Nine Facts all Homebuyers Should Know: Breaking Down the Real Estate Market with CEO of Down Payment Resource 

Insights: From the desk of Joseph Rossi

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A Note from Joe                                                       

As we continue our podcast series, we are excited to announce that our most recent episode of “Industry Insights for Financial Services Professionals” features CEO of Down Payment Resource, Rob Crane.  

This episode titled “The Revolutionary Database in Down Payment Assistance: Why Down Payment Resource is essential to Home Ownership,” tackles how the company is helping homebuyers reach their ownership dreams.  

As discussed in a recent blog post, Down Payment Resource has just celebrated its 14th anniversary, and we are proud to congratulate them on this milestone. Furthermore, we are excited to share some of the top facts and insights individuals should know about the real estate market.  

Given the current state of the real estate market, inflation has caused house prices to increase and make the dream of owning a home further out of reach for many individuals. As a result, down payment assistance and the work Down Payment Resource is doing is now more important than ever, which is why my team, and I felt the need to share the work this company is doing with all of you.  

All these insights were crucial to us as we worked to develop our latest podcast episode, as it helped put the current state of real estate into perspective.  

  1. There are 2,238 down payment assistance programs in the U.S. (Down Payment Resource). 
  2. The average down payment for first-time homebuyers in 2019 was 6% (National Association of Realtors).  
  3. Most homebuyers believe that they need anywhere between a 15 to 20% down payment to purchase a home (National Association of Realtors). 
  4. “84.9” of all homebuyer assistance programs are actively funded and available” (Down Payment Resource).  
  5. “Frist time homebuyers account for 29% of the existing-home buyers, a lower fraction compared to one year ago (28% in the prior month [Feb. 2022], 32% one year ago [2021])” (National Association of Realtors). 
  6. “Among buyers who obtained a mortgage, the share who obtained FHA- insured mortgages decreased to 14% (15% in the prior month, 18% one year ago)” (National Association of Realtors).  
  7. “According to NAR’s homeownership affordability index (HAI), at 150.3 for 2021, the affordability of purchasing a home was down 11.5 percent from 2020…” (U.S Department of Housing and Urban Development).  
  8. “The 30-year fixed-rate mortgage (FRM) exceeded 4 percent in March [2022] for the first time since May 2019 “(U.S. Department of Housing and Urban Development). 
  9. “The Federal Housing Finance Agency (FHFA) seasonally adjusted purchase-only house price index for January [2022] estimated that home values increased 1.55 percent m/m and 18.2 percent y/y, up from an annual adjusted gain of 17.7 percent in December [2021]” (U.S. Department of Housing and Urban Development).  

The full podcast episode can be accessed through our FSOKX YouTube page and is also hosted on our website. To learn more about affordable housing and how you can help your customers in their journey to homeownership, head over to Down Payment Resource to learn more.  

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