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Down Payment Resource finds 2,444 down payment assistance programs nationwide in its Q3 2024 data analysis

News Source: Down Payment Resource

DPR's Q3 2024 HPI Report finds 29 homebuyer assistance programs were added this quarter

ATLANTA, Ga., Oct. 21, 2024 (SEND2PRESS NEWSWIRE) — Down Payment Resource (DPR), the housing industry authority on homebuyer assistance program data and solutions, today released its Q3 2024 Homeownership Program Index (HPI) report. The Q3 report saw the number of national homebuyer assistance programs increase by 29 to 2,444.

DPR's Q3 2024 HPI Report finds 29 homebuyer assistance programs were added this quarter
Image caption: Q3 2024 Homeownership Program Index.

Notably, the report showed a 5% increase in programs for first-generation buyers. First-generation homebuyers have been singled out by the Harris Presidential campaign, which along with building 3 million affordable housing units for rent and ownership, proposes to provide $25,000 down-payment assistance to first-time homebuyers who have paid rent on time for two years, with more generous support for qualifying first-generation homeowners.

“We are pleased to see a growing number of these programs, and think they are becoming a targeted way to help first-time and first-generation homebuyers struggling to save for a down payment get into a home they can afford,” said Rob Chrane, founder and CEO of DPR. “Our data show the average DPA benefit is roughly $17,000. That can be a nice jump-start for saving for a down payment and other costs of homeownership.”

KEY HPI REPORT FINDINGS

An examination of the existing 2,444 homebuyer assistance programs on October 1, 2024, resulted in the following key findings:

  • The number of U.S. homebuyer assistance programs increased by 29 over the past quarter. This represents a 1.2% increase over the previous quarter.
  • There was an 8% increase in below market rate/resale programs and 7% increase in grant-funded programs, and 6% increase in other homebuyer assistance from Q2 2024. Below market rate or BMR homes are affordable homes sold at a lower price than the market average and are intended for low- to moderate-income buyers. When a BMR homeowner wants to sell, they must sell the home to an income-eligible buyer.
  • 949 municipalities offered DPA programs. Municipalities represented the majority of funding sources in Q3 2024 at 39%, which is virtually unchanged from last quarter. Nonprofits were the second highest funding source, 21% in Q3 2024, followed by state HFAs at 19%. A few of these programs have seen increases from federal program resources, including the American Rescue Plan Act (ARPA) and US Department of Health and Human Services (HHS).
  • 777 programs supported multifamily purchases, up 7% from the previous quarter. Of those, 526 allowed for 3-unit properties, up 7% from Q2 2024, while 501 allowed for four-unit properties, up 8% from Q2 2024.
  • 195 programs offer incentives for special groups. 35% offer special funding for educators, 29% for protectors, 26% for firefighters, 24% for healthcare workers, and 24% for Native Americans, and 22% for military homebuyers.

A more detailed analysis of the Q3 2024 HPI findings, including infographics and examples of the programs described in this release, can be found on DPR’s website at: https://downpaymentresource.com/professional-resource/the-down-payment-resource-q3-2024-homeownership-program-index-report/.

For a complete list of homebuyer assistance programs by state, visit (PDF): https://downpaymentresource.com/wp-content/uploads/2024/10/HPI-state-by-state-data.Q32024.pdf.

Methodology

Published quarterly, DPR’s HPI surveys the funding status, eligibility rules and benefits of U.S. homebuyer assistance programs administered by state and local housing finance agencies, municipalities, nonprofits and other housing organizations. DPR communicates with over 1,300 program providers throughout the year to track and update the country’s wide range of homeownership programs, including down payment and closing cost programs, Mortgage Credit Certificates (MCCs) and affordable first mortgages, in the DOWN PAYMENT RESOURCE® database.

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 #affordabilitycrisis #housingaffordability #mortgage #housingequity #downpayment


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-finds-2444-down-payment-assistance-programs-nationwide-in-its-q3-2024-data-analysis/

Copr. © 2024 Send2Press® Newswire, Calif., USA. -- REF: S2P STORY ID: S2P121606 FCN24-3B

 

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