Can you explain down payments to clients?

  • Assistance programs may offer grants, funds for closing costs, a second loan, a low-interest mortgage with no PMI or a tax credit.
  • Funding comes from federal sources, bond-funded programs, state-sponsored housing and TBA (to-be-announced) and capital markets funding.
  • Without clear guidance, some lenders may decide to pull back on using these programs for fear of an audit.
  • Explore local options and talk to lenders to fully understand the loans they originate.

Get smarter. Grow your referral network at Inman Connect San Francisco
Limited seating still available, July 17-20

In a market where first-time homebuyers consistently cite the down payment as their No. 1 challenge, there’s a battle brewing behind the scenes — a fight to preserve the wide range of down payment programs that propel scores of new buyers into homeownership.