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.
- 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.