250 - Down Payment Assistance is BACK (Save Major $$$ Buying a House)
How to Buy a Home: The #1 First Time Home Buyer Podcast
David Sidoni
4.8 • 891 Ratings
🗓️ 26 July 2024
⏱️ 28 minutes
🧾️ Download transcript
Summary
Down payment assistance is BACK, and it's not just for low-income buyers! This episode reveals the truth about underutilized programs that could help you ditch your lease and buy a home sooner than you think.
Highlights:
- "79.8% of FHA borrowers were eligible for down payment assistance, but only 15% used it. Damn." Discover why these programs are massively underutilized and how to use them to achieve your homeownership dreams.
- "Each area has their own specialized programs..." Learn how to find the hidden gems of down payment assistance in your area and unlock your path to homeownership.
- "Zillow and Realtor.com are going to send you to one of those inexperienced brokers who doesn't know anything about this." This episode reveals the truth about the online real estate game and who you should really trust on your home buying journey.
- "You could use a down payment assistance program, but should you?" Discover the factors to consider before diving into a down payment assistance program, ensuring it aligns with your long-term goals.
- "90 minutes today can transform the next year of your life." Ready to make 2024 your last year of renting? Find out how a free consultation could be your ticket to homeownership.
Referenced Episodes: Episode 75, Episode 113, Episode 225, Episode 238, Episode 245
General Notes: This episode is a wake-up call for anyone who thinks down payment assistance isn't for them. It's packed with insider tips, myth-busting facts, and a clear plan of action to get you into your dream home.
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David Sidoni, the "How to Buy a Home Guy," is a seasoned real estate professional and consumer advocate with over 18 years of experience helping first-time homebuyers navigate the real estate market. His podcast, "How to Buy a Home," is a trusted resource for anyone looking to buy their first home. It offers expert advice, actionable tips, and inspiring stories from real first-time homebuyers. With a focus on making the home-buying process accessible and understandable, David breaks down complex topics into easy-to-follow steps, covering everything from budgeting and financing to finding the right home and making an offer.
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Transcript
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| 0:00.0 | 79.8% of the FHA borrowers in the first quarter of this year were eligible for down payment |
| 0:07.4 | assistance, but only 15% used it. |
| 0:11.1 | Damn. |
| 0:11.6 | All right, so what's out there? |
| 0:13.5 | Welcome to the show, homies. |
| 0:15.2 | Now, the down payment is the number one reason people say they can't buy a home. |
| 0:18.5 | And as many as 40% of first-time home buyers think that |
| 0:21.8 | because they believe that they have to put 20% down when the actual average down payment |
| 0:27.2 | for first-time home buyers, it's actually 8%. And were you aware that in 2024, it's getting |
| 0:32.7 | even easier because down payment assistance programs are making a comeback? Yeah, let's explore all of the actual options that you might have. |
| 0:41.8 | Play that music. |
| 0:58.8 | What is up, my homies? |
| 1:00.6 | Happy summer to you, homies. |
| 1:03.1 | I'm your very sweaty host, David Sedone. |
| 1:09.7 | And today I'm going to talk to you about the giant hurdle that many would be first-time homebuyers put in front of themselves. |
| 1:11.6 | And by the end of this episode, we're going to replace that false obstacle with a roadmap that's going to help you become a |
| 1:16.6 | homeowner far sooner than you might think is possible. That's what we do here on the podcast. |
| 1:21.2 | We give facts and real-world examples of the actual steps that people just like you are taking |
| 1:26.8 | to say things like, |
| 1:27.8 | holy shit, I can buy a home. Down payment assistance programs come in many forms. And for those of |
| 1:34.5 | you with 0% down, even for those of you with, I don't know, 10, 20, 50% save for a down payment. |
| 1:41.5 | Yes, it's a thing. You can still use a down payment assistance program. |
... |
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