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Sign into your accountHelp More New Buyers Qualify for Loans
April 10 2014
Are you looking for ways to increase your mortgage conversion rates?
QM and QRM has made it harder for homebuyers--especially first-time homebuyers--to qualify for a mortgage. First-time buyers struggle to come up with the funds for the down payment even when they can afford the mortgage.
Fortunately, there's an exciting program that can help you increase your mortgage conversion rates by helping more new buyers qualify for loans and come up with the down payment they need.
It's called Down Payment Resource (DPR). It integrates with your MLS system to provide you with information about down payment assistance programs in your area. It's the first step to removing the down payment hurdle for qualifying consumers.
While an average of 70% of listings in any given market are eligible for down payment assistance, these programs are often underutilized. Information can be difficult to find, but DPR makes finding this information simple. It aggregates data on all active assistance programs in your area and flags eligible listings in your MLS's data feed. At a glance, agents and brokers are able to see if a home qualifies for down payment assistance.
Everybody wins with this program. Large brokers with more listings actually benefit even more smaller brokers do. Any brokerage that has a mortgage company as an ancillary business can benefit in two ways--the program can help generate leads for agents as well as the mortgage division. In fact, two-thirds of agents say that with DPR they are able to convert sidelined prospects into qualified homebuyers.
Large brokers can work with DPR to educate their mortgage divisions about how down payment assistance programs can significantly increase the number of clients that qualify for a mortgage--even with QM and QRM restrictions in place.
The best news for brokers? Down Payment Resource is FREE because it's offered through your local MLS. Here's the list of MLSs that currently offer the program. If you don't see your organization on the list, contact your MLS and see if you can get them to purchase Down Payment Resource on your behalf.
Watch the webinar below to learn how Down Payment Resource can help you attract new first-time homebuyers and enable them to qualify for a mortgage.