Today's homebuyers are doing significant online research before beginning their home buying search, yet there are still many misconceptions about home financing and down payment assistance programs. Home prices, along with down payments, are increasing, and assistance programs can help make buying a home as affordable as possible.

Are these common myths keeping you from investigating homebuyer assistance options?

Myth #1: Down payment assistance programs are only for first-time homebuyers.

First-time homebuyers are defined as someone who has not owned a home in three years. And, not all programs specify that you must be a first-time homebuyer. It's important to know that assistance programs are for homebuyers, not investors. Most housing agencies will require that the home is occupied as a primary residence in order to qualify.

In addition, homebuyers purchasing a home in a designated target area (typically for revitalization efforts) may receive special benefits such as higher assistance amounts, more lenient income requirements and the first-time homebuyer requirement may be waived. Veterans are often eligible for a first-time homebuyer waiver, too!

Myth #2: Assistance programs are no longer funded.

There are many public and private-funded programs available. In fact, there are hundreds of millions of dollars in down payment assistance, tax credits, affordable fixed-rate mortgages and rehab loans available throughout the country.