State and local down payment assistance programs are reporting record application volumes this spring as first-time buyers seek creative ways to bridge the affordability gap. Some programs offer forgivable loans of up to $25,000 that require no repayment if the buyer remains in the home for a specified period.
Housing finance agencies note that many eligible buyers remain unaware of available programs, with outreach efforts hampered by limited marketing budgets. Real estate professionals play a critical role in connecting clients with assistance opportunities.
Federal proposals to create a nationwide down payment assistance tax credit continue to work through congressional committees, though passage this session remains uncertain.
