The net number of homebuyer assistance programs increased by 1.6% from the first quarter to the second quarter of 2022, according to a new report from Down Payment Resource (DPR).
That was one of the findings of the latest Homeownership Program Index (HPI) released Tuesday by DPR, a nationwide database for U.S. homebuyer assistance programs.
This finding marks the third consecutive quarter that the number of homebuyer assistance programs has grown. The HPI, which is published quarterly, examined a total of 2,273 homebuyer assistance programs that were active as of July 5, 2022.
Support for manufactured home loans also increased for the third consecutive quarter, with 625 programs now supporting such loans, up from 594 in the first quarter, DPR said.
The number of homebuyer assistance programs increased by 35 during the second quarter, it said. Among them were five nationwide, or multi-state, programs and 12 statewide programs.
Assistance for first mortgages, combined down payment and closing cost support, community second mortgages, and deed restriction programs were also added.
Additionally, programs offering veteran exemptions grew from 176 to 184 this quarter, almost a 5% increase.
“Despite a slight increase in the number of inactive and suspended programs, our analysis indicates that opportunities for homebuyer assistance are continuing to grow,” said DPR CEO Rob Chrane. “With inflation reaching 40-year highs, aggressive interest rate hikes and limited housing inventory, connecting consumers with financial support for down payment and closing costs is more important than ever. In this especially challenging housing market, program providers are finding creative ways to help qualified homebuyers overcome economic obstacles and achieve the long-term financial benefits of homeownership.”
