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.