Down payments

A large share of each generation, baby boomers, Gen X, Millennials and Gen Z, said another age group is the reason why homeownership is unaffordable, Clever found.

Recent housing trends more favorable to buyers will ease some of the pressure for higher down payments in order to secure a winning bid, Redfin finds.

The assistance is available for borrowers with sub-620 FICO scores with earnings less than 80% of the Area Median Income, or first-time home buyers with no restrictions.

Affordability challenges also have some aspiring homeowners taking second jobs or looking to draw from retirement savings, according to Redfin.

Fannie Mae also will be making a four-figure adjustment available next month and Freddie Mac is contemplating expanding its program to a new income tier.

While several communities offer monetary incentives to attract new residents, some are making overtures with down payment and other types of assistance aimed at building up their local housing markets.

The program is even lower than Freddie Mac's best of 3%, with Zillow offering to pay 2% of the down payment at closing, according to a statement Thursday.

The announcement comes as interest in Federal Home Loan bank funding has experienced a resurgence, with advances up 48% in the first six months this year.

The sharp increases of the pandemic era have added nearly a year to the amount of time the average consumer needs to save for a 20% down payment, according to Tomo.

Congress included funding for such assistance in its infrastructure bill.