It’s not the same ol’ down-payment assistance program that hit the wall about three years ago!
This is a totally different program – not financed by sellers and builders who “jacked up” prices to recoup their costs. Instead, this program is offered by local and state housing-finance agencies and includes federal funding through HUD.
The innovative Down Payment Resource is a product of Workforce Resource, a Web-based company connecting housing authorities with multiple listing services and local REALTOR® associations, who then distribute it to their members. Those member agents then work with buyers who need help with finding housing that is close to their work.
Inman News carried the announcement on Feb. 28 that the NorthstarMLS has voted to continue offering Down Payment Resource as a tool for its members. The MLS is based in St. Paul, Minn., and serves 14,000 REALTORS® in Minnesota and western Wisconsin.
Empire Access MLS, based in White Plains, N.Y., also announced it will adopt the Down Payment Resource tool for its members, according to the Inman story.
Respect from real estate authority Steve Cook
Former NAR Public Affairs VP Steve Cook also wrote about Down Payment Resource on MortgageMatch.com in “Secrets of Down Payment Assistance.”
Cook describes how the program works:
“Workforce Resource receives program information and updates from housing authorities and makes it available to multiple listing services and local Realtor associations to distribute to their members. By entering information in the database, buyers can learn whether they qualify based on location, income adjusted for household size, and other factors like whether the property is a foreclosure.”
So don’t think your hard-pressed buyers have no alternative when trying to put together funds for a down-payment. THERE IS HOPE!
Click for more information about Down Payment Resource in your area.
This is a totally different program – not financed by sellers and builders who “jacked up” prices to recoup their costs. Instead, this program is offered by local and state housing-finance agencies and includes federal funding through HUD.
The innovative Down Payment Resource is a product of Workforce Resource, a Web-based company connecting housing authorities with multiple listing services and local REALTOR® associations, who then distribute it to their members. Those member agents then work with buyers who need help with finding housing that is close to their work.
Inman News carried the announcement on Feb. 28 that the NorthstarMLS has voted to continue offering Down Payment Resource as a tool for its members. The MLS is based in St. Paul, Minn., and serves 14,000 REALTORS® in Minnesota and western Wisconsin.
Empire Access MLS, based in White Plains, N.Y., also announced it will adopt the Down Payment Resource tool for its members, according to the Inman story.
Respect from real estate authority Steve Cook
Former NAR Public Affairs VP Steve Cook also wrote about Down Payment Resource on MortgageMatch.com in “Secrets of Down Payment Assistance.”
Cook describes how the program works:
“Workforce Resource receives program information and updates from housing authorities and makes it available to multiple listing services and local Realtor associations to distribute to their members. By entering information in the database, buyers can learn whether they qualify based on location, income adjusted for household size, and other factors like whether the property is a foreclosure.”
So don’t think your hard-pressed buyers have no alternative when trying to put together funds for a down-payment. THERE IS HOPE!
Click for more information about Down Payment Resource in your area.
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