Making a down payment on a home is one of the leading factors that prevents renters from becoming homeowners. Even with a minimum of 3.5% down with an FHA loan, a down payment can still be thousands of dollars out of reach for those who aspire to become homeowners. 

Thankfully, there's down payment assistance. We have some insights on how to find the right down payment assistance for you to make your dream of owning a home come true.

Nationally, down payment assistance (DPA) programs exist, and there are actually more than 2,000 of them. They help potential homeowners with grants or loans that reduce the amount they need to save for a downpayment. 

According to The Mortgage Reports, there are four types of DPA:

1. Loans that must be paid down with your first mortgage
2. Loans with deferred payments, which are only paid when you move, sell, or refinance
3. Loans that are forgiven over a set number of years and only need to be repaid if you move, sell, or refinance
4. Grants, which are basically gifts that never need to be repaid

The U.S. Department of Housing and Urban Development (HUD) lists countless homeownership assistance programs along with DPA here. 

Locally, there may be programs in your city, especially if you're a first-time homebuyer. There's even the option of checking to see if your profession makes you eligible for down payment assistance. Law enforcement officers, emergency medical technicians, firefighters, and teachers can utilize the Neighbor Next Door Program, which only requires a $100 down payment for those who are eligible. 

Lastly, if you're looking for help with DPA, consult with your real estate agent or lender. They may have resources or helpful tips. 

Money can't buy happiness, but it can buy a house, and according to the 2019 Fall Homebuyer Insights Report by Bank of America, most homeowners credit their happiness to an improved lifestyle and variety of hobbies that homeownership allows. 

The report by Bank of American also found that most Americans would rather pay a mortgage than pay rent, believe homeownership builds financial equity, and more than half of current homeowners feel that home is a place to make memories. 

Homeownership doesn't just change the homeowners--over two-thirds of respondents said their relationships with family and friends have evolved since owning a home. Home ownership was said to help the owners entertain more, give families a sense of pride, and even bring their whole family under one roof. 

Along with impacting relationships, homeownership was found to improve the lifestyles of many people. Over 75% of respondents claimed homeownership made them a better person and reported that they developed new hobbies and interests once they bought a home. Among the new hobbies were landscaping, gardening, culinary skills, interior design, and remodeling. 

To learn more insights from the 2019 Fall Homebuyer Insights Report, check out the full article here.

According to a survey by Bankrate, Americans believe that real estate is the best long-term investment for money they won’t need within ten years.

The company asked survey respondents which category was the best to invest in for money they wouldn’t need for more than a decade.

Real estate came out on top, with thirty-one percent of respondents choosing it as their top pick. Stocks moved the the second most popular choice after being first in 2018. This year, stocks earned 20% of votes by Americans for long term investments. 

Following behind stocks were cash investments, gold and precious metals, and bonds. It is of note that real estate was the top choice for all generations--especially millennials, Generation X, and baby boomers--and all salary categories, from those who earned $30,000 a year or less to those who earned more than $75,000.

To read more on the study and find out which other categories were chosen for long-term investments, check out the full article here.