Cities Offer Mortgage Assistance

Currently, most cities, counties or states offer some sort of mortgage assistance to people who make less than 80% of the area’s median income. But current mortgage trends are still excluding many buyers with high rates and higher property values. Some cities feel that, while median income may not be on the rise, the housing market is, and that their assistance programs need to be revamped.

Some cities are increasing the amount that can be given to first time homebuyers or those who make less than the 80% median income. The money can be used towards a down payment and closing costs, facilitating more people to buy property. At the state level, some governments are considering adjusting the level of income that one must meet, raising that amount for the average household. The levels and amounts that were dictated by these programs were at a time when the average house cost $125,000; the national average is now $230,000.