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Browse the siteAugust 14 2018
Nearly 13 percent of programs offer special incentives for law enforcement, first responders, educators and military
The Down Payment Resource (DPR) Second Quarter 2018 Homeownership Program Index (HPI) shows that the number of total programs increased to 2,527, up 24 programs from the previous quarter. Eighty-six (86) percent of programs currently have funds available for eligible homebuyers, down just a half a percent from the previous quarter.
As home prices increase, especially among starter homes, more states, cities and municipalities are considering down payment assistance and incentive programs to help address homeownership affordability challenges for its community servants. This quarter, nearly 7 percent (6.8%) of programs are available for workers who provide some of the most important services to a community, including teachers, first responders, law enforcement, firefighters and healthcare workers. Plus, more than 6 percent (6.1%) of programs have benefits for veterans, members of the military and surviving spouses. These programs can also be layered with zero down payment VA loans.
"All markets value our first responders, military, educators and other community service roles. More cities — especially higher cost markets — are beginning to look for creative ways to recruit and retain these workers, including ways to make homeownership possible," said Rob Chrane, CEO of Down Payment Resource.
Homebuyer programs with special incentives for community servants have been available in markets across the country for decades. They may be separate programs, or they might offer an additional benefit or more flexible eligibility requirements for homebuyers in that profession. To qualify for a homeownership program, both the buyer and the property must meet certain criteria, which vary by program.
Municipalities may structure these programs to help encourage homeownership in a revitalization area, help community heroes to live close to where they work and help recruit and retain key service personnel.
Numerous states and municipalities offer similar programs to our nation's core service providers, enabling them to live where they work. In addition, community heroes may benefit from special savings and rebates from Homes for Heroes when they buy, sell or refinance a home.
Down Payment Resource (DPR) creates opportunity for homebuyers, REALTORS® and lenders by uncovering programs that get people into homes. The company tracks more than 2,500 homebuyer programs through its housing finance agency partners. DPR has been recognized by Inman News as "Most Innovative New Technology" and the HousingWire Tech100™. DPR is licensed to Multiple Listing Services, Realtor Associations, lenders and housing counselors across the country. For more information, please visit DownPaymentResource.com.
The Homeownership Program Index (HPI) measures the availability and characteristics of down payment programs administered by state and local Housing Finance Agencies (HFAs), nonprofits and other housing organizations. It analyzed state, local and national programs available in the DOWN PAYMENT RESOURCE® registry as of July 3, 2018.