Tip of the Week for 5/1 – What’s Your Down Payment Program Knowledge?  

“Is there any down payment assistance programs out there that I qualify for?” It’s a common question many agents working with first-time buyers are likely hearing more frequently. But do you have the knowledge to provide them with a good answer?

Buyers Want Down Payment Info
According to a recent Down Payment Resource survey, 63 percent said they wished their agent or lender had provided info about down payment programs during the homebuying process, ranking higher than any other category. Only 18 percent of recent buyers said that their agent helped them learn about down payment options.

Today, more homebuyers are eager to do their own online research before engaging with an agent or lender. More than 50 percent of respondents said they had already researched down payment programs.

Help Connect the Dots
When a potential buyer has questions, it’s important that you’re aware of what is out there so you can help highlight opportunities available to them. When you build trust with first-time buyers, it can help you gain more leads.

DPR, a NorthstarMLS core service, can be used to connect buyers to potential down payment programs they may be eligible for. This two-minute video shows how to begin the process of checking your client’s down payment program eligibility and how to search through local programs that may be available.

You can view the entire survey and results from DPR here.

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Purchasing a home is likely the biggest investment a consumer will ever make in their lifetime. Yet, a recent Zillow survey found that potential homebuyers spend more time researching a car purchase (11 hours) and the same amount of time researching vacations (8 hours) as their home loan.

If you’re an agent working with a potential buyer, show them how quick and easy it is for them to check their down payment assistance eligibility and search for local programs in their area. A NorthstarMLS core service like Down Payment Resource is a great way to help your buying clients find down payment assistant programs that could help lower the price of their mortgage.

Giving buyers access to important information about down payment programs and loan solutions that can help them save on the cost of their home loan.

June DPR Stats for NorthstarMLS
From June 1, 2016 to June 30, 2016, 3,475 clients of NorthstarMLS agents clicked on the DPR icon of an eligible listing through the NorthstarMLS Client Portal (like in the screen shown below). Anytime there is a DPR icon, it means that the property may be eligible for a down payment program.

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We’re excited to share the new Down Payment Resource experience!

As shown below (comparing old to new), the new Down Payment Resource icon for MLS’s now displays on NorthstarMLS listings that qualify for one or more homeownership programs. DPR also launched an improved search form designed to increase conversions.

You can also incorporate this feature into your website’s public-facing home search experience, set up your own personal marketing tool and use the DPR icon on your email signature – all drive new leads directly to you. And all at no additional cost as part of your NorthstarMLS core service. To learn how, click “DRP (Down Payment Resource)” in the External Links box here on the Matrix home screen, or from the Home tab drop-down menu. If you are already using DPR on your website or in your personal marketing, be sure to check out the new, more intuitive icons and messages that are available.

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87% of U.S. Homes Would Qualify for Down Payment Assistance

Did you know that many of your current potential home buying clients might qualify for a down payment assistance program? A recent analysis by Down Payment Resource (DPR) and RealtyTrac on the availability of down payment programs across the country found that 87 percent of U.S. homes qualify for down payment help.

You can view the full report here. Below are some of the key highlights taken from the analysis:

  • Out of more than 78 million U.S. single family homes and condos, more than 68 million (87 percent) would qualify for a down payment program.
  • The average amount of down payment assistance across all counties is $11,565.
  • At least one down payment program is available in all 3,143 U.S. counties, and more than 2,000 counties have more than 10 down payment programs available.
  • More than half of programs (54 percent) are Community Seconds, a second mortgage issued by an HFA or nonprofit organization with a very low or no interest rate.

How can DPR help generate more leads for my real estate business?
Whether you are new to DPR, or have been using it since it was incorporated into the MLS in 2010, DPR can be a great lead generator for your business. You can begin searching for homes in your client’s target area using NorthstarMLS and quickly match them with available funding for down payment assistance.

Any property listing in NorthstarMLS will display the DPR icon if a property is potentially eligible for payment assistance programs. If you have additional questions about DPR, contact them toll free at (877) 816-8050.

(Note: DPR can be accessed through links on the Matrix Home screen – in the External Links widget, or by hovering over the ‘Home’ tab and clicking ‘DPR’. If you would like to incorporate Down Payment Resource into your website, contact your Website developer or click here.)

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