(RECAP: The most difficult step for most first-time home buyers, according to research from the National Association of Realtors, is gathering the funds for a down payment. In housing markets such as the Washington region, saving money to purchase a home can be doubly hard: Not only are homes expensive, requiring more cash for even a minimal down payment, but rents are also high, making it tougher to save at all. Fortunately, there are a variety of homeownership programs to help buyers, including some open to people who have purchased before and others limited to first-timers. Michele Watson, director of homeownership programs for VHDA in Richmond, says that in addition to taking home-buyer classes, which often are required for those seeking down payment aid and special loan programs, prospective buyers should check online for their state and local government housing office and housing finance agency.)
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