Down payment assistance

While many down payment assistance programs are designed for first-time homebuyers, there are numerous programs available for repeat buyers as well. The definition of "first-time buyer" can also be broader than expected, often defined as someone who hasn’t owned a home in the past three years.

MYTH: Income restrictions are too low

Many people assume that down payment assistance is only for very low-income applicants. In reality, these programs often have higher income limits than many people expect, and are intended to help a range of middle-income families as well.

MYTH: Only Available in Certain Areas

Another common myth is that down payment assistance programs are only available in rural or economically underserved areas. However, there are programs available in a wide variety of locations, including urban, suburban, and rural areas.

MYTH: Too Complicated to Be Worth It

Some potential homebuyers are deterred by the belief that the process of applying for down payment assistance is too complex and cumbersome. While the process can involve paperwork and specific requirements, the financial benefits can be significant, making the effort worthwhile.

MYTH: Limited Funds Mean Low Chance of Approval

There's a misconception that down payment assistance funds are so limited that few applicants actually receive help. Though funds are not unlimited, many programs regularly receive replenishments and are accessible to a significant number of applicants each year.