Down Payment Program A “Gold Mine”
Featured in Inman News on May 20th, the Down Payment Resource program is capturing the attention of real estate professionals and consumers alike. To see the full article in Inman News, click here.
Although 87 percent of homes qualify for down payment assistance, many potential homebuyers have no idea that they may be eligible for programs that could save them thousands of dollars. DPR connects potential homebuyers to down payment assistance funds they may not have otherwise known existed. And according to a recent DPR study conducted jointly with housing data provider RealtyTrac, 68 million homes qualify for a down payment program available in the county where they are located based on the maximum price requirements for those programs and the estimated value of the properties.
“Most consumers today don’t know these programs exist, how to ask for them or where to even begin looking,” said Rob Chrane, CEO of DPR.
Chrane, who worked as a real estate agent and broker for more than a decade and as a mortgage broker, loan originator and senior executive for 20 years, said this was “simply a pain point I was very aware of that we set out to solve.”
The Colorado Association of REALTORS® has partnered with Down Payment Resource to offer a program eligibility portal specifically for Colorado. By visiting the portal, www.helpwithdownpayment.com, potential buyers and their REALTORS® can access a database of 2,300 programs in the area they want to buy a home in to find down payment help in the form of grants, federal housing programs, and more.
According to Chrane, the average assistance amount in the company’s database of programs is nearly $12,000.
“That doesn’t mean everyone will get $12,000,” he noted. “Some will get $20,000, some will get $10,000. That’s an average. It’s a substantial benefit that could really help a lot of people. It’s important for buyers to research down payment programs as part of their loan shopping process.”
Source: Inman Article by Amy Swinderman.