down payment program a “gold mine”
although 87 percent of homes qualify for down payment assistance, many potential homebuyers have no idea that they may be eligible for programs that could save them thousands of dollars. down payment resource (dpr) connects potential homebuyers to down payment assistance funds they may not have otherwise known existed. and according to a recent dpr study conducted jointly with housing data provider realtytrac, 68 million homes qualify for a down payment program available in the county where they are located based on the maximum price requirements for those programs and the estimated value of the properties.
“most consumers today don’t know these programs exist, how to ask for them or where to even begin looking,” said rob chrane.
the colorado association of realtors® has partnered with dpr to offer a program eligibility portal specifically for colorado. by visiting the portal, www.helpwithdownpayment.com, potential buyers and their realtors® can access a of 2,300 programs in the area they want to buy a home in to find down payment help in the form of grants, federal housing programs, and more.
according to chrane ceo of dpr, the average assistance amount in the company’s of programs is nearly $12,000. “that doesn’t mean everyone will get $12,000,” he noted. “some will get $20,000, some will get $10,000. that’s an average. it’s a substantial benefit that could really help a lot of people. it’s important for buyers to research down payment programs as part of their loan shopping process.”