Data from the National Association of REALTORS® 2021 Profile of Home Buyers and Sellers 40th Edition suggests that 61 percent of buyers used their savings to pay for the down payment of their homes. On the other hand, many are discouraged to pursue their desire to own a home, especially if they don't have enough savings while looking at available properties. 29 percent of first-time home buyers find it challenging to save for a down payment in a short period, thus it could be considered one of, if not the most difficult step in the home buying process.
The Good News
Despite the hoops and hurdles, there are options available in the market to help people when it comes to down payments.
Down Payment Programs
Down payment programs help people towards homeownership by offering customizable plans that meet individual needs. A payment assistance program may vary from one area to another. It also needs to be discussed with a mortgage lender, as well as a real estate agent.
Licensed Real Estate Agents
Whether you find saving for a down payment discouraging, or you simply don't know where to start, there is no reason to lose hope. Getting a licensed real estate agent to work with you can truly do wonders. A trusted realtor can help you explore federal, state, and other local programs that would suit your needs.
You don't have to overcome the difficult steps alone. Having a licensed realtor by your side is the key to hassle-free homeownership. Contact the best real estate agent in Long Island and the top real estate agent team in town: The Island Wide Team! We'd love to help!
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