Did you know there are down payment assistance (DPA) programs designed specifically for educators, first responders, and health care workers?

Purchasing a home is a significant milestone, but the financial hurdles, particularly saving for the down payment, can be daunting. You don’t have to be a community hero to be eligible for any of the 2,400-plus U.S. homebuyer assistance programs, but if you work in one of these essential fields, you may qualify for special financial assistance to help get you on the path to homeownership.

For Educators

Educators play a vital role in shaping the future, and there are several programs aimed at helping them achieve the dream of homeownership. For example, the Texas State Affordable Housing Corporation (TSAHC) offers the Homes for Texas Heroes Program, which provides down payment and closing cost assistance for public school teachers and other educators who work for a public school district.

For First Responders

First responders, including firefighters, paramedics, and emergency medical technicians, may be eligible for programs like the Georgia Dream Protectors, Educators & Nurses (PEN) loan option. This program provides 6% of the property purchase price or a maximum of $12,500 in down payment help, whichever is the lesser amount, to public protectors, educators, healthcare providers and active military.

For Healthcare Workers

Health care professionals provide essential services, and many homebuyer assistance program providers recognize their contributions by offering specialized financial support. The Ohio Housing Finance Agency’s (OHFA) Ohio Heroes program provides a discounted mortgage interest rate with the option of down payment assistance for community heroes, including physicians, nurse practitioners, nurses (RN and LPN) and STNAs.

Benefits of These Programs

Taking advantage of these programs provides multiple benefits, including:

• Reduced Financial Barriers: By lowering or eliminating down payment requirements, these programs make it easier for eligible professionals to purchase homes.
• Financial Flexibility: Savings from these programs can be allocated to other expenses, such as home improvements or emergency funds, enhancing overall financial well-being.
• Stronger Community Ties: Many of these programs encourage professionals to live in the communities they serve, fostering stronger neighborhood connections.

Making Homeownership More Affordable

By leveraging these programs, eligible professionals can overcome common financial obstacles associated with home buying, and may be able to achieve homeownership sooner that they thought possible. Consulting with housing counselors, real estate and lending professionals familiar with these initiatives can provide personalized guidance, ensuring you maximize available benefits and achieve your homeownership goals.

Looking to purchase a home?  Find down payment programs in your area today and see if you’re eligible!

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 — 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. 

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.

Looking to purchase a home?  Find down payment programs in your area today and see if you’re eligible!

Analysis finds 42 programs in 14 states offering up to $90,000 in assistance designed to help Native Americans purchase a home

ATLANTA, Ga., Oct. 23, 2023 — Down Payment Resource (DPR), the housing industry’s leading technology for connecting home buyers with homebuyer assistance programs, is highlighting 42 U.S. homebuyer assistance programs in 14 states that are specifically designed to support Native Americans (American Indians and Alaska Natives) in conjunction with Native American Heritage month. While Native Americans are eligible for any of the 2,200-plus U.S. homebuyer assistance programs, these programs were specifically developed to provide help with down payments and/or other home-buying costs for Native American homebuyers. 

The Harvard Joint Center for Housing Studies reports that 56.7 percent of Native American households own their homes, a full 15.0 percentage points lower than white households. While the federal government is responsible for providing funding for housing programs on tribal lands, historically this funding has been insufficient, according to the National Indian Council on Aging. Native Americans have faced numerous obstacles when it comes to homeownership, says the Council, including high unemployment rates and poverty, with only 8 cents of wealth for every dollar of the average white American household. 

An analysis of the 42 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: Ten programs have no income requirements. Thirty-two programs have income requirements that range from 80% to 120% of the Area Median Income. 
• Availability: Assistance programs are offered in 11 states and the District of Columbia. The states with the most programs are Oklahoma (13), Michigan (9) and Oregon (4). Sixteen programs are statewide, and 25 are local. 
• Program types: The homeowner assistance programs encompass various types, including 33 second mortgage programs, seven grant programs and two matched savings programs. Twenty-three programs are for first-time homebuyers only, and 19 programs can be accessed by repeat buyers.
• Forgivable programs: Thirty-six 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.

“Native Americans continue to face hardships that can delay or prevent them from becoming homeowners, which is an important pathway to economic prosperity and community development,” said DPR Founder and CEO Rob Chrane. “It’s my hope that mortgage ready Native Americans will access our database to find programs specific to their tribe and region that can provide them with the resources and support they need to achieve homeownership.”

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 an award-winning technology provider helping the housing industry connect homebuyers with the homebuyer assistance they need. With tool sets tailored for real estate agents, multiple listing services and mortgage lenders, DPR’s technology empowers housing professionals to make affordable home financing opportunities more accessible while growing business and forging referral partnerships. The only organization to track the details of every U.S. homebuyer assistance program, DPR frequently lends its expertise to nonprofits, housing finance agencies, policymakers, government-sponsored enterprises, think tanks and trade organizations seeking to improve housing affordability. Its technology is used by five of the top 10 retail mortgage lenders by volume, three of the four largest real estate listing websites and 600,000 real estate agents. For more information, visit https://downpaymentresource.com/.