Progressive Insurance® Expands UpPayment® to Help 200 First-Time Homebuyers Get Into a Home

Progressive (NYSE: PGR) is expanding its UpPayment down payment assistance program to provide up to $13,500 each for at least 200 eligible first-time homebuyers.

Rhea-AI Summary

Progressive (NYSE: PGR) is expanding its UpPayment down payment assistance program to provide up to $13,500 each for at least 200 eligible first-time homebuyers. The program runs through October 31, 2026 and requires enrollment with a HUD-certified housing counselor, mortgage pre-approval, income and residency eligibility.

Since 2024, Progressive has committed more than $16 million toward homeownership initiatives, including down payment aid for 100+ families and HUD counseling for over 15,000 households.

Positive

• UpPayment offers up to $13,500 per eligible first-time buyer
• Program targets at least 200 first-time homebuyers
• Progressive committed > $16 million to homeownership initiatives since 2024
• Expanded HUD-certified counseling access for over 15,000 households

Negative

• Program capped at 200 recipients, limiting reach
• Applicants must have recent mortgage pre-approval and enroll with a HUD counselor

Argus May 4 session

-0.04% close to close Open Argus

Details

News Market Reaction – PGR

On May 4, the day this news came out, PGR closed 0.04% below the previous close.

Data tracked by StockTitan Argus for the May 4 session.

Key Figures

Down payment assistance cap: $13,500 Targeted applicants: 200 homebuyers First-time buyers share: 21% +5 more

Down payment assistance cap

$13,500

Maximum assistance per eligible first-time homebuyer through UpPayment

Targeted applicants

200 homebuyers

At least 200 eligible first-time homebuyers to receive assistance

First-time buyers share

21%

Share of 2025 homebuyers who were purchasing their first home

Program commitment

More than $16 million

Commitment since 2024 toward making homeownership more achievable

Families assisted

More than 100

Families helped to buy homes via down payment assistance

Households counseled

Over 15,000

Households with expanded access to HUD-certified counseling

Educational reach

More than 300,000

First-time homebuyers reached with educational tools

Stabilization support

More than 960 families

Families helped remain housed during hardship

Historical Context

5 past events · Latest: Apr 27

5 events

1. Apr 27

   Investor call notice

   24h Move

   +0.5%

   Scheduled investor relations call and 10-Q timing information.

2. Apr 21

   Workplace recognition

   24h Move

   +1.8%

   Ranked No. 1 on Forbes list for company culture in 2026.

3. Apr 15

   Monthly results

   24h Move

   +2.4%

   Strong March and quarterly financial results with higher income and premiums.

4. Mar 23

   Debt offering

   24h Move

   +0.5%

   Pricing of $1.5B in senior notes under existing registration.

5. Mar 18

   Monthly results

   24h Move

   -1.3%

   February results with modest growth and higher combined ratio.

24h Move is the share-price change in the day after each event; other market factors may also have contributed.

Key Terms

down payment assistance, hud-certified housing counselor, hud-approved housing counseling program, mortgage pre-approval

4 terms

down payment assistance financial

"expanding the UpPayment program, a down payment assistance program designed to help"

Down payment assistance is financial help that lets a homebuyer cover part or all of the upfront cash normally required to buy a house, provided as a grant, low‑interest loan, or gift from government programs, nonprofits, employers, or lenders. For investors, these programs act like a stepping stool that can increase the pool of qualifying buyers and boost home sales and mortgage volume, while also influencing credit risk and resale patterns depending on program rules and borrower protections.

hud-certified housing counselor regulatory

"applicants will first need to work with a participating HUD-certified housing counselor"

A HUD-certified housing counselor is a trained, independent advisor approved by the U.S. Department of Housing and Urban Development to help people with renting, buying, budgeting, credit, loss-mitigation and foreclosure-prevention options. For investors, these counselors can stabilize borrower behavior and reduce default risk—think of them as navigators who help homeowners avoid financial potholes, which can affect mortgage performance, property values and the health of mortgage-backed investments.

hud-approved housing counseling program regulatory

"are actively participating in a HUD-approved housing counseling program"

A HUD-approved housing counseling program is a service certified by the U.S. Department of Housing and Urban Development that helps consumers understand homebuying, renting, foreclosure prevention, and loan options. Investors care because these programs influence homeowner stability and mortgage performance—like a mechanic keeping cars running, effective counseling can reduce defaults, support property values, and affect the credit risk and cash flow of mortgage-related investments.

mortgage pre-approval financial

"and have secured a recent mortgage pre-approval"

A mortgage pre-approval is a lender’s conditional statement of how much home loan a borrower is likely to qualify for after a preliminary check of income, credit and assets; it is not a final loan commitment but shows a lender’s initial willingness to lend. Investors watch pre-approval levels because they act like a reservation for home purchases—higher pre-approvals suggest stronger buyer demand and more likely mortgage closings, which influence housing market activity and returns on mortgage-related investments.

AI-generated analysis. How Rhea-AI works. Not financial advice.

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New investment and expanded access deliver down payment assistance for homebuyers

MAYFIELD VILLAGE, Ohio, May 4, 2026 /PRNewswire/ -- To help make homebuying more accessible, Progressive Insurance is expanding the UpPayment program, a down payment assistance program designed to help eligible first-time homebuyers overcome financial barriers and get into homes faster. The program will provide personalized down payment assistance up to $13,500 each toward the purchase of a first home to at least 200 eligible applicants.

Progressive Insurance® Expands UpPayment® to Help 200 First-Time Homebuyers Get Into a Home

The UpPayment program is part of Progressive's Open the House initiative, a multi-year commitment to help more people get into a home, sustain homeownership, and build wealth along the way through education, community partnerships, and targeted financial support.

"For many people, the hardest part of buying a home isn't the monthly payment – it's getting in the door," said Tricia Griffith, Chief Executive Officer at Progressive. "UpPayment is designed to remove that barrier. By combining financial support with practical guidance, we're helping more first-time buyers take a meaningful step toward stability and deepening our commitment to help people move forward and live fully."

With the growing wealth gap and rising housing costs, it's become harder for many people to buy a home – only 21% of homebuyers in 2025 were purchasing their first home, the lowest number ever recorded by the National Association of Realtors.

"For a long time, homeownership felt out of reach for me. I've faced housing instability and worked hard to create something better for my daughter, but the down payment was always the biggest hurdle," said Tiffany Bauldwin, an UpPayment recipient. "When I found out I was selected, it was a huge weight off my shoulders. This program didn't just help me buy a house, it gave us a place to finally feel safe, stable and at peace."

The UpPayment program is now open through October 31. To apply, applicants will first need to work with a participating HUD-certified housing counselor, at no cost. Counselors are trained to help homebuyers navigate the homebuying process and connect them with financial assistance programs, including UpPayment. To locate a participating housing counselor visit progressive.com/openthehouse .

The UpPayment program is only available to first-time homebuyers who have not owned a home in the past three years, have enrolled and are actively participating in a HUD-approved housing counseling program, and have secured a recent mortgage pre-approval. Eligible individuals must meet income requirements, be legal U.S. residents, and be at least 18 years old. See the Terms and Conditions for more information about eligibility requirements.

For more information on how to apply visit: progressive.com/openthehouse.

Since 2024, Progressive has committed more than $16 million toward making the dream of homeownership more achievable to date through:

• Providing down payment assistance to help more than 100 families buy homes
• Expanding access to HUD-certified counseling for over 15,000 households
• Delivering educational tools to more than 300,000 first-time homebuyers
• Supporting housing stabilization services that have helped more than 960 families remain housed during times of hardship

About Progressive

Progressive Insurance^® makes it easy to understand, buy and use car insurance, home insurance, and other protection needs. Progressive offers choices so consumers can reach us however it's most convenient for them — online at progressive.com, by phone at 1-800-PROGRESSIVE, via the Progressive mobile app, or in-person with a local agent.

Progressive provides insurance for personal and commercial autos and trucks, motorcycles, boats, recreational vehicles, and homes; it is the second largest personal auto insurer in the country, a leading seller of commercial auto, motorcycle, and boat insurance, and one of the top 15 homeowners insurance carriers.

Founded in 1937, Progressive continues its long history of offering shopping tools and services that save customers time and money, like Name Your Price^®, Snapshot^®, and HomeQuote Explorer^®.

The Common Shares of The Progressive Corporation, the Mayfield Village, Ohio-based holding company, trade publicly at NYSE: PGR.

View original content to download multimedia:https://www.prnewswire.com/news-releases/progressive-insurance-expands-uppayment-to-help-200-first-time-homebuyers-get-into-a-home-302761360.html

SOURCE Progressive Insurance

FAQ

AI-generated questions and answers. How Rhea-AI works. Not financial advice.

What is Progressive's UpPayment program and who qualifies (PGR)?

UpPayment provides personalized down payment assistance of up to $13,500 per recipient. According to Progressive, eligibility requires first-time buyer status (no home ownership in prior three years), HUD counseling enrollment, mortgage pre-approval, income and U.S. residency requirements.

How many homebuyers will Progressive help with UpPayment (PGR)?

Progressive will assist at least 200 eligible first-time homebuyers through UpPayment. According to Progressive, the program is open through October 31, 2026 and applicants must complete HUD-certified counseling and secure mortgage pre-approval.

How do I apply for Progressive's UpPayment down payment assistance (PGR)?

Apply by working with a participating HUD-certified housing counselor and submitting materials before the program closes. According to Progressive, counselors are free and applicants must have a recent mortgage pre-approval and meet income and residency criteria.

What timeline and deadline apply to Progressive's UpPayment program (PGR)?

The UpPayment application window is open through October 31, 2026. According to Progressive, interested first-time buyers should enroll with a HUD counselor and obtain mortgage pre-approval before that date to be considered.

How much has Progressive committed to homeownership efforts since 2024 (PGR)?

Progressive has committed more than $16 million toward homeownership initiatives since 2024. According to Progressive, that includes down payment assistance for 100+ families, HUD counseling access for over 15,000 households, and education for 300,000+ buyers.

Does UpPayment cover closing costs or only down payments (PGR)?

UpPayment is described as personalized down payment assistance of up to $13,500 per recipient. According to Progressive, applicants should consult HUD-certified counselors and the program Terms and Conditions for detail on covered costs and limitations.