WHAT IS DOWN PAYMENT ASSISTANCE?
Owning a home is central to the concept that a person has achieved security and success in life. Yet the downpayment and/or closing costs for a home remains one of the most challenging hurdles for many Americans. According to the Department of Housing and Urban Development, the #1 barrier to homeownership in the United States is the lack of a downpayment and/or closing cost funds.
Down Payment Assistance Programs are the best-kept secret behind the sustained strength of the residential real estate market. By the end of this decade, down Payment Assistance Programs will provide $6 billion in gifts to help two million individuals and families become homeowners.