As 2025 approaches, state-funded down payment assistance (DPA) programs are helping veterans, service members and surviving spouses achieve their dreams of homeownership.
This comes from a new survey by Down Payment Resource — a nationwide database designed to connect prospective homebuyers to financial assistance opportunities. The study analyzed DPA programs from more than 1,300 housing finance agencies, municipalities, nonprofits and other organizations. A total of 29 down payment assistance programs were added in the U.S. in third-quarter 2024.
Down Payment Resource highlighted 49 of the 2,400-plus programs that offer up to $117,000 specifically for veterans. That represents a slight decrease from the 61 programs that offered up to $120,000 per borrower last year.
In 2024, second-lien mortgage programs (20) stand out with the highest number of veteran-tailored DPA programs. Grant programs (15) and first-lien mortgage programs (12) came in next.
The 15 grant programs offer forgivable assistance, provided that a homeowner maintains their status as the primary occupant and owns no additional properties. Last year, 24 programs offered the same benefit.
The report also noted a slight increase in the minimum down payment assistance amount for veteran-tailored programs, which grew from $2,000 to $2,500. The maximum assistance amount decreased from $120,000 to $117,000.
Rob Chrane, founder and CEO of Down Payment Resource, said that veterans and their families should be more aware of DPA options heading into 2025.
“Owning a home is foundational to long-term financial stability, and our goal is to ensure Veterans and their families are aware of the assistance available to them,” Chrane said in a statement. “As we celebrate Veterans Day and Military Family Appreciation Month, we’d like to thank our Veterans, service members and their families. It’s our hope that these programs can unlock the doors to homeownership and all the benefits it brings for them in the coming year.”
Data shows that more veterans have been gearing up for homeownership in 2024. According to a National Association of Realtors (NAR) report in July, veteran homeownership has steadily increased since 2008, with veterans outpacing civilian buyers in some markets. And another survey by Veterans United Home Loans found that 74% of the military population plans to purchase a home in 2025, compared to 69% of surveyed civilians.
Veterans or family members interested in purchasing multiunit properties may also receive assistance. The report highlighted that 24 programs support the purchase of one- to four-unit homes. With mortgage rates expected to sink further in 2025, program demand could continue to grow.
