For most adults in the U.S. who have never owned a home, saving for the down payment is the number 1 hurdle that keeps them from crossing the chasm to home ownership. Ironically, there are a multitude of assistance programs that would practically eliminate that hurdle – but the vast majority are unaware of their existence.
The Street reports:
A lack of savings for a home down payment doesn’t have to derail you from buying the house of your dreams.
All across America, there are thousands of down payment assistance programs designed to help renters successfully transition into their own homes.
Unfortunately, a recent survey from NeighborWorks America found that 70 percent of U.S. adults are unaware that down payment assistance – free housing grants, funds toward closing costs, and other aid – was available in their neighborhood.
“People don’t know all the different options, mainly because the information isn’t in one place,” says Ronni Cohen, executive director of the Delaware Financial Literacy Institute, also known as The Money School, in Claymont, Deleware. “But having help with a home down payment makes a big difference because buying a home is so complex and it costs so much money.”
Individuals who are aware of down payment assistance often mistakenly assume that such aid is only for first-time homebuyers and low-income households. But many programs target move-up and repeat buyers too, as well as homebuyers from all income levels.
>> read the full article at thestreet.com