First-time buyers being squeezed out? Actually, we see signs of more buying power.

Guest contributor Down Payment Resource says:

The Nevada Rural Housing Authority (NRHA) recently highlighted that its Home at Last Access™ program resulted in 438 home sales and $64 million in home loans. That's a lot of new homebuyers and sales for REALTORS®. And, the program more than doubled the amount of home loans from the previous year.

The Home at Last Access program provides down payment and closing cost assistance through a grant equal to four percent of the loan — and, it doesn't require the homeowner to be a first-time homebuyer. It also offers competitive mortgage lending rates through participating lenders on FHA, VA or USDA home mortgages.

What can this local program teach us?

• Assistance funds are being used in local markets, resulting in real home sales.

• Inventory is still available, and not all purchases are made by investors. In fact, consumers can get pre-approved by NRHA before they shop for a home or execute a purchase agreement, allowing them to begin their home search with additional purchasing and bidding power. NRHA applicants can reserve funds while they shop for a home, helping them take the time they need to find the home they really want without being squeezed out by investors and other buyers.

• What percent of home sales are made by a REALTOR® in any market? Most! So, REALTORS® are beneficiaries of this funding.

• Using taxable bonds, NRHA has essentially achieved unlimited and perpetual funding for its programs. It proves to be a good example of a thriving HFA in the age of fiscal austerity.

• Local programs are helping serve a wider range of homebuyers. This program expanded its eligibility and funding — buyers no longer have to be first-time homebuyers and income limits are now higher.

Don't ignore the power of down payment assistance. Today's homebuyers have more options than ever.

To view the original article, visit the Down Payment Resource blog.