DPR highlights offerings to mark Veterans Day and Military Family Appreciation Month
Down Payment Resource (DPR), the housing industry authority for homebuyer assistance program data and solutions, highlighted programs supporting veterans, service members, and their surviving spouses to mark Veterans Day and Military Family Appreciation Month in November.
With military families challenged by frequent relocation due to Permanent Change of Station (PCS) orders, they also faced financial problems as rising home prices and mortgage interest rates plagued the housing market. Housing costs and relocation issues had been stressful and expensive for service members in the recent years, according to the Blue Star Families’ Military Family Lifestyle Survey.
Seventy-eight percent (78%) of veteran households were homeowners, 14 percentage points higher than the total population, the Urban Institute said. As they often relocated every few years, active-duty service members only had a homeownership rate of 43%.
This showed how essential financial assistance was for them in order to pay off down payments and other purchasing costs.
“Having assistance to buy now, even when interest rates seem high, can help our service members start to build equity, enjoy a sense of community, and have an asset they can keep or sell if they receive PCS orders,” said Rob Chrane, DPR’s founder and CEO.
DPR said there were 61 programs offering up to $120,000 in funds that helped veterans and service members to build, buy, or make accessibility-related home renovations.
It found the programs offered homebuyer assistance ranging from $2,000 to $120,000. There were 24 second mortgage programs, 18 affordable first mortgage programs, 15 grants, as well as one below market rate (BMR) or resale restriction program, one combined assistance program, one voucher program and one other assistance type.
Twenty-four programs offered forgivable assistance as long as all program conditions were met. Fifteen programs were given as gifts with no other conditions as long as the criteria for eligibility were accomplished.
Thirty-five programs were suited for first-time buyers while 34 were open for repeat buyers or provided a waiver for service members and veterans.
“We are extremely grateful to our Veterans, service members and their families and hope these programs can unlock the doors to homeownership and all the benefits it brings,” said Chrane.
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