Expanding Down Payment Assistance Programs Open Doors for Homebuyers

Benjamin Sar initially laughed when a friend advised him to start saving for a home purchase.

The photographer experienced a difficult period after relocating to Miami in 2021, living out of his car for three months. After covering his travel and living expenses, he was left with only $25.

Despite these challenges, by October 2024, Sar, 28, successfully closed on a new three-bedroom, three-bath residence in North Miami priced at $400,000, featuring white porcelain flooring.

His achievement was made possible through down payment assistance programs, which are increasingly available nationwide to support buyers facing rising home prices. These programs typically provide loans or grants that may also help cover closing costs and other associated fees.

Such initiatives are offered by a variety of organizations, including government bodies, housing nonprofits, and real estate companies like Zown. The latter provides qualified buyers in California with up to $25,000 in assistance and plans to extend its program across the country later this year. Many loans come with low or no interest and are often forgiven after the homeowner occupies the property for a specified period.

While renting with roommates, Sar learned about BlueNest, a South Florida developer focused on first-time buyers. As an immigrant from Liberia and a first-generation prospective homeowner, he had not previously considered purchasing property.

"I didn’t understand the homebuying process, and it seemed intimidating without guidance," Sar said.