Los Angeles’s expensive homes have a silver lining: More down payment assistance is available. L.A. buyers land average down payment help of $40,598, the highest rate in the nation.
Realtor.com reports that between low-interest-rate loans, grants, tax credits, and other creative financing options, buyers can obtain as much as $100,000 in down payment assistance if everything breaks right.
Using data from Down Payment Resource, the site found 10 of the priciest metros where buyers can get the most help. Miami ($31,445) and Seattle ($25,375) also provide substantial money.
Miami has made great strides to rebound since the last housing bust. Buyers these days can check out the Miami-Dade Economic Advocacy Trust Homeownership Assistance Program, which offers up to $7,000 as a deferred-interest loan for first-time buyers. Borrowers won’t even have to pay it back if they stay in their homes for 10 years.