Jackson Hole Home Buyers—This is for you!
Nationwide, there are thousands of programs available to homebuyers offering down payment assistance on the purchase of a home, which can save buyers thousands of dollars. One of the biggest hurdles to homeownership, particularly for first-time homebuyers, is coming up with a down payment. Most homebuyers and their real estate agents don’t realize how much help is out there, much less where to begin looking for this help.
The disconnect comes from the fact that all of these down payment assistance programs come from so many different agencies and are spread through so many different programs (about 2,300) with different eligibility rules. One company set out to fix this disconnect. Down Payment Resource, with the help of the software company Workforce Resource, developed a platform to easily connect potential homebuyers with programs in their area fitting their needs and eligibility.
These down payment assistance programs can come in the form of grants, delayed repayment loans, interest-free loans, and even remodeling loans. The average amount of assistance is about $12,000. Another misconception is that these programs are only for first-time homebuyers. While that is mostly true, the definition of a first-time homebuyer can mean the buyer hasn’t owned a principal residence in the prior three-year period. This means that many people who lost their homes to foreclosure or short-sales in the downturn could soon be eligible for some programs.
Using Down Payment Resource’s website, I found five programs available to Teton County, Wyoming, homebuyers (Jackson Hole, Wilson, Teton Village, Moran, and Kelly). Each of the programs available in Teton County is through the Wyoming Community Development Authority and offers a variety of assistance, from down payment assistance and closing cost assistance to remodeling funds.
This is an incredible opportunity for buyers in Jackson Hole! Given the expensive real estate market that exists in Teton County, Wyoming, this down payment assistance can mean the difference between your dream of owning a home or renting indefinitely.
If you are looking to make Jackson Hole your home, then contact us today. We would love to help you work through all the details and find a place to call your own!
The source for this blog post is the Inman News article “Down payment assistance website offers gold mine for potential buyers” by Amy Swinderman. May 20, 2015. Also, here.
