Mortgage

Bank of America unveils down payment assistance search tool

Down Payment Resource providing information on 2,300 programs

Bank of America has partnered with Down Payment Resource to provide a tool that helps its loan officers and homebuyers identify down payment assistance programs borrowers might qualify for.

A recent study by data aggregator RealtyTrac and Down Payment Resource found that nearly 9 out of 10 U.S. homes could qualify for down payment assistance programs when homebuyers also fall within maximum income limits.

“Greater consumer awareness about their entire home financing options, including down payment programs, could easily boost home sales and buyer affordability this year,” said Rob Chrane, president and CEO of Down Payment Resource, in a statement.

While plenty of first-time homebuyers might be in the dark about assistance programs they may qualify for, people are particularly clueless about down payment assistance available to middle-income buyers.

Seventy percent of U.S. adults are unaware of down payment assistance programs within reach of middle-income buyers, according to the nonprofit NeighborWorks America.

Down Payment Resource provides information on assistance programs through a public-facing website, DownPaymentResource.com, and to partners including Realtor associations, multiple listing services and lenders.

6 ways empowered agents embrace disruption to drive success
Using technology to generate leads and win listings READ MORE

MLSs that partner with Down Payment Resource can integrate their listing data so that member brokers and agents can see which for-sale listings may qualify for assistance programs. A special icon identifying potentially eligible properties can also be displayed to consumers searching for homes on public-facing MLS and MLS member websites.

Twenty-one multiple listing services and Realtor associations representing more than 356,000 professionals have partnered with Down Payment Resource, allowing their member brokers and agents to search for and share eligible properties and programs with their clients by email, and invite buyers to enter their household information to help match them to programs and homes.

Questions or comments? Email teke@inman.com.