An Arizona brokerage has rolled out a tool that will allow potential homebuyers to see when a listing is eligible for a down payment assistance program, and determine if they might qualify.
Tucson, Ariz.-based Long Realty now offers Down Payment Resource, a tool that connects eligible homebuyers and eligible properties with government-funded programs for down payment assistance, affordable fixed-rate mortgages, mortgage credit certificates and rehab loans. The tool appears on LongRealty.com and on Long Realty agents’ websites.
Down Payment Resource, developed by Atlanta-based Workforce Resource LLC, matches listings with the programs’ criteria and highlights eligible properties with a button informing users that down payment assistance may be available.
If users click the button, they’re asked a few questions about their financial status and household and then informed whether or not they are eligible for any programs. In order to find out about the specific programs, users are asked to fill out a form to be contacted by an agent.
A number of multiple listing services have adopted the tool nationwide, including the Tucson Association of Realtors MLS; St. Paul, Minn.-based NorthstarMLS; Lisle, Ill.-based Midwest Real Estate Data LLC (MRED); White Plains, N.Y.-based Empire Access MLS Inc.; Kansas City-based Heartland MLS; Reno-based Northern Nevada Regional MLS; Concord, N.H.-based Northern New England Real Estate Network; Asheville-based North Carolina Mountains MLS; and Orlando-based My Florida Regional MLS.
Down Payment Resource won an Inman News Innovator Award for most innovative new technology last year.
Screen shot of Down Payment Resource tool implementation on LongRealty.com
"Traditionally, getting accurate information on available down payment assistance programs has been a challenge for both consumers and real estate professionals," said Rosey Koberlein, CEO of Long Companies, in a statement. By partnering with Down Payment Resource, Long Realty "is bridging that gap and is able to provide on our website better information to potential buyers that may aid in their purchase decision. The program also benefits our sellers, by better marketing their properties on our website with qualifying down payment assistance programs."
Down Payment Resource is available on listings from the Tucson, Phoenix and Sierra Vista area MLSs. Long Realty and its agents offer the tool on an exclusive basis in the Phoenix and Sierra Vista areas.
The majority of the MLS listings qualify for at least one down payment assistance program, which most consumers would not have known otherwise, the brokerage said.
Long Realty is part of Long Companies, which also include Long Mortgage Company, Long Title Agency and Long Insurance Group. Long Realty is part of HomeServices of America, a Berkshire Hathaway affiliate, and has a network of more than 1,300 agents in more than 38 offices, including 23 affiliate realty and property management companies.