Down Payment Resource (DPR) is a program designed to provide homebuyers with government-assisted programs to bring down the cost of mortgages, provide down payment assistance and rehab loans.
“There are always programs available to help homebuyers and the distribution of them is widespread,” said Rob Chrane, president and founder or Workforce Resource. “The problem is that consumers don’t always know about them.”
Chrane said his real estate professionals should better understand the discounts that are available to them using a web-based system.
“We will connect eligible buyers with eligible properties with affordable mortgages,” he said. According to Chrane, homes are subject to more discounts than just down payment assistance through government grants and tax credits, among others.
The home at 2426 Firenze Drive, where the press conference was held, was a prime example of how a house could have down payment assistance and three other programs available to it, said Shelley Specchio, CEO of the northern Nevada listing service.
“The information on our website is timely, updated and filtered to accommodate northern Nevadans,” Specchio said. “The assistance programs apply to every one, not just entry level or first-time homebuyers.”
Specchio explained the process of using the down-payment resource web tool while accessing www.nnrmls.com as “user friendly.”
According to an NNRMLS press release, a down-payment resource icon will be located next to the listing of a house when it has “one or more down payment assistance programs” available to it.
“Homebuyers can click on the down-payment assistance icon to answer eight simple questions to determine if they may also meet the qualifications for the assistance program,” the northern Nevada listing service stated in a press release.
Chrane said much of the unawareness prospective homebuyers show is due to negative media attention.
“Buyers discourage themselves by thinking they do not have enough money for a down payment or they do not fit the description of a certain home,” he said stressing the importance of his program to the MLS.
Chrane said the northern Nevada branch of the MLS was one of the first to adopt the down payment program, which he believes “is an important public service that raises awareness and empowers buyers and sellers and strengthens local partnerships.”
President of the NNRMLS Board of Trustees Pat Schweigert agreed that buyers were not aware of the many programs available to help them financially in their search for a home. She admits that NNRMLS had trouble keeping the information current and is happy to have the new technology introduced.
“It combines the technology needed to strengthen the relationship between the buyers and the lenders with our expertise and knowledge of the market,” Schweigert said. “Now we can put people in homes who didn’t think they could.”