💰 Down payment assistance programs: what they are and how they can help you

Check eligibility for the HOPE Grant through the Better Opportunity Fund. Terms apply. ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ [Better] [Better]( This week's mortgage rates [Rate chart] [Rate chart]( Source: US average mortgage rates from [FreddieMac]( --------------------------------------------------------------- Better Mortgage Interested in today's rates? [See Better Mortgage rates]( --------------------------------------------------------------- #FundFact 🏡 As of Q2 2023, the median down payment on a single-family home in the United States was $31,500.¹ Things to know Down payment assistance programs: what they are and how they can help you Down payment assistance programs: what they are and how they can help you Coming up with a down payment for a home is often one of the biggest roadblocks on aspiring homeowners' journey to homeownership. According to a survey, 34% of non-homeowners in the US do not currently own a home because they do not have enough money saved for a down payment.² Aspiring homebuyers who want to avoid draining all of their savings for a down payment or feel like homeownership is out of reach may want to consider looking into a Down Payment Assistance (DPA) program. What is a DPA program? Homebuyer assistance programs, including Down Payment Assistance programs, exist to help prospective homebuyers achieve their goal of homeownership by helping provide funds for a downpayment or closing costs. While there are over 2,000 homebuyer assistance programs available across the country, many homebuyers aren’t aware that they’re eligible for assistance or if programs are available in their area — a survey showed that less than half of non-homeowners are aware of any homebuying education or down payment assistance programs in their communities.³ Down payment assistance programs are often offered by government agencies or non-profit organizations and can come in the form of a repayable second mortgage or a non-repayable grant. Fannie Mae allows for the funds for a down payment to come from a variety of sources including down payment assistance programs, but you’ll want to confirm that your lender accepts them. 3 ways that DPA programs can help hopeful homebuyers: - Since DPA programs offer funds to help homebuyers cover their down payment and closing costs through grants or forgivable loans, a DPA program can boost homebuying power and allow homebuyers to accelerate their homebuying timeline. - Becoming a homeowner means taking on new expenses to maintain your home, so you want to make sure you have a comfortable amount of savings left after purchasing your home. Using a DPA program can help you cover upfront cash needed to buy a home so that you don’t have to deplete your savings account in the process. - Down payment assistance programs often require you to complete a homeownership education course in order to qualify which means you’ll be prepared for the homebuying process and ready for long-term success once you become a homeowner. How can you qualify for a DPA program? Eligibility for DPA programs will vary depending on the program and state you’re applying in. [Fannie Mae’s Down Payment Assistance Tool]( helps homebuyers locate down payment assistance programs that are tailored to their needs and available in their area. Most DPA programs are made to serve first-time homebuyers, but keep in mind that you’re deemed eligible as a first-time homebuyer if you haven’t been involved in any type of homeownership in the last 3 years. Homeownership may be in arms reach with a HOPE Grant The Home Ownership Program for Everyone (HOPE) Grant is offered through Better’s non-profit affiliate, the Better Opportunity Fund and offered in all 50 states. This grant was built to help jumpstart the homeownership journey of those who are financially fit for a mortgage but may have been overlooked by traditional lenders. Because the HOPE Grant is not a loan, recipients do not incur a lien on the property being purchased and will not have a note or deed. The HOPE Grant allows homeowners to receive 2% of their home purchase price, up to $5,000, to be used towards their down payment or closing costs and never has to be paid back. You can learn more about the HOPE Grant and eligibility requirements on the [Better Opportunity Fund’s website](. --------------------------------------------------------------- Better Opportunity Fund Get 2% of your purchase price (up to $5,000) toward a down payment with a HOPE Grant⁴ [Check eligibility now]( --------------------------------------------------------------- Press play Follow us on social to stay up to date with the latest mortgage tech, tips, and tools: Watch on [TikTok]( • [Instagram]( • [YouTube]( • [Facebook]( --------------------------------------------------------------- Better Mortgage Questions? Connect with a mortgage expert now [Get pre-approved today]( --------------------------------------------------------------- Quiz What was the average price of a home in the US as of Q3 2023?⁵ - $430,000 - $431,000 - $432,000 - $433,000 [Better] [Better] [social]( [social]( [social]( [social]( ¹ Source: [Bankrate]( ² Source: [Statista]( ³ Source: [Down Payment Resource]( ⁴ [HOPE Grant Terms and Conditions]( ⁵ Source: [Motley Fool]( © 2023 Better Home & Finance Holding Company and/or its affiliates. Better is a family of companies. Better Mortgage Corporation provides home loans; Better Real Estate, LLC and Better Real Estate California Inc License # 02164055 provides real estate services; Better Cover, LLC sells insurance products; and Better Settlement Services provides title insurance services; Better Connect, LLC dba Better Attorney Match provides real estate attorney connection services; and Better Inspect, LLC provides home inspection services. All rights reserved. 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