Is Your Next Customer About to Get Away?
March 3, 2015
So you've found the perfect borrower: stable income; good credit score; eager to buy a home. There's only one problem. They don't have enough savings for a down payment.
We have good news to share. Hundreds of millions of dollars are available for down payment assistance. In fact, a joint analysis by RealtyTrac and Down Payment Resource shows that 87 percent of homes and condos qualify for down payment assistance.
On top of that good news, mortgage products like Freddie Mac Home Possible AdvantageSM now offer a down payment option as low as 3 percent. At the existing median home price in the U.S. of $208,500, a 3 percent down payment would be $6,255. By tapping into the many resources available for down payment assistance, the cash necessary for homeownership can be even less than that.
Get the Word out About Down Payment Assistance Options
With more than 70 percent of U.S. adults uninformed about down payment assistance help, there is an opportunity to help educate potential borrowers and business sources.
Visit our Purchase Market Resource Center Down Payment Assistance Options section for access to our down payment assistance customizable marketing materials to help you reach these audiences, including:
- Help Bridge the Down Payment Gap – Use this postcard to connect with business sources.
- Sources You Can Tap to Fill Your Down Payment Gap – Use this flyer to educate potential borrowers.
- Sign up for our Documenting Acceptable Sources of Funds training on the Freddie Mac Learning Center. (Next date: March 26, 2015)
- Read our “Down Payment Assistance: It's the Real Deal” blog.