One mortgage executive is traveling to educate on the benefits of down payment assistance programs
Housing affordability remains a growing concern in the mortgage industry, and each new study suggests the problem is worsening.
The latest study was from the National Association of Realtors (NAR), which announced Tuesday that the median age of first-time homebuyers had soared to 40 years old. Even the median age of repeat buyers reached a record of 62.
It’s an issue that brokers and loan originators around the country are looking to tackle. The challenge is finding ways to improve affordability, especially given that a large share of cost increases has occurred in property taxes and home insurance.
Miki Adams (pictured top), president of CBC Mortgage Agency, is very concerned that these soaring costs are going to keep potential first-time buyers from ever entering the market.
“Affordability remains the biggest challenge, and there's more than one factor that's affecting affordability,” Adams told Mortgage Professional America. “It's not just inventory. Inventory is a huge part of it, but another issue affecting affordability is home and property insurance. That's something that I'm going to be putting a lot more of my own attention on.”
Future concerns for homebuyers
While Adams knows there is little brokers and loan originators can do about the rising costs of home insurance, she wants to dig into the issue further to understand better why costs seem to be skyrocketing.
“It's something that I personally want to be able to explore more and understand better,” Adams said. “Because the high cost of insurance today is impacting the ability for first-time homebuyers, and for all homebuyers, to be able to qualify for their mortgages.”
LeeCoye “LC” Parker of C2 Financial highlighted the toll of the government shutdown on rural borrowers, noting that frozen USDA loans are stalling deals and delaying homeownership for first-time buyers. https://t.co/ToymmXVFVv
— Mortgage Professional America Magazine (@MPAMagazineUS) October 28, 2025
While loan customers may be able to qualify for the initial mortgage based on the insurance quote they’re given before closing, Adams is concerned that if that premium jumps considerably in subsequent years, the borrower may no longer be able to afford their mortgage.
“They may qualify today, but a year from now, when their insurance skyrockets, they are suddenly in a financial hardship, and that's not fair,” she said. “They work hard to get where they've gotten. They get in the door, and they should be able to stay in the house. Yeah, insurance is a real issue.”
Down payment assistance education
One thing Adams has been doing to address affordability, especially among first-time buyers, is traveling to different cities to promote events that educate brokers, lenders, and customers about down payment assistance programs.
The problem Adams has noticed is the lack of education about these programs. Many borrowers might not even be pursuing a home loan because they don't realize they can get help with their down payment.
Adams believes education starts by ensuring brokers, who are integral to a community, are fully informed about consumer options.
“How can we help these brokers?” she said. “Because brokers, they're the ones that really are knee-deep in their communities. They really are entrenched in their communities, and they do a great service. So getting out and educating brokers because they don’t know about down payment assistance programs or how to access them. That's a big piece of it.
“They know the state programs are there, but they don't know about the other programs. And it reminds me very much of the homebuyers, the actual consumers out there, how little knowledge they have that down payment assistance programs exist.”
Because there was such a lack of knowledge of these programs all the way down to the consumer level, Adams knew she wanted to take her education on the road, rather than just reaching out to corporate leaders.
“For me, it’s about going out there and hosting homebuyer events to educate, getting into the communities, to teach consumers, as opposed to business-to-business,” Adams said. “Teaching consumers about the availability of down payment assistance programs was a big thing for me, and it was eye-opening to learn that it's not just the consumers, it's also realtors and brokers.”
One message she urged consumers to heed as they prepare to work with a broker or lender is to speak up about down payment assistance and not wait for a broker to offer it. This presents an opportunity for brokers who are well-versed in the programs available for their customers.
“I tell them to advocate for themselves,” Adams said. “Get with a lender that you trust, a loan officer that you trust, and a realtor. That way, you can better advocate for yourself and understand what's happening in the process.”
Stay updated with the freshest mortgage news. Get exclusive interviews, breaking news, and industry events in your inbox, and always be the first to know by subscribing to our FREE daily newsletter.
