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Just saving up for a down payment traditionally can take years.
Here are some other options available topeople seeking down payment assistance beyond the bank.
These programs may focus on first-time and low-income buyers.
Loan repayment on these is often deferred, easing the financial burdens associated with traditional loans.
Shared Equity Partnerships
Another way some people get help is throughshared equity partnerships, Adde said.
This allows buyers to purchase a property without increasing their debt.
These tools enable buyers to create a down payment fund registry, he explained.
A national DPA provider can extend down payment assistance to borrowers living in any state.
Most states also offer their own DPA program, and each state has different requirements for qualification.
Most DPA programsrequire borrowers to be first-time homebuyers with low to moderate income.
They may also require that the borrower have excellent credit and a strong rental history.
Depleting your savings account and not having reserves turnsevery unexpected expenseinto a crisis.
Having a good rainy-day fund will help ensure your borrower will be a sustainable homeowner.
About 37% of respondents in its 2024 survey bought a home together with someone else.
Lastly, 54% used two or more of these sources to do so.
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