The Beverly Faull award program recognizes individuals or organizations for accomplishments and leadership in the affordable housing finance space

ATLANTA, Ga., Feb. 26, 2025 —Down Payment Resource (DPR), the housing industry’s leading technology for connecting homebuyers with homebuyer assistance programs, announced today that it has honored Mosi Gatling of New American Funding (NAF) with the 2024 Beverly Faull Affordable Housing Leadership Award, and Skyler Lemons of Exit Strategy Realty with hits inaugural Emerging Leader Award. Both recipients were recognized for their commitment to advancing homeownership opportunities by leveraging homebuyer assistance programs.

Mosi Gatling: Beverly Faull Award Recipient

Now in its eighth year, the Beverly Faull Affordable Housing Leadership Award recognizes an individual or organization that has exhibited a steadfast commitment to expanding access to affordable homeownership. DPR created the award program in memory of one of its first employees, Beverly Faull, for her wholehearted dedication to the company’s mission to improve access to homebuyer assistance programs. DPR will donate $5,000 to the housing non-profit of Gatling’s choice. 

Currently SVP of Strategic Growth and Expansion at NAF, Gatling has worked for more than 20 years to expand homeownership opportunities, particularly among people of color and first-time homebuyers. Notably, she has been instrumental in launching NAF’s Black Impact initiative to enhance homeownership accessibility in Black communities, which includes a $20 billion organizational commitment to provide new mortgages to Black homebuyers by 2028. She is also one of the top FHA loan originators in the country. Her work as a mortgage banker, along with her public advocacy at national housing forums, highlight her dedication to making homeownership more equitable. 

Skyler Lemons: Emerging Leader Award Recipient

The newly announced Emerging Leader Award recognizes early career individuals who are passionate about helping homebuyers secure safe and affordable housing with the help of homebuyer assistance programs. Skyler Lemons, a real estate agent at EXIT Strategy Realty, is the award’s inaugural recipient. Down Payment Resource will donate $2,500 to the housing non-profit of Lemons’ choice. 

Lemons followed in his mother’s footsteps (agent Marki Lemons-Ryhal), in realizing the importance of helping South Side Chicago residents secure affordable housing. As a youth, he volunteered on affordable housing projects. He became a licensed real estate broker after graduating from Howard University College of Business. Just four years into his career, he’s the top agent in units sold at the largest EXIT Strategy Realty franchise. Having negotiated over $150,000 in down payment assistance and closing costs in 2024 alone, he is called the “Down Payment Grant King” by colleagues. In 2025, Lemons is launching the Center for Empowering Moves, an initiative to strengthen affordable housing pathways for Black Americans.  

“We receive incredible nominations for this award each year, but this year’s recipients stood out in an undeniable way,” said DPR’s Founder and CEO Rob Chrane. “Mosi has dedicated decades to expanding homeownership opportunities and breaking down barriers for first-time and minority homebuyers. Skyler, in just a few short years, has made a profound impact in his community, leveraging down payment assistance to help families achieve homeownership. Their passion and commitment to housing affordability are inspiring, and we are honored to recognize their work in Beverly’s memory.”

About Down Payment Resource:Down Payment Resource (DPR) is the housing industry authority on homebuyer assistance program data and solutions. With a database that tracks more than 2,400 programs and toolsets for mortgage lenders, multiple listing services (MLSs) and API users, DPR helps housing professionals connect homebuyers with the assistance they need. DPR frequently lends its expertise to nonprofits, housing finance agencies, policymakers, government-sponsored enterprises and trade organizations seeking to improve housing affordability. Its technology is used by seven of the top 25 mortgage lenders, the three largest real estate listing websites and 600,000 real estate agents. For more information, visit https://downpaymentresource.com/.

Black History Month, observed each February, gives our industry and nation the opportunity to reflect on the historical challenges faced by Black homebuyers on the path to homeownership. While progress has been made, the homeownership gap remains: Black households have a 45.7% homeownership rate, compared to 74.3% for white households, even 56 years after the passage of the Fair Housing Act.

Debt-to-Income Ratio: A Major Barrier to Homeownership

Homebuyers faced an uphill battle in 2023, with interest rates hovering in the 7% range and the average price of an existing home at $410,000. 

In terms of Black buyers, female-headed households (applying without a co-borrower) made up the majority, and millennials were the largest application age group. Denial rates were high for Black applicants, 17% as compared to the rate for White applicants at 7%. The leading cause for denial for both groups was their debt-to-income ratio (DTI). Among Black applicants, 42% of denials were attributed to high DTI, an increase from 39% in 2022. 

This is where down payment assistance (DPA) can make a difference. In many cases, DPA can improve the borrower’s DTI ratio by reducing the amount of the mortgage principal, making it easier for them to qualify for a mortgage and increasing pull-through for lenders. 

Qualifying More Minority Buyers

Down Payment Resource maintains a database of more than 2,400 DPA programs nationwide and has identified several that provide special incentives for Black and other minority homebuyers. These programs provide them with tens of thousands in assistance that can be used to lower the home’s purchase price, pay closing costs, or for other purposes. Many of these are Special Purpose Credit Programs (SPCPs), which allow lenders to establish programs that address special social needs and increase access to the credit markets based on a written plan. 

The programs described here are just a sampling of what can be found on DPR’s website. We invite lenders, real estate agents and other parties interested in boosting Black homeownership to visit our website for more.

• The Dearfield Fund for Black Wealth Down Payment Assistance Program – Provides up to $40,000 in DPA to first-time Black homebuyers in Denver. When homeowners sell or refinance they repay the down payment amount plus 5% of their home’s appreciation. (More information)
• Homeownership Council of America Equity DPA Program – Equity DPA hosts targeted funds nationwide for LMI, BIPOC, and other targeted geographies, along with the Building Diverse Communities New-Home fund recently launched with donor partners. (More information)
• Twin Cities Habitat for Humanity Advancing Black Homeownership Program – Provides up to $50,000 in the form of a 5-year forgivable loan used to purchase a home in the Twin Cities metro. Forgiveness begins at 20% each year until fully forgiven or a repayment trigger occurs. Requires homebuyer education. (More information)
• State of New York Mortgage Agency Credit is Due – eDPAL – Credit is Due is an initiative to address racial disparities and increase access to financing for minority households. Its Enhanced Down Payment Assistance Loan (eDPAL) can be used to pay down payment and closing costs until purchase money mortgage amount is 80% LTV, up to $30,000. eDPAL also can be used to pay single premium mortgage insurance (MI) for transactions over 80% LTV. (More information)
• Washington State Housing Finance Commission – Covenant Homeownership Program DPA – Provides downpayment and closing cost assistance for first-time Black Hispanic, Native American and other minority homebuyers in the form of a zero percent loan, secondary to the primary mortgage loan. The loan is repaid when the home is sold or refinanced. The maximum DPA amount is 20% of the cost of the home or $150,000, plus closing costs if paid by the buyer. (More information)

Building a More Equitable Housing Market

Down payment assistance programs provide vital support in closing the homeownership gap for Black Americans. As the data shows, DPA plays a crucial role in reducing mortgage denials and creating homeownership opportunities for underserved communities.

If you’re a lender, real estate agent, or homebuyer looking to learn more about DPA programs, visit Down Payment Resource to explore options that can help Black homebuyers achieve homeownership.

The RISMedia Newsmaker award celebrates individuals who are making a difference through their commitment and contributions to the real estate industry

ATLANTA, Ga., Feb. 4, 2025 — Down Payment Resource (DPR), the housing industry authority on homebuyer assistance program data and solutions, today announced that its Founder and CEO Rob Chrane has been named a RISMedia 2025 Real Estate Newsmaker. RISMedia Newsmakers are individuals whose efforts are positively impacting the consumers and communities they serve. This is the second year in a row Chrane has been named to the Newsmakers list.

Chrane was honored in the Trailblazers category for leading the real estate business forward with innovative new technologies and programs designed to better serve agents and their consumers. By developing technology that helps real estate and mortgage professionals connect homebuyers with down payment assistance (DPA) programs, he has positively impacted the lives of countless individuals and families.

Chrane founded DPR in 2008 to help homebuyers clear the largest hurdle to owning a home: saving for the down payment and closing costs. DPR has built the nation’s only comprehensive database of more than 2,400 homebuyer assistance programs and technology that enables real estate professionals to search for eligible assistance for homebuyers. DPR is licensed to Multiple Listing Services, Realtor Associations, mortgage lenders and housing counselors across the country.

“Between high mortgage rates and rising home prices, many homeowners are feeling squeezed out of the market, especially when it comes to finding an affordable home,” said Chrane. “Our technology connects these potential homebuyers with lenders and programs so they can get their foot in the door and start to build wealth through homeownership. It’s very fulfilling to hear success stories of the many buyers able to use down payment assistance to achieve their American Dream.”

“This year’s Newsmakers shine a spotlight on the innumerable ways this industry bravely confronted the sea of change brought about by the historic commission lawsuits, and went to work helping their companies, agents and homebuyers and sellers understand and adapt to the fundamental shift in the way real estate business is conducted,” John Featherston, founder, CEO and publisher of RISMedia. “Our 2025 Real Estate Newsmakers demonstrate the grit, tenacity and resilience that dedicated real estate professionals have long been known for.”

To learn more about RIS Media’s 2025 Newsmakers, visit https://www.rismedia.com/2025-newsmakers/.

About Down Payment Resource:Down Payment Resource (DPR) is the housing industry authority on homebuyer assistance program data and solutions. With a database that tracks more than 2,400 programs and toolsets for mortgage lenders, multiple listing services (MLSs) and API users, DPR helps housing professionals connect homebuyers with the assistance they need. DPR frequently lends its expertise to nonprofits, housing finance agencies, policymakers, government-sponsored enterprises and trade organizations seeking to improve housing affordability. Its technology is used by seven of the top 25 mortgage lenders, the three largest real estate listing websites and 600,000 real estate agents. For more information, visit https://downpaymentresource.com/.

The HW Tech100 list puts a spotlight on the most innovative and impactful technology organizations serving the mortgage industry

ATLANTA, Ga., Feb. 4, 2025 — Down Payment Resource (DPR), the housing industry’s leading technology for connecting homebuyers with homebuyer assistance programs, has been named to HousingWire’s 2025 Mortgage Tech100 list, which recognizes “the companies and solutions that are revolutionizing the mortgage process — from origination to closing, and servicing to secondary markets.” 

DPR first appeared on the HW Tech100 list in 2017. Since then, the company has expanded its lender tools to help operationalize down payment assistance (DPA) programs from lead generation to post-close.

DPR’s lender suite includes DPA Directory, a searchable database that allows product managers to identify and select DPA programs that align with market needs. Its Loan Officer Portal automatically matches borrowers with company-approved DPA programs, while the Underwriter Portal gives underwriters access to program guidelines, overlays and company approvals. Finally, the company’s Consumer Portal creates personalized landing pages where prospective homebuyers can explore their DPA eligibility, turning inquiries into qualified leads while educating customers about their options.

Additionally, DPR integrates with the Encompass LOS from ICE Mortgage Technology, enabling lending teams to access DPA program details directly within the loan production system. Together, these solutions empower lending teams to maximize DPA utilization, drive customer engagement and expand homeownership opportunities.

“At DPR, we are committed to helping lenders, real estate agents and other housing professionals grow their businesses while supporting their communities with sustainable home financing opportunities,” said DPR Founder and CEO Rob Chrane. “We appreciate the recognition from HousingWire’s editors and the opportunity to spread the word about how DPA can help mortgage lenders do well by doing good.”

About Down Payment Resource:Down Payment Resource (DPR) is the housing industry authority on homebuyer assistance program data and solutions. With a database that tracks more than 2,400 programs and toolsets for mortgage lenders, multiple listing services (MLSs) and API users, DPR helps housing professionals connect homebuyers with the assistance they need. DPR frequently lends its expertise to nonprofits, housing finance agencies, policymakers, government-sponsored enterprises and trade organizations seeking to improve housing affordability. Its technology is used by seven of the top 25 mortgage lenders, the three largest real estate listing websites and 600,000 real estate agents. For more information, visit https://downpaymentresource.com/.

Down Payment Resource has just released its Q4 2024 Homeownership Program Index (HPI) Report, which shows a continued rise in the number of available homebuyer assistance programs from last quarter. There are now 22 new programs for a total of 2,466 – the highest number of programs we’ve ever recorded. Since Q4 2023, 172 new programs have been added, a 7% YoY increase.

Derived from our comprehensive DOWN PAYMENT RESOURCE® database, the HPI report highlights the latest trends in down payment assistance (DPA) programs. On average, these programs can lower a buyer’s LTV by 6%, helping more applicants qualify for a mortgage. 

The Q4 report also shows a growing number of programs to support the purchasing of manufactured and multi-family homes, allowing borrowers to access more affordable housing and housing that will provide a passive income. A total of 805 programs now support multi-family purchases, a 17% increase over Q4 2023’s 686 programs, a 17% YoY increase. Of these, 539 allow for 3-unit properties, up 2% from Q3 2024, while 513 allow for four-unit properties, up 3% YoY.

Likewise, the number of programs allowing for the purchase of manufactured housing has increased from 804 in Q4 2023 to 914 in Q4 2024, a 14% increase.

The report also reveals a slight shift in program types, second mortgages, below market rate (BMR)/resale restricted, combined assistance and grant programs making YoY gains. There was also an increase in the number of local housing finance agencies offering programs, from 99 in Q4 2023 to 171 in Q4 2024, a 60% YoY increase.

Slightly more programs are being reserved for first-time buyers, moving from 1,381 in Q4 2023 to 1,518 in Q4 2024, a 10% YoY increase. 

Program trends

The number of programs offered in Q4 2024 increased by 22 over the previous quarter, raising the total number of programs to 2,466 from 2,444. 

• 968 municipalities offered DPA programs. Municipalities represented the majority of funding sources, representing 39% of funding source totals for Q4 2024, virtually unchanged from last quarter. Nonprofits were the second highest funding source, 21% in Q4 2024, followed by state HFAs at 19%. 

Program spotlight: The City of San Antonio Homeownership Incentive Program offers up to $15,000 to first-time homebuyers with a household income of $74,350-$140,200 unless displaced involuntarily and permanently moved from real property or if they were someone who owned a home previously, but have since divorced. 75% is forgiven over a ten-year period. 25% would need to be paid back if there is a change in ownership, the home is sold or the loan is refinanced with cash back. The maximum purchase price for an existing home is $305,200 and for new construction $325,800.

• 914 programs support manufactured housing, up 14% from Q4 2023. Manufactured homes, which are built in factories and assembled onsite, are generally considered to be an affordable housing alternative because they are cheaper to build and purchase than site-built homes. 

Program spotlight:  Champlain Housing Trust Manufactured Home Down Payment Loan in Vermont offers up to $40,000 to buyers of manufactured homes in the form of a deferred and assumable second loan until the home is sold, transferred or refinanced. Applicant income must be between $79,800 and $188,400, with no limits on purchase price.

• 1,518 programs are for first-time homebuyers, a 10% increase from 1,381 in Q4 2023. 2,232 programs are income-restricted, up 6% from 2,098 in Q4 2023. 234 programs have no income restrictions, 19% more than 196 in Q4 2023. This latitude may make it easier for lenders to qualify at moderate income levels who need assistance with their down payment, closing costs, or other costs of homeownership. 

Program spotlight: Atlanta Housing’s Homeownership Down Payment Assistance Program offers up to $20,000 and up to $25,000 for professionals and para-professionals in public safety, healthcare and education; borrowers who are disabled; current military or veteran; and voucher recipients in the form of a 10-year forgivable loan. Borrower income cannot exceed 80% of the average median income for metro Atlanta and the maximum purchase price is $375,000. 

• Using DPA for purchase of a multi-family property grew by 2% to 805 programs. While all 805 allow for purchasing of two-unit properties, 539 allow for three units and 514 allow for four units. Typically, the buyer must reside in one of the units but can rent the others, allowing them to be both a buyer and a landlord. 

Program spotlight: Affordable Housing Partnership Touhey Homeownership Foundation Reparative Justice Housing Fund in New York offers grants up to $10,000 to assist first-time Black homebuyers purchasing a home, with 1-4 units permitted, in the City of Albany, and up to $5,000 if the home is purchased in Rensselaer, Schenectady, Troy or Watervliet. The grant can be used to address a variety of financial barriers to homeownership. There are no Income or purchase price limits.

Breakdown of new programs

Here is a breakdown of the homebuyer assistance programs added since Q4 2024 by assistance type:

• Grant programs showed the largest quarterly growth at 39%, followed by Below-Market Rate (BMR)/resale (29%), combined assistance (27%), and deed restriction programs (26%). Housing choice voucher programs grew by 12%, and first mortgage programs grew by 10%.
• Energy Efficiency programs grew by 50%, surviving (military) spouse programs increased by 31%, and Native American programs increased by 9%.

Breakdown of all programs

Overall, the breakdown of homebuyer assistance programs available by type was virtually the same as the previous quarter. 

• Of the 2,466 homebuyer assistance programs:
  • 81% of programs are funded.
  • 10% of programs are inactive. 
  • 4% of programs have a waitlist for funding.
  • 5% of programs are temporarily suspended.
• 74% of programs in the database are for down payment or closing cost assistance. 
• 10% of programs are first mortgages.
• 3% of programs are Mortgage Credit Certificates (MCCs).
• 13% are other program types.
• 62% of programs are for first-time buyers, while 38% allow repeat buyers.

A complete, state-by-state list of homebuyer assistance programs can be viewed here. You can also download the full infographic.

Down Payment Resource builds tools that help mortgage lenders, real estate agents, multiple listing services and consumer listing sites build relationships with homebuyers by connecting them with the homebuyer assistance they need.

To learn how Down Payment Resource can help you support homebuyers, contact us.

Methodology

Published quarterly, DPR’s HPI surveys the funding status, eligibility rules and benefits of U.S. homebuyer assistance programs administered by state and local housing finance agencies, municipalities, nonprofits and other housing organizations. DPR communicates with over 1,300 program providers throughout the year to track and update the country’s wide range of homeownership programs, including down payment and closing cost programs, Mortgage Credit Certificates (MCCs) and affordable first mortgages, in the DOWN PAYMENT RESOURCE® database.

From where we sit, 2024 was a banner year for down payment assistance (DPA). It’s when DPA became “cool” for homeowners to ask about and lenders to offer, with more programs from more agencies helping more individuals and families become homeowners. 

Down Payment Resource has been in the thick of this evolution, pushing the envelope with product innovations and strategic partnerships. We’re not just tooting our own horn. The National Council of State Housing Agencies notes that from 2021 to 2023 housing finance agencies increased their total volume of DPA by 43% (to $1.5 billion) and their average amount of assistance by 48% (to $12,000). Add to that, the recent FHA Annual Report to Congress notes 16.9% of FHA purchases in FY 2024 used DPA, up from 15% last year. 

A Banner Year for Accolades

2024 kicked off with Founder and CEO Rob Chrane named a 2024 Real Estate Newsmaker; Executive Vice President of Product and Operations Sean Moss named an Industry Titan; and Vice President, Housing Finance Agency (HFA) Relations, Veronica Khandelwal, named a 2024 Women of Inspiration.

We made news in other ways, too. Our Q3 2024 Homeownership Program Index (HPI) report found the number of national homebuyer assistance programs increased by 29 to 2,444 — now officially the largest collection ever, anywhere. 

Also, we awarded Sylvia Alvarez, founder and executive director of Housing and Education Alliance (HEA), with our Beverly Faull Affordable Housing Leadership Award, created in memory of one of our first employees.

Social Climbing

Down Payment Resource has always given back, and 2024 was no different. 

In January, Chrane spoke at the National Council of State Housing Agencies (NCSHA) on a panel moderated by Wendi Redfern, senior vice president, single-family programs at the District of Columbia Housing Finance Agency. In his remarks, Chrane discussed a study conducted in partnership with the Urban Institute that found that almost half (43.6%) of originated purchase mortgages were eligible for DPA but did not use it.

In January, we also sent our team to New Orleans for MBA’s IMB Conference to network with clients and prospects. In February, team members traveled to Houston for TMBA’s Southern Secondary conference where DPA was a frequent topic of discussion.

The mid-March ICE Experience 2024 was perfectly timed for DPR to debut its new integration with Encompass by ICE Mortgage Technology, the most used mortgage loan origination system (LOS). We all traveled to Las Vegas to take part in this annual user conference and our booth was buzzing with lenders eager for a peek. The integration allows users of the Encompass LOS to view available DPA programs for specific borrowers based on their location, occupation, income and other factors. As additional information is entered into Encompass about the borrower, the DPA information dynamically refreshes. 

In another first, we joined The Mortgage Collaborative (TMC), the nation’s largest independent cooperative network serving the mortgage industry, as a preferred partner and attended TMC’s The Mane Event in Denver. 

New Faces

Growth in program numbers and customers throughout the year meant expanding our executive team. 

We hired 20-year mortgage industry veteran Brad Cardwell as our vice president of sales and business development to lead enterprise sales, growing both its sales team and partner network, with the goal of making more housing professionals and consumers aware of the availability and benefits of DPA for a range of homebuying expenses and property types. 

You may know Brad from his 19-year tenure at Embrace Home Loans, where he most recently was vice president of innovation for revenue and sales enablement. He also previously served on the executive advisory board of nCino (formerly SimpleNexus, an nCino Company), providing feedback for the product and roadmap.

And Celebrations

Down Payment Resource doesn’t just collect programs like a museum curator. We update program information every month. This attention to detail means the 2,400+ programs in our database are accurate.

We also sift through program data to bring attention to specific causes. In recognition of Disability Pride Month we highlighted 18 U.S. DPA programs specifically designed to support people with disabilities and their family caregivers on their journey toward homeownership. In October, we highlighted 48 U.S. homebuyer assistance programs designed to support Native Americans. In November, we highlighted 49 programs to support Veterans, service members and their surviving spouses. 

Join Us for a Prosperous New Year

While we’ve come a long way in making homebuyers and real estate professionals more aware of DPA, there’s still work ahead. As we previously noted, 16.9% of FHA purchases in FY 2024 used DPA, but HUD data shows us that 79.8% of FHA loan applicants likely could have qualified with DPA. That gap between the number of eligible loans (79.8%) and those that used DPA (16.9%) is about 63%, and represents a significant portion of LMI and minority applicants who may have qualified for an FHA loan with additional funds. (On average, DPA lowers a homebuyer’s LTV by 6%.)

In 2025, we hope to work with our partners to narrow that gap, not only for FHA loans but across the board. We think every borrower has the right to know about DPA that could be used to boost their down payment, pay closing costs or pay down points. 

We think that’s all pretty cool.

If you need more information about how to operationalize DPA in your business, contact us for a demonstration.

While the VA loan program allows members of the military to buy a home with no down payment, some of these buyers may still face challenges with closing costs or other related expenses. Numerous organizations and state programs provide homebuyer assistance to help alleviate this burden. 

While service members are eligible for any of the 2,400-plus U.S. homebuyer assistance programs, we found there are 49 programs offering up to $117,000 in assistance specifically developed to help our military community members build, buy or make accessibility-related home renovations. Additionally, there are 211 programs that waive first-time homebuyer requirements for Veterans and military personnel. 

In honor of the sacrifices made by the courageous members of the U.S. Armed Forces, this Veterans Day we’re highlighting five affordable homeownership programs designed for military buyers:

City of Westlake Housing Assistance Purchase Program  

• The City of Westlake Housing Assistance Purchase Program offers up to $60,000 in the form of a deferred, 10-year forgivable loan, with 10% of the loan amount being forgiven annually, except the first year wherein 5% will be forgiven. The program is open to first-time and repeat buyers, and Veterans of all branches of the military can qualify for an additional 3% of the purchase price. Applicants earning up to 140% of the area median income (AMI) are eligible and there are no purchase price limits.

Florida Hometown Heroes Housing Program

• Eligible borrowers for the Florida Hometown Heroes Housing Program from the Florida Department of Veterans Affairs receive up to 5% of the first mortgage loan amount (up to a maximum of $35,000) in down payment and closing cost assistance in the form of a 0%, non-amortizing, 30-year deferred second mortgage. To qualify, homebuyers must connect with a participating loan officer, have a minimum credit score of 640, provide certification of active military or Veteran status, and meet the income threshold for their county.

NeighborWorks Columbus – Hallock Soldiers Fund

• The NeighborWorks Columbus Hallock Soldiers Fund offers Veterans and active duty soldiers up to $5,000 in a deferred, zero-interest, five-year forgivable loan. There are no income limits or price restrictions. Applicants must be first-time homebuyers (have not owned a home in three years). Homebuyer education by NeighborWorks Columbus is required. 

Utah Veteran First-Time Homebuyer Grant

• The Utah Veteran First-Time Homebuyer Grant supports active military and Veterans who have retired in the past five years with a $2,500 grant that can be used toward a down payment, closing costs or other mortgage expenses. Applicants must be purchasing their first home in Utah, but may still be eligible if they previously owned property in another state. Grant recipients are permitted to work with any lender authorized to originate mortgages in the state of Utah and may choose any conforming loan program, including VA, FHA, Fannie Mae or Freddie Mac loans. 

Washington State Housing Finance Commission (WSHFC) Veterans Down Payment Assistance Loan Program

• The WSHFC Veterans Down Payment Assistance Loan Program provides financial support for Veterans (honorably discharged), honorably discharged former members of the Washington National Guard and Reserve, and military spouses who never remarried and dependent children of deceased Veterans. Program participants can receive up to $10,000 and a 3% mortgage rate. Even though DPA must be repaid, payments can be deferred for the lifetime of the loan (up to 30 years). Borrowers must be first-time homebuyers or buying in a targeted area. This program also can be combined with WSHFC’s Home Advantage or House Key first mortgage loan programs.

These initiatives, and many more like them nationwide, provide our servicemen and servicewomen with the opportunity to achieve affordable, sustainable homeownership on the homefront. 

Since 2008, DPR has helped mortgage lenders, real estate agents and multiple listing services build relationships with Veteran homebuyers by connecting them with homebuyer assistance programs built specifically with military families in mind. Individuals can search for their homebuyer assistance program eligibility for free at https://downpaymentresource.com/are-you-eligible/. 

Happy Veterans Day 2024 to all!

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Down Payment Resource builds tools that help mortgage lenders, real estate agents, multiple listing services and consumer listing sites build relationships with homebuyers by connecting them with the homebuyer assistance they need.

To learn how Down Payment Resource can help you support homebuyers, contact us.

DPR’s Q3 2024 Homeownership Program Index (HPI) Report, which highlights the homebuyer assistance programs available each quarter to help make homeownership more accessible, has revealed some exciting findings. First, we’ve set yet another record for the number of nationwide programs with all 2,444 currently being tracked by DPR. Plus, we’ve noted an uptick in the number of programs allowing for the purchase of multifamily and manufactured housing, which helps lenders widen their inventory box.

Derived from our comprehensive DOWN PAYMENT RESOURCE® database, the HPI report highlights the latest trends in down payment assistance (DPA) programs.

Twenty-nine homebuyer assistance programs were added in Q3, for a total of 2,444 programs. That’s 192 more programs than a year ago, when we counted 2,256, an increase of 8%.

Our Q3 2024 edition of the report reveals a further increase in the availability and diversity of DPA programs, including a new breakdown of the programs that allow for the purchase of multifamily properties. Of those, we found that 777 allow for two-unit properties, 526 allow for three-unit properties, and 501 allow for four-unit properties. 

While 2,218 programs have income limits, 226 do not, a 20% increase from a year ago. This latitude may make it easier for lenders to qualify at moderate income levels who need assistance with their down payment, closing costs, or other costs of homeownership.

Program trends

The number of programs offered in Q3 2024 increased by 29 over the previous quarter, raising the total number of programs to 2,444 from 2,415. 

• 949 municipalities offered DPA programs. Municipalities represented the majority of funding sources at 949 programs, representing 39% of funding source totals for Q3 2024, up 40% from Q3 2023. Nonprofits were the second highest funding source, 21% in Q3 2023, followed by state HFAs at 19%. A few of these sources have seen steady increases from federal program funding sources including the American Rescue Plan Act (ARPA) and US Department of Health and Human Services (HHS).

Program spotlight: Riverside County American Rescue Plan Act (ARPA) First Time Home Buyer (FTHB) Program offers homebuyers a 15-year, 0% interest, deferred forgivable loan for 20% of the purchase price up to $100,000 (whichever is less). The program’s maximum home purchase price is $536,750 and income can be up to 120% the area median income (HUD limits).

• 898 programs support manufactured housing, up 15% from Q3 2023. Manufactured homes, which are built in factories and assembled at a home site, are generally considered to be an affordable housing alternative because they are cheaper to build and purchase than site-built homes, costing around $127,000 on average, compared to over $413,000 for a site-built home. 

Program spotlight: The Champlain Housing Trust Manufactured Home Down Payment Loan program offers a $40,000, 0% deferred, forgivable loan with no sales price limits. The program is open to first-time and repeat buyers; however, income is limited to 120% of the HUD AMI limits. 

• 1,455 programs are for first-time homebuyers, a 7% increase from 1,360 Q2 2023, while 22 programs target first-generation buyers, a 5% increase from 921  in Q2 2024. First-time and first-generation homebuyers have been singled out by the Harris Presidential campaign, which proposes to provide $25,000 down-payment assistance to first-time homebuyers who have paid rent on time for two years, with more generous support for qualifying first-generation homeowners. The proposal stems from an idea the Biden-Harris administration presented earlier this year, which called on Congress to implement $25,000 in down-payment assistance exclusively for 400,000 first-generation buyers, or first-time buyers whose parents weren’t homeowners, and a $10,000 tax credit for first-time buyers.

Program spotlight: Minnesota Housing Finance Agency’s First-Generation Homebuyer Loan offers homebuyers up to $35,000 in the form of a 20-year, 0% deferred, forgivable loan. Half of the loan is forgiven at 10-years and the rest after 20. Purchase price limits range from $498,257 to $659,550 and income limits range from $111,800 to $142,800.

• Using DPA for purchase of a multi-family property grew by another 7% this quarter, so we’ve subdivided how we track these programs. While all 777 allow purchasing 2-unit properties, 526 allow 3 units and 501 allow for four. Typically, the buyer must reside in one of the units but can rent the others, allowing them to be both a buyer and an investor. 

Program spotlight: The City of Haverhill’s First Time Homebuyer Downpayment Assistance Program offers up to $15,000 as a 5-year, 0% deferred, loan that’s forgivable at 20% per year. Purchase price limits range from $498,000 to $939,000 and income limits range from $68,500 to $129,100.

Breakdown of new programs

Here is a breakdown of the homebuyer assistance programs added since Q2 2024 by assistance type:

• Below Market Rate (BMR)/resale and grant programs saw the largest quarterly growth at 8%. Grant assistance programs grew by 7% and other homebuyer assistance programs grew 6%.
• Energy Efficiency programs grew by 25%, surviving (military) spouse programs increased by 14%, and Native American programs increased by 5%.

Breakdown of all programs

Overall, the breakdown of homebuyer assistance programs available by type was virtually the same as the previous quarter. 

• Of the 2,444 homebuyer assistance programs:
  • 81% of programs are currently funded.
  • 10% of programs are currently inactive.
  • 4% of programs have a waitlist for funding.
  • 5% of programs are temporarily suspended.
• 73% of programs in the database are for down payment or closing cost assistance. 
• 10% of programs are first mortgages.
• 3% of programs are Mortgage Credit Certificates (MCCs).
• 14% are other program types.
• 60% of programs are for first-time buyers, while 40% allow repeat buyers.

A complete, state-by-state list of homebuyer assistance programs can be viewed here. You can also download the full infographic.

Down Payment Resource builds tools that help mortgage lenders, real estate agents, multiple listing services and consumer listing sites build relationships with homebuyers by connecting them with the homebuyer assistance they need.

To learn how Down Payment Resource can help you support homebuyers, contact us.

Methodology

Published quarterly, DPR’s HPI surveys the funding status, eligibility rules and benefits of U.S. homebuyer assistance programs administered by state and local housing finance agencies, municipalities, nonprofits and other housing organizations. DPR communicates with over 1,300 program providers throughout the year to track and update the country’s wide range of homeownership programs, including down payment and closing cost programs, Mortgage Credit Certificates (MCCs) and affordable first mortgages, in the DOWN PAYMENT RESOURCE® database.

Analysis finds 48 programs in 13 states offering up to $90,000 in assistance designed to help Native Americans purchase a home

ATLANTA, Ga., Oct. 16, 2024 — Down Payment Resource (DPR), the housing industry’s leading technology for connecting homebuyers with homebuyer assistance programs, is highlighting 48 U.S. homebuyer assistance programs in 13 states that are specifically designed to support Native Americans (American Indians and Alaska Natives) in conjunction with Native American Heritage month in October. While Native Americans may be eligible for all of the 2,400-plus U.S. homebuyer assistance programs, these 48 programs were specifically developed to provide help with down payments and other home-buying costs. 

The Native American homeownership rate is around 56% which is significantly lower than the national average, with a gap of roughly 15 percentage points compared to white households. The Native American-white homeownership gap exceeds 30 percentage points in five states. 

While the federal government is responsible for providing funding for housing programs on tribal lands, historically this funding has been insufficient, especially in rural areas, according to the National Indian Council on Aging. These communities have many substandard housing units, including dilapidated homes, and many continue to struggle with overcrowding. Nearly 16% of households across tribal lands live in overcrowded conditions, compared to 2.2% nationally, notes the Council. 

An analysis of the 48 programs showcases the range of assistance available to promote Native American homeownership. 

• Eligibility: Most programs are limited to members of federally recognized tribes for purchasing homes on reservations or within specified service areas.
• Financial assistance range: The programs offer homebuyer assistance ranging from $2,125 to $90,000.
• Income requirements: Fifteen programs have no income requirements. Thirty-one programs have income requirements that range from 80% to 120% of the Area Median Income. 
• Availability: Assistance programs are offered in 13 states. The states with the most programs are Oklahoma (12), Michigan (9), California (6) and Washington (5). Twenty programs are statewide and 28 are local. 
• Program types: The homeowner assistance programs encompass various types, including 33 second mortgage programs, nine grant programs, four matched savings programs, and two first mortgage programs. Twenty-six programs are for first-time homebuyers only, and 22 programs can be accessed by repeat buyers.
•  Forgivable assistance: Thirty-eight of the programs offer forgivable assistance, provided that all program conditions, such as owner-occupancy, are met, further alleviating the financial burdens for aspiring homeowners.
• Housing types: All programs allow for purchase of single-family homes. Twenty-eight allow for the purchase of modular or manufactured homes.

“We welcome the growing number of programs for Native American homebuyers. We feel homeownership is an important pathway to economic prosperity and community development,” said DPR Founder and CEO Rob Chrane. “I would encourage Native American homebuyers to search our complete database of all 2,444 down payment assistance programs in the United States — the most complete such resource anywhere — to find those specific to their tribe and region that can help them achieve homeownership and start building generational wealth.”

Individuals can search for their homebuyer assistance program eligibility for free at https://downpaymentresource.com/are-you-eligible/. 

Methodology:

DPR produced homebuyer assistance program findings by analyzing its DOWN PAYMENT RESOURCE® database for programs with incentives for people with disabilities. The DOWN PAYMENT RESOURCE® database tracks the funding status, eligibility rules and benefits of all U.S. homebuyer assistance programs using data sourced from more than 1,300 housing finance agencies (HFAs), municipalities, nonprofits and other housing organizations. Homebuyer assistance programs of all types are tracked, including down payment and closing cost assistance, Mortgage Credit Certificates and affordable first mortgages.

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Down Payment Resource builds tools that help mortgage lenders, real estate agents, multiple listing services and consumer listing sites build relationships with homebuyers by connecting them with the homebuyer assistance they need.

To learn how Down Payment Resource can help you support homebuyers, contact us.

As interest rates cool along with the weather, we’re anticipating more “fence sitters” will get serious about buying a home in the coming weeks and months. 

Most will start online, and if they’re at major shopping websites, like Zillow, Redfin or Realtor.com, they’re going to come across the availability of down payment assistance or DPA, thanks to a partnership those sites have with us. Down Payment Resource (DPR) has been amassing data on DPA programs since 2008, and we keep every single one of them updated monthly so you can trust the data we provide.

There are now more than 2,400 programs nationwide, with at least one in every U.S. county. Some are funded by state and local housing agencies, while others are funded by nonprofits. Some have no income restrictions. The amounts offered by these programs range from about $2,500 up through $65,000 (or more!). Funds often can be used beyond a down payment, such as to buy down interest rate points or help with closing costs. There’s also flexibility in property types to support the purchase of manufactured housing or multi-family properties. 

Using DPA is a hot subject in the media and with homebuyers these days, and DPR puts these programs at the buyer’s fingertips at its website and through commercial sites like Zillow. 

Having the information buyers need to understand the mortgage process and search for DPA makes a lot of sense. “Data shows that for a lot of consumers, and especially first time homebuyers, they may be online, browsing homes, 6, 12, or even 18 months before they think they can buy,” says Rob Chrane, founder and CEO of DPR. The earlier lenders and agents can get to homebuyers and have conversations with them about DPA the better, he adds. 

To provide more information to our readers who may need a little help preparing their finances, Chrane recently spoke with Brian Vieaux, president and COO at FinLocker, an online financial wellness site. The two discussed the importance of helping first-time homebuyers understand how DPA works and how DPA may help them buy months or years faster so they can start building generational wealth sooner. “DPA is part of just about every conversation that I’m hearing as it relates to homebuying, especially for first time buyers,” says Vieaux. DPA has become the “hook” to homeownership in a very positive way, he adds.

For more, see Finlocker’s complete “Fintech Friday” episode with Vieaux and Chrane here.

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Down Payment Resource builds tools that help mortgage lenders, real estate agents, multiple listing services and consumer listing sites build relationships with homebuyers by connecting them with the homebuyer assistance they need.

To learn how Down Payment Resource can help you support homebuyers, contact us.

It’s true: Down Payment Resource (DPR) is growing again to support the overwhelming demand for homebuyer assistance programs — now topping 2,400 — and the increasing popularity of our software tools for lenders, agents and listing sites. 

Our new team members join our hard working crew in playing a vital role in spreading the word about DPA, expanding our sales force and footprint and providing support to our ever-growing customer base. Thanks to their expertise, DPR is better equipped to champion innovative tools, partner with industry leaders like ICE Mortgage Technology to integrate with its Encompass® LOS platform, and develop strategies and programs that are making homeownership more affordable and accessible for all.

So, without further ado, here are the newest members of our DPR family:

Brad Cardwell – Vice President of Sales and Business Development

You’re sure to see Brad out and about representing DPR this fall at trade events and client meetings. As vice president of sales and business development (a new position for DPR!), the 20-year mortgage industry veteran leads enterprise sales efforts and expansion of our partner network with the goal of making more housing professionals and consumers aware of the availability and benefits of DPA for a range of homebuying expenses and property types. (Did you know more than 850 DPA programs can be used to purchase a manufactured home?)

Brad’s mortgage career started at Embrace Home Loans where he worked as a loan officer and team leader. He worked at Embrace for 19 years, most recently as its vice president of innovation for revenue and sales enablement, where he led cross-functional teams in implementing technology and processes to help Embrace enhance its customer service and close loans faster. He also previously served on the executive advisory board of nCino (formerly SimpleNexus, an nCino Company), a technology company whose software is used by banks and credit unions.

That’s a pretty solid mortgage-tech industry resume, so we asked Brad to share a few personal tidbits to help us all get to know him a little better:

What’s a personal accomplishment you’re particularly proud of?

I’m particularly proud of a thriving marriage for almost 30 years and raising our three amazing children.

If you could travel anywhere, where would you go and why? Or, what is the best place you’ve visited and why?

Our go-to spot has been Aruba for the last 26 years! However, the best place we’ve visited is St. John and the British Virgin Islands, thanks to the stunning views, incredible snorkeling, and the unforgettable memories we’ve made there.

What do you enjoy most about your job?

I love connecting consumers with lenders and realtors to help them discover the down payment assistance they need to achieve their homeownership dreams. Additionally, I enjoy building relationships with mortgage and real estate professionals.

Veronica Chapa, Sales Engineer

As sales engineer — also a new role at DPR — Veronica will accelerate our go-to-market strategy, onboarding new customers and expanding our market footprint. Veronica will be responsible for working with our marketing communications, sales and customer success teams to support the sales process from start to close/won. This will include meeting with potential customers to conduct thoughtful product demonstrations and educate them on how to successfully introduce greater efficiency and success using homebuyer assistance programs as a key business strategy.

She’ll be the point person setting up free product trials and soliciting client feedback and will partner with DPR’s sales leadership as we plan growth strategies. (So be sure to share with her how you’re doing with DPR’s tools and how we can do better!)

Veronica brings an extensive mortgage industry background, having served in various roles at mortgage lenders and mortgage technology companies, including Optimal Blue and Ellie Mae (now ICE Mortgage Technology), and we’re happy to have her. 

Here are some tidbits you won’t find on her resume:

What are your hobbies? 

I volunteer at the food bank in Cypress (TX) and help organize food and clothing for our local residents in need. I am also a mom of three boys, and I have five grandbabies. I spend four months out of the year watching college football. Go Buckeyes!

What do you enjoy most about your job?

I enjoy helping people understand down payment assistance, knowing they may have misconceptions about how it works and who can qualify. It’s wonderful to know we can help people in all walks of life, and in every U.S. county. The average consumer is just unaware of how much DPA can help them, and I hope that we can bridge that awareness gap so more people can become homeowners.

What’s your favorite way to spend a day off work? 

I love the weather here in Texas and we have a ton of trails in Cypress and nature preserves. I am always up for a walk in the woods around the creek. Other than that, just watching football or maybe having no plans at all is super exciting!

Lorrie Johnson, Customer Success Specialist

As a customer success specialist, Lorrie works closely with Veronica to ensure prospective customers are wowed from the moment they make contact with us through becoming DPA champions. Her role is to demystify the DPA process, ease their fears and debunk myths (like you can’t make money if you use DPA). She then sets them up for a free trial and finally, onboards them. She’ll stay in contact as customers grow. 

Lorrie has an extensive professional background in real estate, customer service and sales, and easily builds rapport with our lender and real estate/MLS customers, having walked in their shoes. (She is still an active real estate agent!) She also monitors support inquiries and resolves or escalates them as needed and assists with customer usage monitoring to help identify integration or adoption issues we may need to investigate. 

Here’s a few details she let us in on to help you get to know her better:

What’s your favorite way to spend a day off work? 

Realistically, I’m most likely to be cleaning and running errands on my day off, but when I find the time my favorite way to spend my day off is probably curled up on the couch watching a movie or exploring a new hiking trail, packing a picnic and just finding the beauty in nature that is all around us.

What’s a personal accomplishment you’re particularly proud of?

My children are my greatest accomplishment by far, and they make me very proud.  

I also feel an immense amount of pride when I help others achieve the American Dream through homeownership. When they put their trust in me to help guide and educate them, it is very humbling. I was once in their shoes, too. If someone had not come in and showed me the ropes, I would have never bought my first home. It’s such an honor and a privilege, really, to help educate buyers, lenders and real estate agents about what options they weren’t even aware of. So many people don’t even know about the assistance they can get (like FREE MONEY) or how little of a down payment they actually need to get into a home. 

What are your hobbies? 

I love visiting the National Parks and hope to visit them all one day. Yellowstone National Park is one of my absolute favorites. I enjoy the outdoors hiking or just working in my garden. I also enjoy arts and crafts. I’ll paint a rock, a pallet, or piece of furniture. I’m a fan of country music and right now am headed to the Morgan Wallen/Jelly Roll concert!

Lisa Rhodes, DPA Program Specialist

As a DPA program specialist, Lisa is one of our busy bees in contact with our network of program providers to ensure we always have current details on more than 2,400 DPA programs nationwide (have we mentioned our database is the most extensive and accurate anywhere?)

In this role, Lisa works to expand our DPA program provider contacts and ensure consistent communication. Much of her time is spent researching DPA programs online to gather as much intel as possible about program guidelines, requirements and funding status. She collects, interprets and inputs program data into our unique DPA database and builds collaborative relationships with DPA program providers to raise awareness and usage of their programs among lenders, real estate agents and consumers. She also monitors DPA programs for changes and ensures the accuracy of program details over time. 

Before joining DPR, Lisa served in various professional positions in the financial industry, including being an HFA program administrator for 17 years at U.S. Bank.

But here’s the really fun stuff to know about her:

If you could travel anywhere, where would you go and why? Or, what is the best place you’ve visited and why? 

I would love to travel the entire world. I think one of the most vital human experiences is getting to submerge yourself in other cultures and ways of life. It really opens up your entire life. If I had to pick my top three destinations they would have to be the UK, Turkey and Egypt. 

What are your hobbies? 

I love to read. My office has six bookshelves filled to the brim, and my collection has spilled out throughout my home. I also love walks with my three dogs (Abby Rhodes, Penny Lane and Charli Brown). Spending time with family and friends is a favorite pastime, regardless of what we are doing together. 

What’s your favorite way to spend a day off work? 

Sleeping in, shopping with my sister, having pool days with my friends, reading on my porch. Any day I get to choose to do nothing (or anything) is a great day.

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Down Payment Resource builds tools that help mortgage lenders, real estate agents, multiple listing services and consumer listing sites build relationships with homebuyers by connecting them with the homebuyer assistance they need.

To learn how Down Payment Resource can help you support homebuyers, contact us.

Cardwell brings extensive industry experience in steering dynamic product strategies for driving revenue growth and enhancing sales effectiveness to his new role 

ATLANTA, Ga., July 31, 2024 — Down Payment Resource (DPR), the housing industry’s leading technology for connecting homebuyers with homebuyer assistance programs, today announced 20-year mortgage industry veteran Brad Cardwell has joined DPR as its vice president of sales and business development. 

In his new role, Cardwell will lead DPR’s enterprise sales, growing both its sales team and partner network, with the goal of making more housing professionals and consumers aware of the availability and benefits of DPA for a range of homebuying expenses and property types.

“We are very excited to have someone of Brad’s stature and experience join DPR to extend our sales efforts at a very critical time for our company,” said DPR Founder and CEO Rob Chrane. “In the midst of an ongoing affordability crisis, we’re seeing more program providers and more down payment assistance options than ever and it’s our mission to get DPA into the hands of more homebuyers through their lender or real estate professional. There’s never been a time when DPA is more important and we’re looking to Brad to help us spread the word.”

Cardwell started his mortgage career as a loan officer and team leader at Embrace Home Loans, where he worked for 19 years, most recently as vice president of innovation for revenue and sales enablement. In this position, he launched the Sales Enablement Product Owner role, providing oversight of sales and marketing operations, including crafting go-to-market strategies and managing its technology stack to elevate organizational productivity. As the bridge between the executive team and sales, he led improvements in systems and processes, mitigating risks for loan officers and attaining a 3.5-day reduction in Embrace’s lead-to-close timeline. 

He also previously served on the executive advisory board of nCino (formerly SimpleNexus, an nCino Company), providing feedback for the product and roadmap.

“I’m especially grateful for this opportunity to contribute to a company that is truly making a difference,” Cardwell said. “DPR is at the forefront of helping homebuyers access down payment assistance programs making homeownership more attainable for many. I’m inspired by their mission and can’t wait to dive in and collaborate with such an innovative and dedicated team.” 

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Down Payment Resource builds tools that help mortgage lenders, real estate agents, multiple listing services and consumer listing sites build relationships with homebuyers by connecting them with the homebuyer assistance they need.

To learn how Down Payment Resource can help you support homebuyers, contact us.