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Down Payment Assistance News


DPA is Back

New service automatically locates local DPA programs

Sept. 10, 2009

By MortgageDaily.com staff


An Atlanta firm has launched an automated service that helps lenders find local downpayment assistance programs. The offering also acts as a lead generation tool.

Workforce Resource announced Wednesday that its new service was rolled out during the second quarter in the Atlanta market.

Dubbed Down Payment Resource, the offering reportedly takes only "minutes" for prospective borrowers to complete. Among the required inputs are household size, income and assets. Customers will also need to note their preferred location and the housing type.

The release indicated that there are 25 programs in Atlanta. Once programs are located, acceptable first-mortgage programs are identified.

"Down Payment Resource identifies and cuts through the bewildering array of federal, state and local government assistance programs -- each with complicated rules and oftentimes contradictory requirements -- to provide prospective homebuyers with preliminary determination of eligibility," the press release stated.

Workforce Resource said originators can generate mortgage leads by utilizing a special link that enables customers to determine DPA eligibility while generating a prospect form for the originator.

The firm also noted that banks can more effectively meet their Community Reinvestment Act requirements with the service.

Workforce Resource customer and Atlanta Neighborhood Development Partnership Inc. Chief Executive Officer John O'Callaghan was quoted as saying, "Our goal is to put Down Payment Resource at the fingertips of hundreds of thousands of lending, real estate and home building professionals who support families nationwide."

The news release indicated that there are 1,500 nationwide programs across the country.

Workforce Resources said companies that are looking to unload real-estate-owned assets can utilize REO Asset Manager, which could improve marketability by increasing financing options.

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