DataMortgage

Down payment assistance saves more in most markets

RealtyTrac and Down Payment Resource analyze financial pros to buying with assistance
  • Buyers with down payment assistance save an average $17,766 over the course of the loan.
  • In San Francisco County, buyers with assistance realize $77,411 in total savings.
  • Miami and New York buyers with down payment assistance also saved more than $50,000 over the loan term.

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First-time homebuyers are struggling to scrap together a down payment with massive rental rates, student loan debt, lack of wage growth and high-priced homes. But all hope is not lost. While they offset high barrier of entry, most markets also realize down payment assistance saves when compared to providing 3 percent down alone. ReatyTrac and Down Payment Resource (DPR) teamed up in the Down Payment Assistance Affordability study to find not only do down payment assistance programs help U.S. renters (literally) get their foot in the home buying door, they save an average $17,766 over the course of the loan. <a href='#'><img alt='Where Down Payment Assistance Makes the Biggest Dent on Homeownership Costs ' src='https:&#47;&#47;public.tableau.com&#47;static&#47;images&#47;Do&#47;DownPaymentAssistanceImpactAnalysisJune2016&#47;Dashboard1&#47;1_rss.png' style='border: none' /></a> “I think many homebuyers don’t know about ...