MGIC mortgage insurance is the original down payment assistance program. We know that borrowers sometimes need a little extra help, but they don’t know where to find it. In fact, less than a third of consumers are familiar with low-down-payment programs.
And for lenders, keeping track of all the down payment assistance (DPA) programs out there and how to make the most of them can seem like a Herculean task.
That’s why we’re partnering with Down Payment Resource.
What is Down Payment Resource?
Down Payment Resource (DPR) is the only national database of eligibility criteria and benefits information for down payment assistance resources, grants, bond programs, Mortgage Credit Certificates (MCCs), employer assistance and other homeownership programs—updated monthly with the most current information.
DPR offers lenders 3 primary components:
- Down payment assistance directory: A comprehensive, searchable index of more than 2,400 local, state and national DPA programs
- Mortgage loan officer portal: Provides loan officers with transaction-level matching of borrowers, properties and approved programs
- Consumer portal: Mobile-friendly tool allows consumers to match themselves to approved programs
3 ways Down Payment Resource can help build your business
Why waste time and talent keeping up with DPA program changes, guidelines and requirements when DPR can do it for you? DPR keeps track of your organization’s approved programs so loan officers can easily and immediately see what programs borrowers may qualify for. And underwriters and compliance officers will save time in reviews, leading to shorter turn times.
Identify untapped markets
DPR’s comprehensive directory can help you identify specific populations in your community who may qualify for DPA so you can make strategic marketing decisions.
Attract more leads
DPR’s consumer portal can be lender-branded to deliver leads directly to loan officers. Link your branded consumer portal on your website or in digital advertising to reach potential borrowers looking to overcome the down payment hurdle.
Down Payment Resource® is a registered trademark of Workforce Resource LLC.