According to a joint report from RealtyTrac and Down Payment Resource, nationalmortgagenews tells MHProNews down payment assistance programs can save homebuyers on average $5,965 on the down payment and $11,801 over the course of a loan’s life, totaling $17,766.
Having studied 513 counties across the nation, the report states the money saved represents 41 percent of a year’s wages when compared to buyers that do not use the assistance.
The amount of assistance provided from down payment assistance programs across the country averaged $12,434, nearly double the average three percent down on a median-price home, nationwide.
In 18 percent of counties in the New York City, Washington, D. C., Salt Lake City and Baltimore metropolitan areas, down payment assistance was less than the three percent.
In Kauai County, Hawaii, homebuyers can save $80,148 over the life of a loan when compared with not participating in a down payment assistance program, representing the largest savings possible.
The Los Angeles, San Francisco, Miami, New Orleans and Seattle metropolitan areas also offer savings of over $50,000 for the life of a loan for participating in a down payment assistance program. ##
Article submitted by Matthew J Silver to Daily Busines News-MHProNews.