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Sign into your account6 Reasons Why Down Payment Assistance Matters
April 30 2013
Guest contributor Down Payment Resource says:
Down payment assistance helps make buying a home as affordable as possible. We believe it can make a significant impact for many buyers, and it's never been truer than in today's market.
According to the latest Campbell/Inside Mortgage Finance HousingPulse Tracking Survey results, the percentage of first-time homebuyer purchase transactions are increasing in recent months, after hitting an all-time low at the end of 2012. And, market indicators of future home purchases hit a four-year survey high in February. However, access to a down payment still remains the number one obstacle for homebuyers.
We review six key reasons why down payment assistance matters to today's homebuyers:
1. Helps homebuyers purchase a home sooner: Instead of waiting on the sidelines, down payment assistance can help a buyer get into a home faster. It immediately builds their buying power and can help them take action on a purchase more quickly. Many buyers have remained on the sidelines, saving money, watching interest rates and seeking desirable inventory. Down payment assistance can be a valuable tool to help move those buyers off the sidelines and get them into a home.
2. Makes the purchase as affordable as possible: Homebuyers of all income levels have seen the housing crisis up close and want to ensure their purchase is an affordable and sustainable one. However, since the downturn, down payments for fixed rate mortgages have significantly increased. Even with lower interest rates and home prices, the cost of buying a home was out of reach for many moderate-income families. Homebuyer programs can help more families take advantage of these record low interest rates.