With federal and local government agencies allocating millions of dollars toward efforts to improve the housing market, first-time homebuyers can benefit from a variety of down payment assistance programs — if they hurry.

“Realtors and lenders need to do a better job getting the word out. A lot of these programs are time-sensitive,” said Angela Grantham, a mortgage specialist with Prospect Mortgage. “The government funds these programs, and they last to a certain date or until the money runs out.”