Bridgette Blount transitioned from renting to homeownership driven by her desire to provide her grandchild a nurturing environment. Utilizing down payment assistance, she secured an affordable home.
'Down payment assistance not only helped me be able to buy in desirable areas...but still in an area where the quality of homes around me is increasing instead of decreasing,' says Blount.
The typical down payment for first-time homebuyers was 8% in 2023, the highest since 1997, presenting a significant hurdle for prospective owners.
The challenge of securing a down payment is particularly pronounced for first-generation homebuyers, who often lack the advantages of intergenerational wealth.
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