Mortgage News February 16, 2023
Most homebuyers must overcome the hurdle of down payments before they can begin looking for their new home. As housing prices have risen rapidly since the pandemic, the down payment for securing a home only gets greater.
But according to the latest quarterly report released by Down Payment Resource (DPR), a firm that tracks homebuyer assistance programs, their database information shows that there were 2,351 homebuyer assistance programs nationwide during the fourth quarter of 2022. It indicates an increase of 1.82% from the previous quarter marking the fifth consecutive quarter of increases in the number of buyer-centered programs.
As of January 6, 2023, there were 2,351 homebuyer assistance programs active as examined in the Q4 2022 HPI. A net increase has been observed in the number of homebuyer assistance programs. Q4 2022 saw an increase of 42 programs in total. Seven were statewide programs and five were national or multi-state programs.
There has been an increase in support for first-time homebuyers. A total of 1,315 programs support first-time homebuyers, an increase from 1,291 in Q3 2022.
There has been an increase in support for multifamily homebuyers. A 5.5% increase was seen in the number of programs that support multifamily homeownership over Q3 2022. Currently, these programs account for 29.3% of all homebuyer assistance programs.
According to Rob Chrane, CEO of DPR, steady growth in 2022 is seen in homebuyer assistance while there was a marginal decrease in the percentage of programs actively receiving funding because of economic roadblocks. He added that for homebuyers that lack the savings to cover down payments which are inflated, down payment assistance will be a crucial source of financial support until the housing market recovers and home prices and mortgage rates decline.
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