Down Payment Assistance Programs boost homeownership for Black consumers. Here is how to get assistance

(New Legacy Realty) – For Black consumers and first-time homebuyers, saving for a down payment can be a significant hurdle. Families and individuals can often manage a monthly mortgage but lack the upfront resources for a down payment. However, crucial programs are available that can assist homebuyers with their down payments, making homeownership more accessible. The National Association of Real Estate Brokers advocates for legislation and supported or instigated legal challenges that ensure fair housing, sustainable homeownership and access to credit for Black Americans. It provides a blog to answer questions about down payment assistance programs and encourage more potential homebuyers, including Black consumers, to identify and use them. Black consumers must be made aware that these programs are available. Related Stories Down payment assistance programs are usually funded by local, state or even federal agencies that funnel the funds to institutions they partner with, expanding inclusivity in the homebuying process. These programs can come in the form of loans or grants, depending on the specific program. Eligibility for these programs can differ. Often, people can earn no more than 80% of the area median income to qualify, but some programs allow up to 120% of median income. BMO Financial...