A new report has found a record high number of assistance programs – more than 2,500 – are now available for today’s homebuyers, and the programs remained well funded in 2017.

The recently released Down Payment Resource Q4 2017 Homeownership Program Index found more than 87 percent of programs currently have funds available for eligible homebuyers. While individual program funding can vary, overall funding trends for homebuyer programs across the country remain roughly unchanged from the previous quarter.

Down Payment Resource communicates with 1,309 program administrators to track and update the country’s wide range of homeownership programs, including down payment and closing cost programs, grants, mortgage credit certificates, affordable first mortgages and more.

Homebuyer programs are managed and funded from a wide and diverse array of sources, each with its own requirements, nuances and limitations. The role of these administrators can vary, but generally, they approve participating lenders who are trained on the program guidelines and approved to originate, process and close specific homebuyer programs. Program administrators include state and local housing finance agencies, cities and counties, nonprofits and employers.

Report: Homebuyer Assistance Programs at All-Time High

by Banker & Tradesman time to read: 1 min