Down Payment Assistance Programs Can Help Pave the Way to Homeownership

Are you looking to buy a home in the Kansas City area? The great news is that your down payment doesn’t have to be a significant hurdle! The National Association of Realtors (NAR) reports that 38% of first-time homebuyers view saving for a down payment as the most challenging step of the process. In reality, most Kansas City buyers don’t need to put down as much as they think:

According to data from NAR, the median down payment has stayed under 20% since 2005, with the median down payment for all homebuyers in the current market at only 15%. This median is even lower for first-time homebuyers at 8%! These numbers are already low, but this doesn’t indicate you have to put that much down just because that’s the median - some qualified KC buyers put down even less.

Some loan types, like FHA loans, have down payments as low as 3.5%. In addition, options like VA and USDA loans hold no down payment requirements for qualified applicants. For now, let’s focus on a different valuable resource: down payment assistance programs.

Eligibility for Both First-Time and Repeat Buyers

According to Down Payment Resource, thousands of programs are available for Kansas City homebuyers – and 75% are down payment assistance programs.

It’s not just first-time homebuyers who are eligible, meaning an option could be available for you no matter where you find yourself in your homebuying journey. As Down Payment Resource notes:

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.”

What is the best place to begin your search for more information? The trusted real estate professionals at Just Say Home KC can share more details about your options, including additional programs specific to the Kansas City area or various professions. 

Additional Down Payment Resources That Can Help

Down payment assistance programs are helping many current Kansas City buyers achieve the dream of homeownership. Here are just a few:

  • Teacher Next Door was created to aid teachers, first responders, health providers, government employees, active-duty military personnel, and veterans in reaching their down payment goals.

  • Fannie Mae provides down-payment assistance to eligible first-time KC homebuyers living in majority-Latino communities.

  • Freddie Mac has opportunities specifically geared toward homebuyers with modest credit scores and limited funds for a down payment.

  • The 3By30 program outlines actionable strategies to add three million new Black homeowners by 2030 by offering valuable resources to potential buyers, making it easier for them to secure down payments and own their homes.

  • For Native Americans, Down Payment Resource highlights 42 U.S. homebuyer assistance programs across 14 states that provide support with down payments and other associated homebuying costs.

Many other federal, state, and local options are available even if you don’t qualify for these types of programs. As you explore what’s available, the real estate expertise of the Just Say Home Team can help you find programs to meet your needs. 

Bottom Line

The dream of Kansas City homeownership might be more within reach than you think. With thousands of down payment assistance program options, the Just Say Home Team can help you know where to start and find the proper support.

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