A study to make Long Island NY homebuyers realize they could qualify for a free down payment without hitting the jackpot and winning the lottery found that 87 percent of all U.S. homes qualify for down payment help.
Long Island NY Homebuyers Need to Investigate Options
Many Long Island NY homebuyers, especially Millennials, have not fully investigated their home financing options because they are pessimistic about qualifying for a mortgage. The Homeownership Program Index highlights the wide range and availability of down payment programs available to today's Long Island NY homebuyers. 91 percent of the 2,290 programs in the registry have funds available to lend to eligible homebuyers. Income limits vary depending on the market and programs extend beyond just first-time Long Island NY homebuyers. It's important for buyers to research down payment programs as part of their loan shopping process.
Historically low homeownership rates across nearly every age demographic have led to a public policy push to lower the barrier to homeownership through down payments as low as 3 percent, but the fact is, the barrier to homeownership is often much lower than even that 3 percent for borrowers who take advantage of one of the myriad down payment help programs available across the country.
RealtyTrac looked at 2,290 down payment programs from Down Payment Resource's Homeownership Program Index and found that out of more than 78 million U.S. single family homes and condos in 1,792 counties with sufficient home value data, more than 68 million (87 percent) would qualify for a down payment program available in the county where they are located based on the maximum price requirements for those programs and the estimated value of the properties.
Long Island NY Homebuyers May Be Missing the Boat
You could be REALLY missing the boat if you don't at least look into one of the free down payment plans available across the country.
We have seen a dramatic increase in financing options available and loosening of credit scores with conventional 3 percent down payments readily available for qualified Long Island NY homebuyers. This is great news for the millennials and Long Island NY homebuyers re-entering the market.
Get more information about how first time Long Island NY homebuyers, whether Millennials or not, can get started in the home buying process in our section on Long Island NY Home Buyer Tips to your right under Long Island NY Real Estate Categories.
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