Aspiring homeowners have experienced a rollercoaster of a ride during the 2020 homebuying season. On one side, purchasing a home is more affordable than ever thanks to historically low mortgage rates. On the other side, buyers have to be prepared to offer larger down payments, because lenders have tightened their lending standards.
However, this last fact shouldn’t scare you away! 81% of down payment programs for quarter 3 still had funding for homebuyers according to Down Payment Resources’ latest report. The key to this funding success is the CARES Act, Emergency Solution Grant, HOME Investment Partnership Program, and the Community Development Block Grant.