6) and Washington (5). Twenty programs are statewide and 28 are local.
  • Program types: The homeowner assistance programs encompass various types, including 33 second mortgage programs, nine grant programs, four matched savings programs, and two first mortgage programs. Twenty-six programs are for first-time homebuyers only, and 22 programs can be accessed by repeat buyers.
  • Forgivable assistance: Thirty-eight of the programs offer forgivable assistance, provided that all program conditions, such as owner-occupancy, are met, further alleviating the financial burdens for aspiring homeowners.
  • Housing types: All programs allow for purchase of single-family homes. Twenty-eight allow for the purchase of modular or manufactured homes.

“We welcome the growing number of programs for Native American homebuyers. We feel homeownership is an important pathway to economic prosperity and community development,” said DPR Founder and CEO Rob Chrane. “I would encourage Native American homebuyers to search our complete database of all 2,444 down payment assistance programs in the United States — the most complete such resource anywhere — to find those specific to their tribe and region that can help them achieve homeownership and start building generational wealth.”

Individuals can search for their homebuyer assistance program eligibility for free at https://downpaymentresource.com/are-you-eligible/.

Methodology:

DPR produced homebuyer assistance program findings by analyzing its DOWN PAYMENT RESOURCE® database for programs with incentives for people with disabilities. The DOWN PAYMENT RESOURCE® database tracks the funding status, eligibility rules and benefits of all U.S. homebuyer assistance programs using data sourced from more than 1,300 housing finance agencies (HFAs), municipalities, nonprofits and other housing organizations. Homebuyer assistance programs of all types are tracked, including down payment and closing cost assistance, Mortgage Credit Certificates and affordable first mortgages.

About Down Payment Resource:

Down Payment Resource (DPR) is the housing industry authority on homebuyer assistance program data and solutions. With a database that tracks more than 2,400 programs and toolsets for mortgage lenders, multiple listing services (MLSs) and API users, DPR helps housing professionals connect homebuyers with the assistance they need. DPR frequently lends its expertise to nonprofits, housing finance agencies, policymakers, government-sponsored enterprises and trade organizations seeking to improve housing affordability. Its technology is used by seven of the top 25 mortgage lenders, the three largest real estate listing websites and 600,000 real estate agents.

For more information, visit https://downpaymentresource.com/.

X: @DwnPmtResource #downpaymentassistance #homeownership #housingaffordability #nativeamericanheritagemonth


This press release was issued on behalf of the news source (Down Payment Resource), who is solely responsible for its accuracy, by Send2Press Newswire.

To view the original story, visit: https://www.send2press.com/wire/down-payment-resource-highlights-48-native-american-homebuyer-assistance-programs-in-honor-of-native-american-heritage-month/

Copr. © 2024 Send2Press® Newswire, Calif., USA. -- REF: S2P STORY ID: S2P121521 FCN24-3B

 

INFORMATION BELOW THIS PAGE, IF ANY, IS UNRELATED TO THIS PRESS RELEASE.

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