What agents should know about the massive growth of down payment assistance

by
Feb 28
  • Down payment assistance is growing practically everywhere.
  • Most have some kind of income and/or sales price limitations -- but in certain markets, the income ceiling can exceed 180 percent of the median income for the area.
  • More than a third of the programs don't include a first-time buyer requirement.
  • Mortgage tax credit certificates (MCCs) only account for just 8 percent of the assistance programs, but they are among the fastest-growing form of aid.

San Francisco, one of the highest housing-cost markets in the country, has had some form of down-payment assistance for homebuyers since 1998. But over the last four years, the city has steadily increased the amount of money it dedicates to helping its citizens buy houses.

Article image credited to Peshkova / Shutterstock.com