First Time Home Buyers and Down Payment Assistance Programs

Dated: 12/20/2019

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Information for First Time Home Buyers and Getting Started with Down Payment Assistance:

1. Dispel outdated homeownership myths.

Agents are the primary gatekeepers and its critical they help dispel myths that may cause buyers to self-select themselves out of the market. It’s shocking that 65% of homebuyers believe they need 15% down or more, even though the average first-time homebuyer down payment is now just 6% and could be even less thanks to available homeownership programs.

Even the term “first-time homebuyer” applies to more buyers than you may think – according to HUD guidelines, a first-time homebuyer is someone who has not owned a home in 3 years. Plus, approximately 41% of programs don’t have a first-time homebuyer requirement, opening more opportunities for repeat buyers.

2. Leverage the experts.

Some agents avoid down payment assistance programs simply because they don’t feel like an expert in the programs available in their market. Modern agents know they can leverage their state and local housing finance agencies and participating lenders to help their buyers apply for down payment assistance and access homebuyer education. By developing new partnerships, agents don’t have to avoid first-time homebuyer business. They are raising awareness and connecting buyers to the experts — everybody wins.

3. Meet buyers where they are.

Today’s consumers aren’t afraid of doing their homework. Research shows buyers are doing online research early, way before engaging an agent, even though most will ultimately work with one. To meet buyers online, agents are using their websites and social platforms to provide first-time homebuyer content and guides to reach buyers early.

4. Highlight solutions.

New agents are most likely serving their millennial peers – peers who may be struggling with saving for the down payment, student debt and rising rents. They also understand buyers may be overlooking important resources like homebuyer education and down payment help.

What’s next?

New buyers face real homeownership challenges, but there are more solutions available than they may know about, including down payment assistance.

If you are a homebuyer, look for professionals who can provide this type of service and guidance.

Contact me to get started and connected for Down Payment Assistance, Today!!

Stop waiting and start be a Home Owner! 

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Drew Miller

The sunshine, beaches, water, and wonderful people have cemented me in Pinellas Co. I strive to bring a personal customer service approach to the home selling and buying process, to ensure all custom....

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