We’ve added four new members to the DPR family!
As interest rates cool along with the weather, we’re anticipating more “fence sitters” will get serious about buying a home in the coming weeks and months.
Most will start online, and if they’re at major shopping websites, like Zillow, Redfin or Realtor.com, they’re going to come across the availability of down payment assistance or DPA, thanks to a partnership those sites have with us. Down Payment Resource (DPR) has been amassing data on DPA programs since 2008, and we keep every single one of them updated monthly so you can trust the data we provide.
There are now more than 2,400 programs nationwide, with at least one in every U.S. county. Some are funded by state and local housing agencies, while others are funded by nonprofits. Some have no income restrictions. The amounts offered by these programs range from about $2,500 up through $65,000 (or more!). Funds often can be used beyond a down payment, such as to buy down interest rate points or help with closing costs. There’s also flexibility in property types to support the purchase of manufactured housing or multi-family properties.
Using DPA is a hot subject in the media and with homebuyers these days, and DPR puts these programs at the buyer’s fingertips at its website and through commercial sites like Zillow.
Having the information buyers need to understand the mortgage process and search for DPA makes a lot of sense. “Data shows that for a lot of consumers, and especially first time homebuyers, they may be online, browsing homes, 6, 12, or even 18 months before they think they can buy,” says Rob Chrane, founder and CEO of DPR. The earlier lenders and agents can get to homebuyers and have conversations with them about DPA the better, he adds.
To provide more information to our readers who may need a little help preparing their finances, Chrane recently spoke with Brian Vieaux, president and COO at FinLocker, an online financial wellness site. The two discussed the importance of helping first-time homebuyers understand how DPA works and how DPA may help them buy months or years faster so they can start building generational wealth sooner. “DPA is part of just about every conversation that I’m hearing as it relates to homebuying, especially for first time buyers,” says Vieaux. DPA has become the “hook” to homeownership in a very positive way, he adds.
For more, see Finlocker’s complete “Fintech Friday” episode with Vieaux and Chrane here.
Down Payment Resource builds tools that help mortgage lenders, real estate agents, multiple listing services and consumer listing sites build relationships with homebuyers by connecting them with the homebuyer assistance they need.
To learn how Down Payment Resource can help you support homebuyers, contact us.