Study Reveals Down Payment Programs Are Underutilized

11415696705_28dc0e9683_oAlthough more than 87 percent of homes qualify for some type of down payment assistance, a new study reveals that these programs are widely underused. According to a new report from RealtyTrac, there are 2,290 down-payment assistance programs available nationwide. Of those programs, 91 percent have untapped funds to distribute to eligible buyers. Sadly, many young homebuyers, who can most benefit from the funds, are not aware they are available. Rob Chrane, president and CEO of Down Payment Resource, says, “Millennials, haven’t fully investigated their home financing options because they are pessimistic about qualifying for a mortgage.”

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Image Source: Mark Moz