Midwest Real Estate Data LLC (MRED) and Atlanta-based Workforce Resource® recently announced the launch of Down Payment Resource(SM) (DPR) to MRED’s nearly 40,000 customers and potential home buyers throughout the Chicagoland area.
According to the organizations, DPR links with MRED’s database of active listing data, expanding the awareness and reach of local down payment assistance programs available to homebuyers. MRED is the fourth MLS in the country to deliver this tool to its agents and brokers.
Down Payment Resource is a web-based tool that connects eligible homebuyers and eligible properties with government-funded programs for down payment assistance, affordable mortgages, and rehab loans. Down Payment Resource is the industry’s first product to aggregate down payment assistance information into one, online platform and integrates the information into MLS listing data for homes currently on the market, the companies report. The tool helps bridge the down payment gap for homebuyers, as well as move real estate transactions forward in a difficult lending environment.
With hundreds of millions of dollars in down payment assistance programs available throughout the country, it is challenging for housing industry participants and home buyers to understand and be aware of the requirements and benefits of multiple programs in each market. Down Payment Resource uses today’s technology to simplify that process for all involved.
“With the current tighter financing guidelines and burdensome down payment requirements, Down Payment Resource comes along at the perfect time to help our brokers and agents sell more homes and to put families into homes that heretofore they could not have afforded,” says MRED CEO Russ Bergeron. “Not only does it provide critical information of great value to buyers, but the tool is very easy to use. We are thrilled to add Down Payment Resource to our collection of Public Service Apps.”
As agents and brokers search for properties in MRED’s connectMLS™ system, they will find a Down Payment Resource icon displayed on any property listing that is eligible for one or more down payment assistance programs. By clicking on that icon they can quickly view details about available assistance programs.
When home buyers view listings emailed or posted for them by their agent they can click on the Down Payment Resource icon to answer eight simple questions to determine if they meet the qualifications for any of the assistance programs associated with a property of interest.
In MRED’s market, more than 74 percent of homes listed may be eligible for one or more down payment assistance programs. Down Payment Resource is tracking and integrating 629 different programs in the area, with 624 currently funded and available for use.
“We appreciate MRED’s commitment to offer its customers the latest in real estate technology,” said Rob Chrane, founder of Workforce Resource. “Consumers still report that securing a down payment is the biggest challenge in buying a home today. With Down Payment Resource, MRED is providing a new way for their customers to assist more homebuyers in finding affordable homes.”
For more information, visit www.mredllc.com.
