Experts agree that real estate continues to be a great investment and home ownership is among the most sensible of financial aspirations. However, many individuals think they are unable to purchase a home because they cannot save for a down payment. In today’s uncertain economy, even those who do accumulative savings hesitate to hand over the traditional 20 percent of a home’s cost. They would prefer to hold onto their liquidity for other potential expenses. This keeps some people renting when they could be buying.
Assistance programs are for everyone
Great real estate agents will know how to help potential buyers overcome the down payment dilemma. Clients need to be informed that the necessity of a huge down payment is a myth and that down payment assistance programs are not only for first time home buyers. There are home ownership programs in every state that are designed to help buyers make down payments. In fact, there are currently in excess of 2,400 programs with funds available for home shoppers.
The mother of all resources
DownPayment Resource provides a helpful and user-friendly web portal for agents and their clients who are looking for information about down payment assistance. The website contains a simple form that collects information from potential buyers such as the area they are shopping in (or the specific property they like), the size of their household, and their income. Once these details are punched in, the website generates a report of potential programs that can help with down payment and closing costs. All the contact information for the individual programs is provided.
Make it work for you
Agents can adapt this resource to their particular style. Some will simply refer clients to the website and let them do the research on their own. Those who like to put something tangible in their clients’ hands, may want to access DownPayment Resource on behalf of a client, print off the recommended programs, and place them in an area or property specific portfolio. Although this may seem like the work of a mortgage lender, agents who go the extra mile in this way will increase the likelihood of a successful sale.
Keep the dream alive
In many cases clients just need the reassurance that obtaining a mortgage is possible without a stack of cash. The American dream of home ownership is within the grasp of many people who mistakenly believe they cannot afford it. Great agents do not only sell properties, they sell the dream too!