Interest Rates continue to rise, and higher interest rates usually translate into higher mortgage loan costs. Rising rates make homes more expensive for buyers, who may not know of the wealth of assistance opportunities and programs available.
No matter their circumstance, buyers appreciate knowing about Homebuyer Assistance Programs and will look to you to explain their options. Be the expert and get the edge using a FREE service from your Member Toolkit – Down Payment Resource.
3 Most Common Types of Programs
- Down Payment Assistance Programs (DPAs) make up 74% of the available homebuyer assistance programs. These include down payment assistance grants, which do not have to paid back, and second mortgage programs, which are deferred loans or liens with payback provisions.
- Affordable First Mortgages, usually funded by state housing finance agencies, subsidize portions of the interest to offer a lower rate than what the market is providing.
- Mortgage Credit Certificates (MCCs) are federal income tax credits designed to help off-set a portion of the new mortgage interest, which helps buyers qualify for loans.
How Your MLS Helps You Help Buyers
In 2022, OneKey MLS partnered with Down Payment Resource (DPR), a nationwide database for U.S. homebuyer assistance programs and affordable lending programs.
DPR flags MLS listings that may be eligible for assistance.
When you do a search in the MLS, you’ll see eligible listings flagged with the DPR symbol (see image to right). DPR also provides a directory of available DPA programs, as some programs are buyer-specific, as opposed to listing-specific.
How Should You Get Started?
- Sign up for upcoming DPR Product Trainings on our Product Training Page.
- Download this informative PDF to present and discuss with your team of agents and your clients.
- Visit the HELP CENTER any time day or night, to watch how-to videos and get answers to commonly asked questions.
- Know the basics behind Down Payment Assistance Programs by referencing the infographic below.