Top Eligibility Requirements for Homebuyer Assistance

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Great News! Homeownership program funding went up. Nearly 2,500 Programs are now available to homebuyers.

The 2016 quarterly Homeowner Program Index (HPI) is out now! Atlanta-based Down Payment Resource, the nationwide databank for homebuyer programs, reports that there are now 2,477 homeownership programs available and 85 percent currently have funds available for eligible homebuyers, up one percent from the previous quarter. The average down payment program benefit across all programs is $8,260.

To qualify for a homeownership program, both the buyer and the property must meet certain criteria, which vary by program.

Top eligibility requirements for homebuyers include:

  • Household income thresholds which are based on the area median income, credit score minimums and cash reserve requirements.
  • About 63 percent of programs are reserved for first-time homebuyers, defined as someone who has not owned a home in three years.
  • 14 percent of programs are reserved for community heroes with the largest segment for military and veterans (5 percent).
  • Most programs require the buyer to complete a homeownership education course. Today, more than 50 percent of programs accept online homeownership education.

Top eligibility requirements for the home include:

  • The property must be used as a primary residence.
  • Eligible property types include single-family homes, townhomes, condos and sometimes manufactured homes. In some markets, 2 – 4 unit multifamily properties are allowed if the buyer is also an owner occupant.
  • Home sales price limits are based on a percentage of the area median home price. This means the maximum home price can range from $250,000 up to over $700,000 in high cost markets.
  • Programs are available in every community across the country and often for homes at price ranges above the median sales price for a given area.

DPR_Infographic_2016_Q2

Programs available across the country

There are 23 programs available nationwide and 23 percent of the programs are available state-wide. Regionally, the most programs are found in the South (978), followed by the West (744). View a complete list of state-by-state program data.

MLS subscribers have access to DPR for free!

Look for the DPR icon DPRIconnext to eligible listings in Matrix search results. Learn how to get DPR on your IDX website, find marketing resources, and access more DPR tools on their website.

Reminder: Programs are always changing.

Program information is constantly changing, so REALTORS® are encouraged to always stay informed. To do its part in keeping real estate professionals and homebuyers current, Down Payment Resource researchers verify and update program data monthly. More than 1,180 programs were edited since the prior update. Updates may include eligibility guidelines, benefits, program name, funding status and/or coverage area.

 

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