Millions of households are mortgage-ready but don’t even try to buy because they can’t come up with a downpayment. And yet, remarkably, hundreds of downpayment assistance programs around the country are largely untapped. Why the disconnect?
To be sure, many households won’t qualify for downpayment assistance, because they simply earn too much money. But more people than you might realize would qualify if they 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 he median home price is about $1 million.
There are hundreds of 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 is hosting a live webcast on April 20. The goal is to let you know how you can find out instantly what programs are available for households in your area.
For the program we have Rob Chrane, CEO of DownPayment Resource in Atlanta, and Brenda Small, GRI, associate broker with Keller Williams Capital Properties in Washington, D.C.
They’ll walk you 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’ll debunk myths about the programs, too. And they’ll answer your questions in real time.
Chrane’s company maintains a database of 2,500 housing assistance programs, hundreds of them downpayment assistance programs. If you think you have households in your area who are ready to buy if only they can overcome that downpayment hurdle, the webcast might be of help to you. It will be on Thursday, April 20, at 2 p.m., Eastern time. Register and get more info.
Source: Speaking of Real Estate
Copyright NATIONAL ASSOCIATION OF REALTORS®. Reprinted with permission.