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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Thinking About Renting Your House Instead of Selling? Read This First.

By KCM • September 18, 2025
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Mortgage Rates Just Saw Their Biggest Drop in a Year

By KCM • September 17, 2025
Mortgage Rates Just Saw Their Biggest Drop in a Year You’ve been waiting for what feels like forever for mortgage rates to finally budge. And last week, they did – in a big way. On Friday, September 5 th , the average 30-year fixed mortgage rate fell to the lowest level since October 2024. It was the biggest one-day decline in over a year. What Sparked the Drop? According to Mortgage News Daily, this was a reaction to the August jobs report, which came out weaker-than-expected for a second month in a row. That sent signals across the financial markets, and then mortgage rates came down as a result. Basically, we're seeing signs the economy may be slowing down, and as certainty grows in the direction the economy is going, the markets are reacting to what is likely ahead. That historically brings mortgage rates down. Why Buyers Should Pay Attention Now But this isn’t just about one day of headlines or one report. It’s about what the drop means for you. This recent change saves you money when you buy a home. The chart below shows you an example of what a monthly mortgage payment (principal and interest) would be at 7% (where mortgage rates were in May) versus where rates roughly are now: Compared to just 4 months ago, your future monthly payment would be almost $200 less per month. That’s close to $2,400 a year in savings. How Long Will It Last? That really depends on where the economy and inflation go from here. Rates could drop lower, or they could inch up slightly. So, make sure you’re connected with a good agent and trusted lender. They’ll keep a close eye on inflation indicators, job market updates, and reactions to upcoming Fed policy to gauge where mortgage rates may go from here. But for now, focus on this. While no one can say for sure where rates are headed, the fact that rates broke out of their months-long rut is a good thing. If you’ve been feeling stuck, this could make the start of a new chapter. As Diana Olick, Senior Real Estate and Climate Correspondent at CNBC, says: “Rates are finally breaking out of the high 6% range, where they’ve been stuck for months.” And that’s gives you more reason to hope than you've had in quite some time. Bottom Line This is the shift you’ve been waiting for. Mortgage rates just saw their biggest decline in over a year. And if rates stay near this level, it could make a home you couldn’t afford just a few months ago feel possible again. What would today’s rates save you on your future monthly payment? Let’s connect so you can find out.

Should You Still Expect a Bidding War?

By KCM • September 16, 2025
Should You Still Expect a Bidding War? If you’re still worried about having to deal with a bidding war when you buy a home, you may be able to let some of that fear go. While multiple-offer situations haven’t disappeared entirely, they’re not nearly as common as they used to be. In fact, a recent survey shows agents reported only 1 in 5 homes (20%) nationally received multiple offers in June 2025 . That’s down from nearly 1 in 3 (31%) just a year ago – and dramatically lower than in June 2023 (39%) (see graph below): This trend means you should face less competition when you buy. That gives you more time to make decisions and the ability to negotiate price or terms. It Still Depends on Where You’re Buying Of course, national trends don’t tell the full story. Local dynamics matter, a lot. This second graph uses survey data from John Burns Research & Consulting (JBREC) and Keeping Current Matters (KCM) to break things down by region to prove just how true that is. It shows, while the share of homes getting multiple offers has dropped pretty much everywhere, some areas are still seeing more offers than others: In the Northeast, 34% of homes (roughly 1 in 3) are still receiving multiple offers. That’s more than the national average. But in Southeast , that number drops to just 6%. What’s behind the difference? In general, the areas still seeing bidding wars tend to have lower-than-normal inventory . That imbalance between buyers and available homes keeps pressure on prices and competition. But markets with more listings are seeing conditions cool – and that means fewer bidding wars. Sellers Are More Flexible Than You Might Think Here’s another shift to show you just how much things have changed. According to a Redfin report, almost half of sellers are offering concessions, like covering their buyer’s closing costs or dropping their asking price to get their house sold. That’s a clear sign this isn’t the same ultra-competitive market we saw a few years ago. Back then, sellers rarely compromised. And buyers often waived their inspection or appraisal to try to make their offer stand out. Now, things are different. But again, how often this is happening is going to vary based on where you’re looking to buy. And that’s why you need a local agent’s expertise. Bottom Line If concerns about bidding wars have been holding you back, it may be time to take another look. Nationally, competition is down. In some markets, it’s down significantly. And with more sellers offering concessions, buyers today have more power and flexibility than they’ve had in a long time. Want to find out what the market looks like where you’re buying? Let’s connect.
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