INMAN NEWS: Down Payment Resource bolsters agent lead gen tool

Merging Down Payment Connect with Facebook ads can give agents an edge with first-time homebuyers


Down Payment Resource rebrands and bolsters tool that brings in homebuyer leads for agents.

About a year and a half ago, real estate agent Ronnie Burnham was looking for a tool that would both help him reach more homebuyers and give him an edge over other agents in his market.

Ironically, he found that tool being offered at no additional cost to all the members of his MLS, the Central Virginia Regional Multiple Listing Service (CVR MLS).

The tool, Down Payment Connect, was offered by Down Payment Resource, a provider of down payment assistance information. Burnham was intrigued by the offering and found that not many agents in his MLS were using it, so he signed up for a training webinar.

keep reading

Is Mortgage Insurance Really Worth It?

If you’re considering a low down payment mortgage—less than 20%–you may have heard you’ll need to pay mortgage insurance (also known as MI, private mortgage insurance or PMI, and mortgage insurance premium or MIP) in addition to your monthly mortgage payment. While it adds another monthly payment to your mortgage, it may also help you get in a home sooner. Let’s look at your options and some hidden benefits of MI. keep reading

New Changes to Low Down Payment Mortgages: What You Need to Know

Recently, mortgage investor Freddie Mac clarified that it would not purchase certain low down payment loans that include lender contributions to the buyers’ down payment if they were funded through premium pricing.

Does this mean super low down payments are now a thing of the past?

No. This announcement only affects proprietary grant programs offered by specific lenders, like the ones listed in this HousingWire story.

These programs allow buyers to put only 1% down with the other 2% of the down payment provided by the lender. The new change will require the first 3% down to come from either the borrower’s personal funds and/or other eligible sources such as a gift from a family member or approved non-profit. keep reading