Expand Down Payment Assistance for Home Buyers
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- Well Being In the Nation Network
Down payment assistance programs help home buyers with low- and moderate-incomes pay their down payment. Most often they help people buy their first homes. Instead of waiting to save up, people can get funding. These funds could be grants which do not need to be repaid. They can also get a loan for the down payment. Or they can get loans that only have to be repaid if people move, sell their home, or refinance a mortgage. Half of white households that are low-income own their own homes. Only 27% of Black families that are low-income own their own homes. Owning a home helps with economic growth for a lot of families that are low-income. It helps them build assets and reach financial security. Homeownership also helps develop family wealth and lowers intergenerational poverty.