Down payments are the biggest barrier to homeownership for American renters, according to a CNBC and SurveyMonkey Quarterly Money Survey published in October. Fifty-two percent of renters, the largest share, said they couldn't afford a down payment.
There are options for folks who need help with these payments, such as local government and non-profit grants, along with financing options from national lenders. Additionally, on Oct. 28, real estate marketplace Zillow announced it launched down payment assistance for buyers who finance their home purchase with a Federal Housing Administration (FHA) loan through its lending arm, Zillow Home Loans.
