No Need to Wait On Election Promises—2,444 Down Payment Assistance Programs Already Exist!

The Lighter Side of Real Estate • November 2, 2024

Coming up with a down payment is difficult and can take years, and is often one of the biggest hurdles for first-time home buyers.

So if you’ve been struggling to save up enough money to buy a home, the proposed plan for a $25,000 down payment grant making the news in the run-up to the U.S. presidential election probably sounds like music to your ears.

Unfortunately that proposal is difficult to bank on, since it relies on the candidate making the promise winning the election, and then successfully putting the plan in motion. And even if it is successfully rolled out, you’ll still need to qualify, apply, and go through the process of obtaining approval to receive the funds. The bottom line is, it could take many months, or even years before it would do you any good.

The good news is, you don’t have to hope or wait—there are already down payment assistance (DPA) programs you can explore!

In fact, according to this Housing Wire article, there are 2,444 of them already in existence, with 29 new DPA programs created in just the last four months, which is an 8% increase since the end of last year.

First of All… What Is Down Payment Assistance?

Down payment assistance (DPA) programs are financial tools that help homebuyers cover the cost of a down payment. These programs come in various forms, including grants, loans, or forgivable loans, and are designed to make homeownership more accessible, especially for first-time buyers or those purchasing in specific areas.

Many DPAs are offered through state and local government agencies, nonprofits, and other housing organizations. The eligibility requirements vary, but they generally consider factors like income, home price, and location. These programs can be a game-changer for buyers who are struggling to save enough for a down payment, but they’re often underutilized because of a lack of awareness.

If you want to dive a little deeper into the ins and outs of these types of programs, this CNBC article provides a solid introduction.

A Lot of the Money Available Often Goes Unused

Despite the numerous DPA programs available across the U.S., a large chunk of the funds set aside for down payment assistance goes unused every year. This underutilization could be due to misconceptions or a general lack of awareness among prospective buyers.

For example, according to this article from The Federal Savings Bank, many people assume that DPA programs are only for first-time homebuyers or that they require a complicated application process.

In reality, these programs can be more flexible and accessible than most people think. Programs exist to help a wide range of buyers, and the opportunities are vast, but misconceptions—like believing the qualifications are too stringent or that the funds will run out before you apply—prevent many buyers from taking advantage of them.

Finding a List of All 2,444 of Them Is Difficult, But…

One of the biggest obstacles in accessing down payment assistance is simply finding the information you need. Simply trying to find a list of all the available DPAs online is difficult. Many of these programs are managed by local housing agencies or nonprofits that don’t always have the marketing power to reach a wide audience.

And even if you can find an all-inclusive list, or at least information on a few specific programs, figuring out the best option for your needs and qualifications can be tricky.

However, this article from The Mortgage Reports has a fairly decent list of programs available in each state, and is a good place to start searching on your own. But they also suggest that one of the most effective ways to find the right DPA program is to speak with a lender or mortgage advisor—especially one who specializes in first-time buyers or, even better, in down payment assistance programs.

While you can always just search online, a great way to find a lender who specializes in helping buyers find down payment assistance is to reach out to a local real estate agent. Agents usually have a list of lenders they trust, and know which ones are better for certain types of buyers, so there’s a good chance your agent will know just the right mortgage professional to recommend to you.

Working with professionals who understand the local market and DPA landscape will save you time and effort—and increase your chances of securing some of the down payment money that’s up for grabs.

The Takeaway:

Don’t wait around for a political proposal that may or may not materialize—there are thousands of down payment assistance programs available right now. Whether through grants, forgivable loans, or other forms of financial aid, these programs can help you get closer to your homeownership dreams.
Reach out to your local real estate agent and ask them to refer you to a lender who is familiar with down payment assistance programs, and can help you find a good fit and navigate the process of obtaining available funds.


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When Buying a Home Feels Out of Reach, Some Families Do This Instead

By KCM • April 30, 2026
When Buying a Home Feels Out of Reach, Some Families Do This Instead For a lot of people, the math on buying a home just doesn’t really work right now. Maybe that’s how it feels for you too. You look at the cost of buying . Then you look at the cost of childcare. And it starts to feel like you have to choose one or the other. But some families are finding a way to make both work by doing something a little different: teaming up to purchase a multi-generational home . One Reason This Is Becoming More Common It’s no secret that affordability has been a challenge in recent years. But for families with young kids, there’s an added layer that can make it feel even harder: childcare. According to the Department of Health and Human Services, childcare should take up no more than 7% of your monthly income. But in reality, the average married couple spends closer to 10% (see map below): When you combine that with the cost of buying a home, it’s easy to see why things can feel stretched. That’s exactly why more families are starting to rethink how they approach both. The Solution More People Are Turning To: Multi-Generational Living One option gaining traction? Multi-generational living. That’s when parents, grandparents, or other relatives buy a house together and live under the same roof. And it’s not just about convenience anymore. It’s becoming a go-to strategy. You can see it in the data . According to the National Association of Realtors (NAR), almost 1 in 7 homebuyers (14%) bought a multi-generational home in 2025 (see graph below): And for the first time, childcare is showing up as a key reason why they chose this option. As NAR explains : “This year’s report features two new primary reasons for purchasing a multi-generational home: grandchildren living in the home (12%) and to help reduce the cost of childcare (6%).” Why It Works Buying a multi-generational home solves two big challenges at the same time. First, it shares the financial responsibility . If you pool multiple incomes together, you may be able to afford a home you couldn't have on your own. Second, it can also solve the childcare puzzle . When grandparents or other relatives live in the home, they may be able to help with daily care – which can significantly reduce or even eliminate daycare costs. And for many people, that combination is what finally makes their move possible. If the costs of childcare and housing together have made buying feel out of reach right now, it may be worth exploring creative options like buying a home with your loved ones. Bottom Line If you want more information on multi-generational homes, let’s have a quick conversation about what’s available in our area. Sometimes the path to homeownership isn’t doing it alone. It’s doing it together.

Thinking About an Adjustable-Rate Mortgage? Here’s What You Need To Know.

By KCM • April 29, 2026
Thinking About an Adjustable-Rate Mortgage? Here’s What You Need To Know. If you’ve been looking for a home lately, you’ve probably felt how tough affordability still is. And that's exactly why more buyers are opting for adjustable-rate mortgages , or ARMs. Here's what you need to understand about how they work, and whether they make sense for you. What Is an Adjustable-Rate Mortgage? Since a lot of people aren’t familiar with this type of loan, let’s start with a definition. This is how Business Insider explains the main difference between a fixed-rate mortgage and an adjustable-rate mortgage: “With a fixed-rate mortgage, your interest rate remains the same for the entire time you have the loan. This keeps your monthly payment the same for years . . . adjustable-rate mortgages work differently. You’ll start off with the same rate for a few years, but after that, your rate can change periodically. This means that if average rates have gone up, your mortgage payment will increase. If they’ve gone down, your payment will decrease.” Basically, one doesn’t change much over the life of your loan. And one could change... either by a little, or a lot. Of course, things like taxes or homeowner’s insurance can still have an impact on a fixed-rate loan, but the baseline of your mortgage payment is fairly steady. But the big difference is that with an ARM, your monthly payment could change over time. Why Adjustable-Rate Mortgages Are Getting More Attention So, why do some buyers choose this option? It's simple. It’s because of the upfront savings. Business Insider explains it like this: “Because ARM rates are typically lower than fixed mortgage rates, they can help buyers find affordability when rates are high. With a lower ARM rate, you can get a smaller monthly payment or afford more house than you could with a fixed-rate loan. ” And right now, according to Mortgage News Daily and the Wall Street Journal , the upfront rate on an ARM is lower than a 30-year fixed mortgage (see graph below): If you’re wondering how that shakes out in real dollars and cents, here’s what Redfin says. According to their research, the typical buyer could save about $150 per month by taking out an ARM instead of a 30-year fixed mortgage. For some people, that’s enough to make a difference. More Buyers Are Choosing Adjustable-Rate Mortgages Today A growing number of buyers are willing to trade the uncertainty later for a lower payment now. Data from the Mortgage Bankers Association (MBA) shows the share of buyers choosing ARMs has increased, especially over the last few years (see graph below). This doesn’t mean ARMs are becoming the go-to option for everyone. It only means some buyers are opting for this type of mortgage, so they can still buy today. And if you remember the housing crash, seeing ARMs gain popularity again may raise concerns. But rest easy. Today’s ARMs aren’t the same. Back then, some buyers were given loans they couldn’t afford once rates adjusted. Today, lending standards are stricter, and lenders evaluate whether borrowers could still handle the payment if rates rise. So, the return of ARMs doesn’t signal another widespread crash. It just reflects how some buyers are adapting to today’s affordability challenges. The Trade-Off – What You Need To Consider If you’re considering an adjustable-rate mortgage yourself, just remember it really all depends on your situation and your risk tolerance. An ARM may make sense if you plan to move before your rate would adjust or if you expect you’ll make a higher income in the future. But there are trade-offs you need to think through. For example, once the fixed period ends, your rate can adjust, and your payment could increase, potentially by a meaningful amount depending on where rates are at that time. And keep in mind, there’s also no guarantee mortgage rates will come down in the future, which means refinancing later isn’t always an option. That’s why it’s important to think through your plan, understand your long-term earning potential, and work closely with a trusted lender before you choose an ARM. Bottom Line ARMs are getting more attention again because they can make buying a home more affordable in the short term. But they’re not right for everyone. The key is understanding how they work, what the risks are, and whether they fit your plan. And that’s why you need to talk to a trusted lender and financial advisor before you make any decisions.

Don’t Let Home Prices Headlines Fool You

By KCM • April 27, 2026
Don’t Let Home Prices Headlines Fool You Spend about 5 minutes online searching for news about the housing market, and odds are you’ll see something pop up about home prices . You may even stumble onto social media influencers saying we’re headed for a crash. Let’s get you the context you need. The truth is prices are going to vary depending on where you live. But they're not crashing. Here’s what you need to know. The Local Perspective: Home Price Trends by Area The biggest thing feeding into the confusion online is how different home price trends are by area right now. Take a look at this data from ResiClub and Zillow (see graph below). About half of the largest metros are seeing prices go up. The other half are seeing some declines. Unfortunately, the online chatter only focuses on the markets where prices are down – and that makes it sound like something bigger is happening. But, as you can see in this graph, that’s only one side of the story. The full picture is different. The National Perspective: Moderate Price Growth As a country, when you average it all together to get a true baseline, one thing becomes clear, home prices are still net positive at the national level. According to the Redfin, national home prices were up about 1% year-over-year in February. So, what we’re seeing right now isn’t a collapse. It’s a market that’s normalizing after a period of unusually fast growth. And that impacts some local markets more than others – particularly those where prices rose too far, too fast during the pandemic. A true crash, like what happened in 2008, would mean prices dropping sharply across the entire country. That’s just not what the data shows today. And it’s not where things are going either. Experts Agree This Isn’t 2008 In fact, Fannie Mae surveyed over 100 housing market experts to ask their opinions on where prices are headed from here. And the experts agree, nationally, prices are expected to keep rising over the next five years : That rise will be moderate, particularly this year, but the trend is clear. Nationally, prices are forecast to grow every year now through at least 2030 – and that’s normal. Daryl Fairweather, Chief Economist, at Redfin explains: “ House prices aren’t going to fall on a national scale any time soon—and that’s actually a good thing. It’s normal for house prices to rise gradually over time . . .” That's why even in the select areas where prices have dropped slightly this year, the decline is expected to be temporary. According to that same quarterly Fannie Mae survey mentioned above, 85% of the experts say the markets that are seeing mild declines right now will return to positive price growth before the end of 2027. The main takeaway? This isn’t a crash. And prices aren’t expected to fall nationally. If anything, the few areas experiencing declines are expected to rebound in the next year or so. Bottom Line It’s easy to get caught up in headlines that make it sound like something big is about to happen. But don’t be fooled. The housing market isn’t crashing. It’s just shifting. The key is understanding what’s actually happening in your market, so you can make the right move for you. Let’s connect if you want the local perspective.
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