Where Buyers Can Get the Most Loan Help

DAILY REAL ESTATE NEWS | WEDNESDAY, SEPTEMBER 28, 2016

Do you know about the options for first-time home buyers in your area? Loans with low-interest rates, grants, tax credits, and other creative financing options are helping some renters enter the market. In some communities, the availability of these offerings are increasing and some first-time home buyers may be able to score up to $100,000 in down payment assistance.

But many would-be buyers need experts to help them understand what's out there. 

“Many home buyers overestimate their down payment and aren’t aware of programs that could boost their buying power,” says Tracey Shell, a spokeswoman at Down Payment Resource, which helps to connect buyers, real estate agents, and lenders to such aid programs. “By doing some upfront research, buyers get a better picture of all of their home financing options. It could save them money on their home purchase and potentially over the life of their loan.”

Down Payment Resource recently evaluated which of the priciest housing markets offer buyers with some of the best down payment assistance. (Note: Only one major metro was considered from each state.) These topped its list:

Los Angeles

  • Median down payment: $79,000
  • Average down payment assistance: $40,598

Miami

  • Median down payment: $18,875
  • Average down payment assistance: $31,445

Seattle

  • Median down payment: $29,600
  • Average down payment assistance: $25,375

Boston

  • Median down payment: $50,005
  • Average down payment assistance: $21,608

New York

  • Median down payment: $42,400
  • Average down payment assistance: $19,514

Denver

  • Median down payment: $36,925
  • Average down payment assistance: $16,121

Washington, D.C.

  • Median down payment: $22,515
  • Average down payment assistance: $15,917

Source: “10 Priciest Metros Where Buyers Can Score the Most Down Payment Help,” realtor.com® (Sept. 28, 2016)