Millions of households are mortgage-ready but don’t try to buy because they can’t come up with a downpayment. And yet, hundreds of downpayment assistance programs around the country are available and go largely untapped.
To be sure, many households won’t qualify for downpayment assistance. They simply earn too much money. But more people than you might realize would qualify if they would only apply. Because in many markets, the allowable income level is pretty high, and we’re not just talking about high-cost markets like San Francisco, where the median home price is about $1 million.
There are more than a thousand downpayment assistance programs around the country. Each one is unique, with its own eligibility requirements, home-price limits, and resale restrictions. But these programs also share many features. The disconnect between the millions of households who could buy if they only had downpayment money and the availability of so many programs to help them creates an opportunity for you as a real estate professional. No one is in a better position to connect households with assistance programs than you are.
It’s because of this opportunity to expand your market that REALTOR® Magazine hosted a live webcast on April 20. The goal was to let you know how you can find out instantly what programs are available for households in your area.
Program experts were Rob Chrane, CEO of Down Payment Resource in Atlanta, and Brenda Small, GRI, associate broker with Keller Williams Capital Properties in Washington, D.C.
They walked real estate professionals through the programs available, what they have in common with one another, and how you and your customers can tap into resources in your market instantly. They debunked myths about the programs, too. And they answered questions in real time.