Up to $120,000 in Down Payment Assistance Featured in 61 Programs Highlighted by Down Payment Resource for Veterans
Down Payment Resource (DPR), a leading authority on housing industry data and solutions for homebuyer assistance programs, is drawing attention to specialized initiatives supporting Veterans, service members, and their surviving spouses in honor of Veterans Day and Military Family Appreciation Month this November. Amid the vast array of over 2,200 U.S. homebuyer assistance programs, DPR has identified 61 programs tailored to provide substantial assistance, up to $120,000, exclusively designed to aid these individuals in building, purchasing, or renovating homes to enhance accessibility.
Veterans exhibit a commendable 78 percent homeownership rate, a figure surpassing the general population by 14 percentage points, as reported by the Urban Institute. In contrast, active-duty service members, frequently subjected to relocations (Permanent Change of Station or PCS orders), maintain a homeownership rate of 43 percent. Military families grapple not only with the challenges of constant relocation but also financial strains in a housing market witnessing soaring home prices and the highest mortgage interest rates since 2000. Findings from the Blue Star Families’ Military Family Lifestyle Survey underscore the increasing stress and financial burden associated with housing costs and relocations for service members, underscoring the critical need for assistance with down payments and other home purchase expenses.
An in-depth analysis of the 61 highlighted programs reveals the diverse range of assistance available to promote homeownership within the Veteran and military community:
- Financial Assistance Range: The programs offer a spectrum of homebuyer assistance, spanning from $2,000 to a substantial $120,000.
- Program Types: The array of homeownership assistance program types includes 24 second mortgage programs, 18 affordable first mortgage programs, 15 grants, and one each of below market rate (BMR)/resale restriction program, combined assistance program, voucher program, and other assistance types.
- Repayment Features: Out of the 61 programs, 24 provide forgivable assistance, contingent upon meeting specific conditions like owner-occupancy. Additionally, 15 programs extend assistance as outright gifts, with no strings attached, provided the eligibility criteria are met.
- Program Eligibility: Thirty-five programs cater specifically to first-time buyers, while 34 are open to repeat buyers or offer a waiver for service members and Veterans, ensuring inclusivity across different homeowner profiles.