Rising home prices and higher mortgage rates are making it increasingly difficult for first-time buyers to break into the market. A recent report from Redfin shows that the average down payment in major U.S. metro areas has climbed to approximately $63,200—now 16.3% of the total purchase price, up from 15% last year.
Connecticut is feeling the pinch, and Neil Caron is once again at the forefront of the conversation. “We do not have enough affordable housing in Connecticut—there's a whole host of reasons why. … We cannot catch up,” Caron stated in a recent CT Insider article.
To help first-time buyers, Connecticut’s "Time to Own" program currently offers up to $25,000 in down payment assistance. However, recognizing the ongoing affordability crisis, State Sen. Sujata Gadkar-Wilcox has proposed increasing the maximum award to $50,000—a move that could significantly improve access to homeownership.
For expert guidance on navigating the homebuying process and securing down payment assistance, visit ReadySetLoan today!
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