The American Dream of home ownership is on the rise across the United States. According to the latest figures available, the US homeownership rate reached a record 69.2 percent in the second quarter of 2004, up from 68.3 percent in 2003. And for the first time, the majority of minority Americans own their own homes.
Owning a home provides tremendous benefits for families and for the communities in which they reside. Homeownership provides a sense of security and allows families to build wealth. A home is the largest financial investment most American families will ever make. Homeownership translates into a greater concern for neighborhoods and their communities as owners work to maintain the value of their greatest investment.
However, the most significant stumbling block for many low- to moderate-income families is being able to afford the down payment and closing costs. Fortunately, there is help – through down payment assistance programs or DAPs.
DAPs have been around for years yet many people, the people who could use them most, dont even know they exist. With home prices and interest rates on the rise, theres no time like the present to...
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