This past Saturday’s Down Payment Assistance Info Session was packed with valuable insights about the many down payment assistance (DPA) programs available to homebuyers right now. There are so many options that we could easily dedicate an entire 8-hour class to covering them all!

One of the most fascinating points we discussed was why big banks provide these funds. It's not out of pure generosity; it's actually a requirement. The Community Reinvestment Act (CRA) of 1977 mandates that banks and financial institutions help meet the credit needs of the communities they serve. Federal agencies, like the Federal Reserve and the FDIC, assess and rate banks on their community lending efforts, and they make these ratings public. So, what’s in it for the banks? By funding affordable housing, small businesses, and community development projects, they earn better ratings, which ultimately benefits their reputation and business.

Here are some of the BMO programs we covered:

• BMO’s Welcome Home Grant and Closing Cost Discount, offering up to $16,000.
• Freddie Mac’s BorrowSmart Program, offering up to $1,250.
• FHLBC’s Downpayment Plus Program, offering up to $6,500.

In addition, we highlighted other DPA programs offered by different organizations, including:

• Arizona Is Home Down Payment Assistance Program, offering up to $30,000.
• City of Phoenix Open Door Program, offering up to 10% of a home’s purchase price.
• Workforce Initiative Subsidy for Homeownership (WISH), offering a 4-to-1 match, up to $30,000.
• Avondale First Time Homebuyer Program, offering up to $40,000.

So, why aren’t more REALTORS® talking about DPA programs? The reality is that DPA isn’t the "low-hanging fruit" — it requires time, effort, and a deep understanding of how these programs work, as well as the organizations that provide them.

I’ve invested time and effort in learning these programs inside and out, and I’ve built relationships with the organizations that offer them. This helps me streamline the process and efficiently guide people through these programs. If you’re thinking about buying a home, now is the perfect time to start exploring these opportunities. DPA funds are limited and do run out, so it’s important to act sooner rather than later.

And if you're wondering if it's a good time to buy, check out my blog, Why I Believe It’s a Good Time to Buy A Home, for more insights on the current market.