Discover Everything You Need to Know About Today's Down Payment Programs!

Buying a home has become more challenging due to today's mortgage rates and home price appreciation. Many Kansas City homebuyers are eager to explore grants and assistance programs to see if they qualify for any help and often need help with where to start. According to a recent Bank of America Institute study, 53% of prospective buyers need help understanding home-buying grant programs. Here's some helpful information to help bridge that gap.

What Is Down Payment Assistance?
It's important to remember that various down payment assistance (DPA) programs are available to help cover part or all of a home buyer's down payment and closing costs. Mortgage Rocket states that more than 2,000 of these programs are available nationwide and vary by location. Many home buyers may qualify for thousands of dollars in down payment assistance.

You may not need to save as much as you think for your down payment. Contrary to popular belief, a 20% down payment is only sometimes required unless specified by your loan type or lender, which means you don't need to save as much upfront, and there are programs designed to make your down payment more achievable!

First-Time and Repeat Buyers Are Often Eligible
It's essential to note that many of these programs are not only available to first-time homebuyers - you may be eligible for down payment assistance whether you're buying your first or fifth house. Down Payment Resource says, "You don't have to be a first-time buyer. Over 39% of all [homeownership] programs are for repeat homebuyers who have owned a home in the last 3 years."

Additional Down Payment Resources That Can Help
Here are some down payment assistance programs that help many buyers achieve their dream of homeownership:

  • Teacher Next Door is designed to help teachers, first responders, health providers, government employees, active-duty military personnel, and Veterans reach their down payment goals. Missouri Program | Kansas Program
  • Fannie Mae provides down payment assistance to eligible first-time homebuyers in majority-Latino communities.
  • Freddie Mac offers options explicitly designed for homebuyers with modest credit scores and limited funds for a down payment.
  • The 3By30 program aims to add 3 million new Black homeowners by 2030. These programs offer valuable resources for potential buyers, making it easier to secure down payments and realize their dream of homeownership.
  • For Native Americans, Down Payment Resource highlights 42 U.S. homebuyer assistance programs across 14 states that ease the path to homeownership by providing support with down payments and other associated costs.

If you want more information on any of these programs, the best place to start is by contacting us! The Just Say Home KC Team is knowledgable and connected to numerous national and Kansas City area specific downpayment assistance programs. We can provide more details about what may be available, including other programs designed to serve specific professions or communities. Even if you don't qualify for these types of programs, we can help you explore other federal, state, and local options that might be available. Call or text us at 816-656-2816 today!

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