In the Spotlight
March 21, 2017
Unlock the door to more referrals by using down payment assistance as your key. Get the facts, find area programs and see if your clients qualify.
Down Payment Assistance: Your Key to More Referrals
Looking for an easy way to get more referrals? Help eligible clients find down payment assistance.
A recent Freddie Mac survey revealed that 42 percent of real estate professionals cited “clients not having enough money for a down payment” as a top challenge.
Did you know?
- There are nearly 2,500 homeownership programs* across the country that can help eligible homebuying clients.
- The most frequent down payment program benefit is $10,000.*
- Prospective buyers do NOT have to be first-time homebuyers in order to qualify for down payment assistance.
- The myth about 20 percent down payment requirements is just that — a myth.
- 87 percent of U.S. homes are eligible for one or more homeownership programs. That’s approximately 68 million homes.*
*Source: Down Payment Resource®
Clear the path to homeownership – and let the referrals roll in.
If your clients need down payment assistance, provide them the information they need - and turn them into home buyers rather than just dreamers.
Once the word gets out that you are the “go-to” real estate professional who knows about down payment assistance and where to find it — you’ll be inundated with new listings and new homebuyers. And just in time for homebuying season.
How do you get started? Read the details here.
Down Payment Assistance Facts
Down payment assistance and closing cost resources may be offered by state, city, county or other local government sources – including housing finance agencies (HFAs). Requirements vary, but if your client is eligible, he or she could receive down payment assistance ranging from a few thousand dollars to larger amounts, depending on their needs, their qualifications and where the home is located. Homebuyer education counseling may be required.
The three main types of down payment assistance are:
- Second mortgage loans.
- Tax credits.
Get more facts about down payment assistance for yourself.
Find Down Payment Assistance Programs
Down Payment Resource (DPR) automates the process of matching buyers and properties to available homebuyer programs. DPR works with more than 1,000 housing agencies to find and update information about local, state and national homebuyer programs.
- Visit the Real Estate Professionals Resource Center and check out the “Be a Mortgage Industry Expert” section.
- Watch a recorded webinar from DPR: “Down Payment Basics Every Agent Needs to Know.” (55:42)
- Partner with Down Payment Resource on Down Payment Connect, which matches your listings with down payment programs so potential buyers can identify opportunities.