ATLANTA, Ga., July 1, 2024 — Down Payment Resource (DPR), the housing industry’s leading technology for connecting homebuyers with homebuyer assistance programs, today announced the addition of three new team members to support growing demand for down payment assistance (DPA) programs. 

“We’ve been in this business since 2008 and have never seen more interest in — and frankly more need for — DPA from both homebuyers and lenders. In response, DPA administrators are growing the number of DPA programs available and expanding the inventory box with programs that support funding for purchases of manufactured homes and multi-family properties,” said DPR Founder and CEO Rob Chrane. “Accordingly, demand for DPR’s lender suite, which supports DPA origination from lead generation to processing and underwriting to secondary sales, has grown. Combined with our recent integration with the ICE Encompass® loan origination system, DPR has a very bright future, and we’re happy our team is growing to meet market needs.”

DPR’s three hires are:

Veronica Chapa, sales engineer 

As sales engineer, Veronica Chapa will accelerate customer acquisition, revenue growth and market penetration at Down Payment Resource. Chapa has 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). 

Lorrie Johnson, customer success specialist

As a customer success specialist, Lorrie Johnson works on the frontlines with our lender and real estate clients to coordinate customer success initiatives including onboarding, adoption and retention efforts. Johnson has an extensive background in real estate, customer service and sales.

Lisa Rhodes, DPA program specialist

As a program specialist, Lisa Rhodes will support collecting, monitoring and managing detailed eligibility data and program requirements for more than 2,300 DPA programs from 1,200 providers. By maintaining regular contact with program providers, Rhodes will ensure the integrity of DPR’s DPA Directory, the only tool to track every DPA program in the U.S. Before joining DPR, Rhodes served in various positions, including as HFA program administrator, for 17 years at U.S. Bank.

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 2,200 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 five of the top 10 retail mortgage lenders and MLSs, three of the four largest real estate listing websites and 600,000 real estate agents. For more information, visit https://downpaymentresource.com/.

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Down Payment Resource has crafted tools to help mortgage lenders, real estate agents and multiple listing services build relationships with homebuyers by connecting them with the homebuyer assistance they desire.

To explore the best option for your business, contact us.

Starting in 2008, we’ve been collecting down payment assistance (DPA) program information and verifying the accuracy of our database every month. Today, we track 2,200+ programs and offer toolsets to help lenders and multiple listing services make this data available for loan officers and agents, as well as homebuyers and business partners. In addition to seeing more providers and more programs launched over the past 15+ years, we’ve seen expansion in the ways in which DPA funds can be used, not just for down payments but to pay down points, buy manufactured housing or invest in a 2-4 unit multifamily property, for example.

We think the DPA drumbeat is growing louder and want to share with our blog readers what we’re hearing at Q1 industry events.

National Council of State Housing Agencies (NCSHA)

In January, our Founder and CEO Rob Chrane had the opportunity to speak at 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 DPR study conducted in partnership with the Urban Institute that examines the impact DPA could have had on buyers. The study found that almost half (43.6%) of originated purchase mortgages were eligible for DPA. Looking at loan types, the study found that 79.9% of FHA loans likely could have qualified for DPA. Yet, according to HUD data, only about 15% of borrowers with FHA mortgages used down payment assistance from a government source. That gap — between the number of eligible loans (79.8%) and those that used DPA (15%) — is 64.8%, and represents a significant portion of LMI and minority applicants, Chrane pointed out.

After the session, Chrane spoke to Julia Gordon, assistant secretary for housing and federal housing commissioner at HUD, about the DPA gap that DPR’s joint study with the Urban Institute uncovered. She acknowledged that she is aware of our work and has been speaking to others about us. We are very excited to see DPA getting attention from industry leaders like Julia.

MBA Independent Mortgage Bankers (IMB) Conference

Later in January, DPR’s enterprise sales executive, Tani Lawrence, traveled to New Orleans for MBA’s IMB Conference, where she networked with clients and prospects. 

“Along with jazz and every oyster preparation you can imagine, there was a lot of buzz around DPA and the opportunity for IMBs of all sizes and business models to incorporate it into their workflow to qualify more borrowers,” she reports.

Texas MBA (TMBA) Southern Secondary

In February, Lawrence and Sean Moss, DPR’s executive vice president of product and operations, traveled to Houston for TMBA’s Southern Secondary conference. DPA was a frequent topic of discussion, Moss reports, including a question during a session to Alanna McCargo, president of Ginnie Mae, regarding the speed to securitize first mortgages that use DPA. “She noted that the quality of mortgages was ‘strong,’ so using DPA was not a factor,” says Moss. 

Jeff Casella, managing director of Optimal Blue, who is also a 20+ year industry veteran having held various mortgage capital markets positions at Optimal Blue, Fannie Mae and PHH Mortgage, chimed in during the next session saying DPAs have a “longer prepay period and look good on books.”

ICE Experience

The mid-March ICE Experience 2024 was perfectly timed for DPR to debut its new integration with Encompass by ICE Mortgage Technology, an industry-leading loan origination system. Chrane, Moss and Lawrence 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. 

“Feedback on the integration was overwhelmingly positive and there’s a trending belief that this will be a game-changer for lenders who either do a lot of DPA already and/or have been apprehensive about doing so but need a little help,” Moss says. The integration tied in nicely with two central conference themes, automating the loan production lifecycle and combatting affordability challenges, he notes.

The Mortgage Collaborative (TMC) The Mane Event

Chrane and Lawrence wrapped up this busy quarter at TMC’s The Mane Event, Mar. 18-20 in Louisville. DPR hosted a Kentucky Derby-themed reception, participated on a panel and presented a case study with Mountain West Financial.

All in all, it’s been an amazing quarter of spreading DPR insights and meeting with lenders to see how DPR can fill the “missing gaps” in their business. Let’s keep it going!

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Down Payment Resource has crafted tools to help mortgage lenders, real estate agents and multiple listing services build relationships with homebuyers by connecting them with the homebuyer assistance they desire.

To explore the best option for your business, contact us.

The annual awards program recognizes women leaders in mortgage lending

ATLANTA, Ga., March 6, 2024 — Down Payment Resource (DPR), the housing industry’s leading technology for connecting home buyers with homebuyer assistance programs, today announced that Vice President, Housing Finance Authority (HFA) Relations, Veronica Khandelwal, has been named to the 2024 Women of Inspiration list by National Mortgage Professional, an American Business Media publication.

Khandelwal combines her passion for affordable lending with broad mortgage product development experience to help lenders connect consumers with homebuyer assistance programs nationwide. She was brought on by DPR to manage its HFA relationships, and she has since been promoted twice for her exemplary leadership. More recently, Khandelwal has helped hire, train and manage DPA and HFA experts dedicated to taking the industry-first homebuyer assistance platform to the next level, nearly doubling the size of the team. 

Prior to Down Payment Resource, Khandelwal worked in mortgage product development at Fifth Third Bank, where she was the go-to subject matter expert for all affordable lending programs.

“We are extremely proud of Veronica and agree wholeheartedly that she’s an exemplary woman of influence on many fronts,” said Rob Chrane, CEO of Down Payment Resource. “Her passion for helping historically underserved homebuyers is only matched by her passion for helping lenders uplift buyers by training them on programs designed to help consumers afford the upfront costs of a mortgage loan — one of the most significant financial barriers to homeownership.”

“Being recognized on the Women of Inspiration list is a profound honor and a testament to the collective effort of our team at Down Payment Resource,” said Khandelwal. “This accolade not only highlights my personal commitment to making homeownership more accessible but also shines a light on the importance of affordable lending programs in empowering consumers and transforming lives. I am deeply grateful for the opportunity to contribute to this mission and to be part of a movement that champions inclusion and equality in the mortgage industry. Together, we are breaking down barriers to homeownership and paving the way for a more inclusive and equitable future.”

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 2,200 programs and toolsets for mortgage lenders, multiple listing services 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 five of the top 10 retail mortgage lenders by volume, three of the four largest real estate listing websites and 600,000 real estate agents. For more information, visit https://downpaymentresource.com/.

Owning a home has been shown to be one of the most effective ways Americans can build generational wealth. 

Although equal access to housing is a civil right, systemic racism within housing finance institutions has kept communities of color from accessing equal housing opportunities. In fact, the gap between Black families who own a home and white families has persisted over the years and is widening. In 1976, 69% of white families owned a home, while 44% of Black families owned a home, a gap of 25%. In 2022, 75% of white families owned homes, while 45% of Black families owned a home, a gap of more than 30%.

LendingTree recently analyzed U.S. Census Bureau data to analyze racial homeownership demographics in the nation’s 50 largest metropolitan areas. The study found while Black people made up an average of 15% of the population across the metros, only 10% of homes were owned by Black homeowners. For comparison, white people across the same metros accounted for an average of 58% of the population, yet owned an average of 69% of owner-occupied houses. 

Challenges to Black Homeownership

Many factors contribute to this disparity and make the racial ownership gap difficult to close. 

First, the average income for Black households is lower than for white households. According to Census Bureau numbers, the median income for Black households in 2023 was $52,860. That’s more than $28,000 less than the $81,060 median income for white households.

Plus, less of that income is considered to be disposable. According to the National Association of Realtors, Black homeowners spend more of their income to own their homes than all racial groups, with 30% being cost-burdened, meaning they spend more than 30% of their income on housing. If they’re paying rent, that money is going into their landlords’ pocket rather than if they were paying a mortgage and building equity through homeownership. Black Americans also are more likely to be unbanked.

These factors make it difficult for Black and other minority homebuyers to qualify for a mortgage. In 2022, Black and Hispanic applicants experienced denial rates of 16.4% and 11.1% respectively, while the denial rate for white applicants was 5.8%. 

Overcoming Barriers 

The good news is there are many loan programs that can help increase Black homeownership. 

For starters, there are lending programs for low-income homebuyers with low down payment requirements, such as FHA mortgages, which typically require 3.5% down, and VA and USDA mortgages, which can require as little as zero down. 

Homebuyers should always “shop around” for a mortgage to find the best terms. A Fannie Mae study found one-third of recent homebuyers get a single mortgage quote in spite of having online resources for finding multiple lenders and comparing quotes. By comparing offers from different lenders, homebuyers can select the offer with the best rate and fees, making their purchase more affordable.

Finally, homebuyers should learn about down payment assistance (DPA) programs in your area and be sure to apply for DPA early in the buying process (your real estate agent or lender can help or search our online database). This is especially important for low-income and minority buyers. A 2023 poll by Keybank of 1,000 homeowners who earned less than $75,000 annually found nearly one-third (31%) did not seek out any information or resources on homebuyer assistance programs. 

The Impact of Down Payment Assistance

Having more money for the down payment or other mortgage costs could make a huge difference. Down Payment Resource partnered with Urban Institute to look at loan activity in the nation’s top 10 metros. The study found that DPA could have potentially salvaged the loans of about 46,000 denied applicants (30.7%) since it would have lowered the loan amount for a more favorable debt-to-income ratio (DTI) or provided cash to meet the necessary cash-to-close (CTC) requirement. 

Down Payment Resource recently reexamined the study data to look at homebuyer assistance program eligibility by race. We found that 54.7% of Black homeowners could have been eligible for homebuyer assistance. Breaking this down by loan type, 79.8% of Black homebuyers financing with FHA loans would have been eligible for DPA. Notably, the number of homebuyers eligible for DPA is substantially higher than those who used a form of DPA to finance their homes. This gap in DPA use affects a significant number of Black homebuyers who could have saved tens of thousands of dollars on buying a home, and Black mortgage applicants who could have been approved with DPA.

Focusing on the Future

This Black History Month, let’s honor the legacy of resilience and strength within the Black community by championing a path to homeownership for more Black families. 

After all, homeownership isn’t just about owning property; it’s about securing a foundation for generational wealth, stability and pride. Let’s also recognize the importance of economic empowerment. By owning homes, Black families can break barriers, build equity and shape their own future.

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Down Payment Resource has crafted tools to help mortgage lenders, real estate agents and multiple listing services build relationships with homebuyers by connecting them with the homebuyer assistance they desire.

To explore the best option for your business, contact us.

In an era marked by unprecedented challenges in housing affordability, we’ve published our Q4 2023 Homeownership Program Index (HPI) Report to highlight the homebuyer assistance programs available to help make homeownership more accessible. Derived from our comprehensive DOWN PAYMENT RESOURCE® database, this report highlights the latest trends in down payment assistance (DPA) programs in 2023.

Our Q4 2023 edition reveals an increase in the availability and diversity of DPA programs, including an increase in programs supporting the purchase of manufactured and multi-family homes and the evolving dynamics of Mortgage Credit Certificate (MCC) programs. Read on to explore how DPA is evolving in the U.S.

Program Trends

The number of programs offered in Q4 2023 increased by 135 over the previous year, raising the total number of programs to 2,294. 

• 804 programs allow for the purchase of a manufactured home, up 20% from the previous year. According to the Manufactured Housing Institute, an industry advocacy group, the average cost of a manufactured or mobile home is $127,250 or $85/square foot, while the average cost of a site-built home is $413,160 or $167.87/square foot. Depending on the local housing market, that can make a big difference. In California, for example, nearly half (47%) of manufactured housing is affordable to very low-income households, compared to just 18% of the state’s housing stock overall. Because manufactured housing opens up homeownership to many low- and moderate-income buyers, we think this trend will pick up speed in the coming years. And if you’re wondering if mobile homes and manufactured homes are the same thing — yes, they are. According to HUD, a factory-built home prior to June 15, 1976, is a mobile home and one built after June 15, 1976 is a manufactured home.

Program spotlight: The City of Napa (CA) offers a down payment assistance program specifically for buyers of a mobile or manufactured home who are first-time homebuyers. The program offers buyers up to $58,000 or 30% of the purchase price, whichever is less, and is in the form of a 20-year deferred, forgivable loan. The buyer’s income needs to be 80% or less of the Area Median Income (AMI), which for Napa in 2022 (the most recent year available) was $105,809.

• 686 programs allow for the purchase of a multi-family property, up 8% from the previous year. Using DPA to purchase a multi-family property has become a very hot topic lately, and about 30% of the programs in DPR’s database allow funds to be used for a multi-family investment (1-4 units). 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. These assistance programs often require the borrower to complete homeownership and landlord-prep classes, which we think will help ensure long-term stability for new homeowners.

Program spotlight: The City of Chicopee (MA) funds a multifamily incentive program that pays $16,000 toward a buyer’s down payment or closing costs to purchase a multi-family (three rental units and the owner’s unit) property within the city. The loan is structured as a 16-year forgivable loan with $1,000 forgiven annually. 

• 78 programs are mortgage credit certificate (MCC) programs, a 19% drop from the previous year. The MCC program is a homebuyer assistance program designed to help lower‐income families afford homeownership. The program allows homebuyers to claim a dollar‐for‐dollar tax credit for a portion of mortgage interest paid per year, up to $2,000. The remaining mortgage interest paid may still be calculated as an itemized deduction. MCC programs were highly popular up until about 2020, when our data showed a cooling off as state housing finance agencies have exceeded their capacity to offer the bond-funded MCC programs or don’t want to handle them administratively. 

Breakdown of New Programs

Here is a breakdown of the homebuyer assistance programs added since Q4 2022  by assistance type:

• Rehab assistance programs saw the largest YoY growth, rising 300% since the same quarter in 2022.
• Below market value (BMR)/resale restriction programs saw the second largest growth with a rise of 112%.
• Matched savings programs rose 34%.
• Grant programs rose 13%.

Breakdown of All Programs

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

• Of the 2,294 homebuyer assistance programs:
  • 81% of programs are currently funded.
  • 9% of programs are currently inactive.
  • 4% of programs have a waitlist for funding.
  • 6% 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.

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

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Down Payment Resource has crafted tools to help mortgage lenders, real estate agents and multiple listing services build relationships with homebuyers by connecting them with the homebuyer assistance they desire.

To explore the best option for your business, contact us.

Moss was recognized for his dedication to connecting housing professionals and homebuyers with key homebuyer assistance programs

ATLANTA, Jan. 3, 2024 — Down Payment Resource (DPR), the housing industry’s leading technology for connecting home buyers with homebuyer assistance programs, today announced its Executive Vice President of Product and Operations Sean Moss has been selected as an Industry Titan by National Mortgage Professional (NMP) magazine. The award recognizes experienced professionals who show exceptional dedication, compassion and integrity who are improving the mortgage industry for both industry professionals and the clients they serve.

NMP recognized Moss for more than a decade of dedication to making homeownership possible for low-to-moderate income (LMI) homebuyers. Moss guides DPR to simplify, standardize and expand access to important but underutilized homebuyer assistance programs, including down payment assistance (DPA). With his laser focus on evolving DPR’s products to empower professionals and homebuyers nationwide, Moss embodies the compassion and advocacy of an Industry Titan.

“I am deeply honored to be recognized as an Industry Titan by National Mortgage Professional magazine. This accolade is not just a reflection of my personal commitment, but it is a testament to the collective efforts of our team at Down Payment Resource,” said Moss. “Our mission has always been to make homeownership more accessible, especially for low-to-moderate income families. By simplifying and expanding access to homebuyer assistance programs, we are not just offering financial solutions but are empowering dreams and building stronger communities. I am proud of the impact we’ve made and am excited to continue our work in revolutionizing the housing industry for the betterment of homebuyers and professionals alike.”

Sean Moss has more than 18 years of experience in the real estate and finance industry. As DPR’s executive vice president of product and operations, Moss oversees product strategy and development and collaborates with customers and partners to implement new solutions for affordable lending challenges. DPR keeps tabs on every homebuyer assistance program in the country by communicating with over 1,300 program providers year-round and keeping more than 2,200 programs up to date in its DPA Directory. 

The full list of 2024 Industry Titans honorees can be viewed on the National Mortgage Professional website.

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Down Payment Resource has crafted tools to help mortgage lenders, real estate agents and multiple listing services build relationships with homebuyers by connecting them with the homebuyer assistance they desire.

To explore the best option for your business, contact us.

Four times a year, we release a Homeownership Program Index (HPI) report where we delve into the data collected from our DOWN PAYMENT RESOURCE® database to unveil significant developments and emerging patterns in homebuyer assistance programs across the United States.

While Q3 2023 was marked by interest rates topping 20-year highs, our data revealed a bastion of hope in homebuyer assistance programs. Program administrators responded swiftly to the mounting home affordability crisis by rapidly rolling out new programs as well as funding buydowns and other monthly payment reduction strategies.

Fifty new agencies began offering homebuyer assistance programs last quarter, raising the number of agencies providing support for aspiring homeowners to 1,373. Moreover, the number of programs increased by 54, raising the total number of programs offered to 2,256*. As of October 25, 2023, a substantial 82% of these programs had funding for eligible homebuyers.

Program Trends

• 295 programs allow funds to be used for buydowns to lower mortgage rates. Of them: 
  • 253 programs allow for a permanent rate buydown 
  • 66 programs allow for a temporary rate buydown
    • 53 programs allow for 1-0 buydowns
    • 58 allow for 2-1 buydowns
    • 55 allow for 3-2-1 buydowns

Tenfold’s York Homebuyer Assistance Program offers up to $10,000 in down payment assistance (DPA) to first-time homebuyers purchasing homes in York County and York, Penn. The assistance comes as a 0% interest, silent second mortgage. The loan is fully forgiven over a five-year term on a prorated basis provided that all program conditions, such as owner-occupancy, are met. A minimum middle credit score of 620 is required, and recipients must take a HUD-approved homebuyer education course before entering a sales agreement. Household income and home price limits apply.

• Hundreds of programs allow funds to be used to cover certain loan and MI fees: 
  • 224 programs can be used to pay the upfront mortgage insurance premium (UFMIP) on FHA loans, the funding fee on VA loans and guarantee fees on these types of loans. 
  • 71 programs allow MI offsets so the homebuyer can reduce MI premiums upfront.
  • 241 programs can be used to pay the MI premium.

The Broward County Homebuyer Purchase Assistance Program provides up to $80,000 in purchase assistance for people buying homes in Broward County, Florida. The assistance takes the form of a forgivable second mortgage loan that is deferred at 0% interest for 15 years, provided all program requirements are met. Eligible homebuyers can make up to 80% of HUD AMI and use the funds to buy homes up to $568,557.

• Support for Native American homebuyers: 43 homebuyer assistance programs in 14 states are specifically designed to support Native Americans. While Native Americans are eligible for any of the 2,200-plus U.S. homebuyer assistance programs, these programs were specifically developed to help Native American homebuyers with down payments and/or other home-buying costs. 

The Cherokee Nation Mortgage Assistance Program provides up to $20,000 in DPA and credit coaching to members of federally recognized tribes, with priority given to citizens of the Cherokee Nation. The assistance takes the form of a 10-year forgivable loan and can be used to purchase an existing home or construct a new one. Borrowers who comply with additional requirements after close may be eligible for an additional $7,500 principal reduction. 

• 50 new agencies began offering homebuyer assistance programs. Now, 1,373 agencies administer assistance programs to aspiring homeowners, a 3.78% increase over the previous quarter.

On October 16, 2023, Davis County, Utah, launched an inaugural homebuyer assistance program to help LMI families achieve their homeownership dreams. According to its website, Davis County began offering homebuyer assistance because “home prices in the last several years have dramatically appreciated across the state,” which has created an “unprecedented challenge to homeownership.”

Breakdown of New Programs

Here is a breakdown of the homebuyer assistance programs added last quarter by assistance type:

• Below market value (BMR)/resale restriction programs saw the largest growth, with 24 programs added. Close behind, 16 second mortgage programs and 14 matched savings programs were added. Additionally, three combined assistance programs, two deed restriction, two housing choice vouchers, two rehab assistance and one other program was added.

Breakdown of All Programs

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

• Of the 2,256 homebuyer assistance programs:
  • 82% of programs are currently funded.
  • 9% of programs are currently inactive.
  • 4% of programs have a waitlist for funding.
  • 6% 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

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

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Down Payment Resource has crafted tools to help mortgage lenders, real estate agents and multiple listing services build relationships with homebuyers by connecting them with the homebuyer assistance they desire.

To explore the best option for your business, contact us.

*On October 25, 2023, DPR updated the way it classifies certain homebuyer assistance programs that are available to the general public but also offer expanded benefits to veterans and military personnel. As a result of the update, DPR’s total count of U.S. homebuyer assistance programs was adjusted downward; however, its breakdowns by region, assistance type and funding source remained the same. This change reflects an evolution of DPR’s reporting methodology, not a reduction in the overall availability of homebuyer assistance. DPR normalized last quarter’s data using its new counting methodology before calculating quarter-over-quarter trends.

Down Payment Resource (DPR) started in 2008 with a small but very dedicated team committed to making it easier for homebuyers to find down payment assistance programs. In the early years, our team traveled to partner sites to develop the rapport and trust that would serve us well as we grew our database to cover the entire U.S. with more than 2,300 programs from over 1,300 agency partners.

As we’ve grown, our commitment and laser-focused effort on quality is stronger than ever.

This month, we’d like to introduce you to Kris Case, Adam Goodman and Tracy McIntosh who work behind the scenes to keep our technology systems running and onboard new business partners in the mortgage, real estate and housing finance agency spaces.

Each of these team members has a unique background that positions them to provide top-notch support to our ever-growing customer and partner base. With their widespread expertise, DPR is better equipped to champion innovative tools, strategies and programs that make homeownership more affordable and accessible for everyone.

So, without further ado, let’s meet these three members of the DPR team!

Kris Case, DPA Program Specialist 

Kris has been with DPR for more than 12 years and previously worked as a writer reviewing records and concerts for music publications and contributing interviews, advertorials and feature articles to The Arabian Horse Times, an Arabian horse publication.

She also worked for Neodata/Centrobe, a marketing communications services firm that integrated with E.D.S., making it one of the world’s largest direct marketing services companies. In her role as an account manager in the company’s publishing fulfillment division, she worked with clients like Conde Nast Publications, Meredith Corporation, US News and World Report and the United States Postal Service. 

At DPR, Kris works with management to organize and administer various company initiatives, taking full advantage of her skills in qualitative and quantitative research. Kris earned her degree in political science from Middle Tennessee State University.

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

I enjoy helping, healing, training and working with animals, especially those that have been abused, injured, or are fearful with no experience with humans, including wild horses that were captured by the Bureau of Land Management. 

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

I enjoy playing with my Chihuahua and re-watching Game Of Thrones episodes for the hundredth time.

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

If I could choose to travel anywhere, it would be to Ireland. I’d love to walk around all the historical places and see what it feels like to be there. The best place I’ve visited/lived is the Santa Ynez Valley in California. It’s beautiful and felt like heaven to me.

Adam Goodman, Software Engineer

Adam Goodman is a skilled software engineer who helps keep our technology up and running smoothly for consumers and business partners. As a full-stack developer, Goodman can build both the front end (the parts of a website a user sees and interacts with) and the back end of a website (the behind-the-scenes data storage and processing). These two areas of web development require different skill sets. Adam brings both to the equation as well as being well-versed in Ruby on Rails, a server-side web application framework.

Adam has been with DPR for two years. He graduated from Florida State University with a Bachelor of Science degree in Applied Economics in 2015 and is currently pursuing his Master of Science from Kennesaw State University.

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

Teaching myself programming and making a career out of it. 

What do you enjoy most about your job? 

I enjoy the freedom I have here to be creative and solve problems independently. 

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

I like to do a morning workout, and then it’s off to the golf course or beach. Preferably both! I also enjoy basketball.

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

My favorite travel experiences were driving from Connecticut to Florida every fall semester during college with my dad and stopping all along the East Coast to visit different gyms and golf courses.

If you could have a superpower, what would it be and why?

Super speed for sure. There are never enough hours in the day to do everything I want to do.

What’s your dream house?

It would be on a private lot, with a wraparound porch and an ocean view. Also, an indoor golf simulator.

Tracy McIntosh, Business Coordinator

Tracy brings a unique skillset to the DPR team, with an extensive background in planning, designing, coordinating and running events of all types including large-scale corporate events, weddings and more.

“These previous experiences have helped me tremendously with my role at DPR,” Tracy explains. Specifically, she says, in those roles she learned to help people through her creativity and organizational skills. “I genuinely want to provide outstanding customer care. Helping others is a major component for any job I’ve ever had and I love that I’ve gotten to do that with lenders, agents and homebuyers here,” she says.

Tracy has been with DPR for about two years. In her role as business coordinator, she is responsible for organizing, managing and administering various interdepartmental tasks and technologies.  

What are your hobbies? 

Coming from an event background with an innate desire to be creative, I love planning and hosting themed parties. I also developed a passion for poetry when I was in high school and still to this day enjoy writing my own pieces as well as reading others.

What do you enjoy most about your job? 

There’s so much to love about working here at DPR, but nothing will ever top how much I love helping others here. I grew up in a family that wasn’t wealthy and struggled to make ends meet, but excelled in providing love. I see my family in every deserving homebuyer wanting desperately to get into a home but doesn’t have the wealth to back it up. I’m fortunate enough to work with an extraordinarily talented, intelligent team of people who all have giving hearts. Being surrounded by them helps me to provide the type of customer service and attention that’s important to me. 

What’s your dream house?

Entertaining and having a welcoming home is important to me. My dream house would be large enough that I could host gatherings with family and friends. It would be at the beach with views of the ocean and I’d be able to watch and hear the waves. I dream of watching the sunset at the end of each day as I walk the beach and feel the tide rush against my feet.

Interested in learning more about our all-star team? Meet three more DPR VIPs — Amy, Rick and William!

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Down Payment Resource has crafted tools to help mortgage lenders, real estate agents and multiple listing services build relationships with homebuyers by connecting them with the homebuyer assistance they desire.

To explore the best option for your business, contact us.

ATLANTA, Ga., Aug. 15, 2023 — Down Payment Resource (DPR), the housing industry’s leading technology for connecting homebuyers with homebuyer assistance programs, today announced it has earned a spot on the 2023 Inc. 5000 list of the nation’s fastest-growing private companies. This marks DPR’s inaugural year on the list.

Founded in 2008, DPR maintains the only comprehensive database of U.S. homebuyer assistance programs by engaging with more than 1,300 program providers year-round. Its technology, which helps the housing industry match homebuyers with homebuyer assistance, has been used by millions of housing professionals and consumers and averages 30,000 homebuyer assistance queries a day. DPR customers include five of the top 10 retail mortgage lenders by volume, more than a dozen multiple listing sites (MLSs) and 500,000 real estate agents. 

Additionally, two of the nation’s largest real estate websites use DPR to power a down payment assistance finder within listing descriptions. 

“To date, we’ve connected more than 6 million housing professionals and homebuyers with down payment assistance program information, and we are proud of the impact we have made,” said DPR Founder and CEO Rob Chrane. “As we celebrate this remarkable milestone, we’re more inspired than ever to forge ahead, break down barriers to homeownership and pave the way for a brighter, more inclusive housing future.”

“Running a business has only gotten harder since the end of the pandemic,” said Inc. editor-in-chief Scott Omelianuk. “To make the Inc. 5000 — with the fast growth that requires — is truly an accomplishment. Inc. is thrilled to honor the companies that are building our future.”

For complete results of the Inc. 5000, including company profiles and an interactive database that can be sorted by industry, location and other criteria, go to www.inc.com/inc5000.

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Down Payment Resource has crafted tools to help mortgage lenders, real estate agents and multiple listing services build relationships with homebuyers by connecting them with the homebuyer assistance they desire.

To explore the best option for your business, contact us.

Four times a year, we release a Homeownership Program Index (HPI) report where we delve into the data collected from our DOWN PAYMENT RESOURCE® database to unveil significant developments and emerging patterns in homebuyer assistance programs across the United States.

In our Q2 2023 HPI report, we have uncovered that for the second consecutive quarter, there has been a 0.5% increase in the availability of homebuyer assistance programs aimed at helping individuals finance their dream homes. This brings the total number of programs to an impressive 2,373. Moreover, as of July 3, 2023, a substantial 82.5% of these programs continue to offer funds to eligible homebuyers.

Breakdown of new programs

Here is a breakdown of the homebuyer assistance programs added last quarter:

• By assistance type: Similar to last quarter, community seconds saw the largest growth, with 24 programs added. Four grants, four combined assistance programs, one deed program, seven BMR/resale programs and six MCCs were also among the programs added.
• By region: There was a 1.18% increase in statewide programs, a 1.73% increase in programs supporting home purchases in defined locales and a 6.85% increase in nationwide and multi-state programs. Programs supporting homebuyers in New Mexico saw the largest percent growth of any state, increasing by 21.43%.
• By funding source: Florida’s State Housing Initiatives Partnership (SHIP) programs saw the largest cumulative growth overall with 17 programs added, a quarterly increase of 18.09%. Other funding sources that saw a notable increase were Native American Housing Assistance and Self Determination Act (NAHASDA) block grants, which increased by 4.3%, and assistance backed by the Federal Home Loan Banks (FHLB), which increased by 4.76%.

New program trends

• Municipality administered programs: Municipalities support 42.2% of all programs, more than any other type of homebuyer assistance administrator.  

The City of Madison’s Home-Buy The American Dream (HBAD) program provides up to $35,000 in down payment and closing cost assistance in the form of a deferred, silent second mortgage. This means the loan does not have to be repaid until certain conditions are met, such as selling the home or refinancing the loan. Because HBAD is also a shared appreciation program, once the loan is due, borrowers must repay the same percentage of the home value at sale as DPA borrowed at the time of purchase. While the program doesn’t limit home purchase price, borrower household income must be 80% HUD AMI or less.

• Florida State Housing Initiatives Partnerships (SHIP) programs: The number of SHIP-funded programs increased by 18.09%, a dramatic increase over the last quarter.

Clay County SHIP Purchase Assistance Program provides people purchasing a home in Clay County, Fla. up to $15,000 in DPA in the form of a 30-year deferred, forgivable soft second. Provided all program conditions are met, borrowers do not have to repay the loan at the end of its term. Borrowing households may earn up to 140% of HUD AMI. Purchase price limits apply.

• Continued incentivized program growth:  There was a 4.75% increase in incentivized programs — which are geared toward public servants such as teachers and protectors, Native Americans, people with disabilities and veterans, among others. 

The City of Canton Down Payment Assistance Program provides up to $15,000 of DPA to people buying homes in Canton, Ga. The program takes the form of a five-year deferred, forgivable soft second mortgage, which means that borrowers do not have to make payments and the loan will be fully forgiven at the end of its term provided that requirements, such as maintaining owner occupancy, are met. Borrowers may earn up to 80% of HUD AMI. Purchase price limits are $333,000 for existing homes and $361,000 for new construction homes.

Breakdown of all programs

Overall, the breakdown of homebuyer assistance programs available by type was unchanged from the previous quarter.

• Of the 2,373 homebuyer assistance programs:
  • 82.5% of all programs are currently funded.
  • 8.8% of all programs are currently inactive.
  • 3.1% of all programs have a waitlist for funding.
  • 5.6% percent of all programs are temporarily suspended.
• 75.3% of programs in the database are for down payment or closing cost assistance.
• 10.0% of programs are first mortgages.
• 3.6% of programs are Mortgage Credit Certificates (MCCs).

A complete, state-by-state list of homebuyer assistance programs can be viewed here. Homebuyer assistance programs that waive the first-time homebuyer requirement for veterans and military personnel are tracked as two separate programs to report on dedicated assistance for military buyers.

You can also download the full infographic.

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Down Payment Resource has crafted tools to help mortgage lenders, real estate agents and multiple listing services build relationships with homebuyers by connecting them with the homebuyer assistance they desire.

To explore the best option for your business, contact us.

Down Payment Resource (DPR) is growing to support the overwhelming demand for homebuyer assistance and the increasing popularity of our tools for lenders, agents and listing sites. To keep up with this incredible growth, we’ve added four fantastic housing finance professionals to our team who are as knowledgeable about down payment assistance (DPA) as they are passionate.

These new team members will play a vital role in strengthening our relationships with housing finance agencies (HFAs), providing top-notch support to our ever-growing customer base and expanding our footprint. With their widespread expertise, DPR will be better equipped to champion innovative tools, strategies and programs that make homeownership more affordable and accessible for everyone.

So, without further ado, let’s meet the newest members of our DPR family:

Tani Lawrence, Enterprise Sales Executive 

As DPR’s enterprise sales executive, Tani Lawrence plays a vital part in identifying sales opportunities, driving business growth and expanding our market share. Tani’s mortgage technology sales prowess, business development expertise and remarkable talent for negotiation make her an invaluable asset to the DPR team. 

Before joining DPR, Tani was a senior business development executive at DocProbe, where she successfully managed the sales of their outsource solution for trailing docs. Her outstanding skills and dedication led her to secure the company’s largest client, boosting DocProbe’s revenue and market share in multiple regions. 

Tani’s journey also led her to work as a business development officer at Optimal Blue, where she specialized in their Comergence risk management toolset and ensured top-notch service delivery. Additionally, Tani was a regional account manager for VidVerify, a platform that automates the delivery of informative video messages throughout the loan process. 

A true go-getter, Tani even launched her own venture called Short Sale Execs. Through this consultancy, Tani leveraged her deep mortgage expertise to help buyers, sellers and agents close deals. Now, that’s impressive dedication and skill!

With Tani on board, we’re confident that DPR will continue making homeownership more accessible and affordable for everyone.

What do you enjoy most about your job? 

“The best part of my job is meeting and strategizing with industry professionals to reach our common goal of bringing down payment assistance programs to aspiring homeowners.”

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

“Walking somewhere in nature is my favorite way to unwind during my time off.”

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

“I would travel to Kennebunkport, Maine. This beautiful area truly lives up to its slogan: “Kennebunkport — the way life should be!’”

Angel Romero, HFA Relationship Manager

As our new HFA relationship manager, Angel is tasked with building and maintaining DPR’s relationships with hundreds of local HFAs nationwide. She has a natural talent for fostering partnerships and developing strategies to ensure down payment and homebuyer assistance programs reach underserved communities that need them the most. 

Before joining DPR, Angel was AVP, post-closing manager and resident housing program expert at Cherry Creek Mortgage. Her expertise and hard work played a significant role in the company’s expansion into new markets with help from DPR’s robust DPA Directory.

Angel’s deep mortgage industry experience, strategic mindset and passion for creating opportunities for underserved communities make her an invaluable part of the DPR team. Stay tuned for more exciting updates from Angel as she works tirelessly to empower more people on their journey to homeownership!

What do you enjoy most about your job?  

“What I enjoy most about my job is knowing that I am helping to get down payment assistance information out to the masses. By helping someone purchase a home that wouldn’t be possible without DPA, I get to play a role in fulfilling their homeownership dreams.”

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

“I love to spend my days off of work with my family. I don’t really care what we do, as long as we are spending time together.”

What are your hobbies? 

“My hobbies are spending time with my grandchildren and working in my garden.”

Keith Futrell, DPA Program Specialist

DPA Program Specialist Keith Futrell draws on nearly two decades of housing finance expertise as he advances DPA awareness and participation among current and prospective DPR partners. 

Keith previously worked at Allen Tate Companies as an underwriter, reviewing and issuing an impressive average of two or more loans per day. In recognition of his exceptional skills, Keith was named the MVP of Underwriting — not once but twice, in 2019 and 2021! Before that, Keith flawlessly managed and maintained a pipeline of over 50 conventional, FHA, USDA and VA loans per month as a mortgage loan processor for First Financial Services, Inc. 

Keith also rocked it as an account executive at Ameritrust, where he maintained strong relationships with mortgage brokers and educated them about non-conforming loan products. Keith’s dedication allowed him to consistently surpass the company’s sales expectations for closed loans. 

Keep an eye out for more exciting updates and insights from Keith as he continues to positively impact the world of housing finance!

What do you enjoy most about your job? 

“Every day brings an opportunity to help someone and educate someone on the biggest purchase they will ever make, and to see that dream come true is extremely exciting.”

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

“I like to spend time off work with my family, whether it’s relaxing on a beach or competing in sports. I’m a big fan of the Carolina Panthers, so football season brings that passion.”

What is the best place you’ve visited and why?

“The best destination I’ve visited is St. John, the smallest of the United States’ three Virgin Islands. The landscape was absolutely beautiful, and swimming with the turtles in Maho Bay is something I will never forget.”

Kathy Gault, DPA Program Specialist

Give a warm welcome to Kathy Gault, one of our incredible new DPA program specialists. Using her extensive understanding of compliance guidelines, DPA programs and affordable lending processes, Kathy will provide DPR clients and partners with custom DPA insights and affordable lending strategies.

Before joining DPR, Kathy coordinated Mountain West Financial, Inc.’s products and affordable housing programs. She was responsible for curating the lender’s impressive roster of DPA programs, as well as training loan origination teams to wield these programs for borrowers’ benefit. Kathy also served as a senior business development officer at Arrowhead Credit Union, where she honed her skills in cross-selling, business development, loss mitigation and portfolio management. 

What sets Kathy apart is her unwavering commitment to community-first values. With Kathy’s expertise, DPR can provide our partners and clients with even more tailored guidance to navigate and excel in the complex world of DPA programs.

What do you enjoy most about your job? 

“The best part of my job is knowing that at the end of the day, what I’ve done has possibly helped a deserving family make the dream of homeownership come true.”

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

“I like to spend my time off shopping, relaxing or taking a day trip — not necessarily in that order.”

Describe your dream house. 

“Oh, this one is easy: one that is self-cleaning!”

With these four new talented hires — Kathy, Keith, Angel and Tani — the DPR team is stronger than ever. To witness firsthand how our DPA tools can elevate your affordable lending initiatives, request a demo today!

Each quarter, we issue a Homeownership Program Index (HPI) report that examines data from our DOWN PAYMENT RESOURCE® database to uncover noteworthy changes and trends in U.S. homebuyer assistance programs.

Our Q1 2023 HPI report revealed a 0.5% uptick in the number of homebuyer assistance programs available to help people finance homes, raising the number of programs to 2,362. Of these programs, 83.5% had funds available for eligible homebuyers as of April 7, 2023. 

Breakdown of new programs

Here is a breakdown of the homebuyer assistance programs added last quarter:

• By assistance type: Community seconds saw the largest growth, with seven programs added. Six grants, five combined assistance programs, three deed restriction programs, three first mortgage programs, three deed programs and one rehabilitation program were also added.
• By region: There was a 2.4% increase in statewide programs, a 0.5% increase in programs supporting home purchases in defined locales and a 1.4% decrease in nationwide and multi-state programs. Programs supporting homebuyers in Pacific states saw the largest percent growth of any region, increasing by 1.5%.
• By funding source: Community Development Block Grant (CDBG) programs saw the largest cumulative growth overall with 13 CDBG-funded programs added, a quarterly increase of 5.7%. Other funding sources that saw a notable increase in the number of programs available were to-be-announced (TBA) programs, which increased by 4.3%, Florida’s State Housing Initiatives Partnership (SHIP) programs, which increased by 4.1%, and assistance backed by the California Department of Housing and Community Development (CalHome), which increased by 2.3%. 

New program trends

• Housing programs for repeat homebuyers: The number of programs that do not have a first-time homebuyer (FTHB) requirement grew to 861 in Q1 2023, a 2% increase over the previous quarter. 39.7% of all available homebuyer assistance programs now support repeat homebuyers, up from 38% in Q1 2022.

The City of Dallas’ Anti-displacement Homebuyer Assistance Program (DHAP 10) provides down payment support to low- and moderate-income Dallas residents who have lived in city limits for at least 10 years. Assistance is available to FTHBs as well as repeat borrowers. Eligible individuals can receive up to $50,000 in assistance, and there is no purchase price limit. The total household income must fall between 50% to 120% of the area median income (AMI) to qualify for support. Participants are also required to complete homebuyer education prior to receiving DPA funds.

• Programs with incentives: 11 incentivized programs were added in Q1 2023, a 3% increase over the previous quarter. There was a 4.7% increase in programs for veterans and military service members, a 5.2% increase in programs for protectors, a 5.8% increase in programs for firefighters and a 4.8% increase in the program for healthcare workers. Programs with incentives now make up 17.5% of all available programs.

The Holland Public Schools (HPS) Teachers Live Here Program provides up to $25,000 in forgivable funds over five years for eligible HPS educators. Applicants’ total household income must be below $100,000 to qualify for assistance. The Teachers Live Here program operates on a cycle-based funding system, and while FTHB status is not required to qualify, they are given priority over current homeowners. DPA recipients must remain employed in the HPS district for at least five additional years after receiving support and must purchase a home within 15 miles of HPS’ district boundaries. 

• Assistance program repayment features: Of the 2,362 down payment assistance programs nationwide, which include community seconds, grants and combined assistance programs, 86.3% offer a deferred repayment option and 57.8% are completely forgivable. 856 DPA programs are both deferred and forgivable, up from 792 in Q1 2022 — an 8.1% year-over-year increase.

The Portland Housing Center’s WELCOME HOME Gresham DPA Program offers up to $40,000 in DPA as an interest-free deferred loan, which is completely forgiven after the recipient has occupied their home for 15 years. Program eligibility is limited to those who meet the Portland Housing Center’s definition of a FTHB, which includes those who have not owned a home in the past three years, single parents and displaced homemakers. Total household income must not exceed 80% AMI for applicants to qualify, and the purchase price of the home cannot exceed $437,000.

Breakdown of all programs

Overall, the breakdown of homebuyer assistance programs available by type was unchanged from the previous quarter. 

• 75 percent of programs in the database are for down payment or closing cost assistance.
  • 84 percent of all programs are currently funded.
  • 9 percent of all programs are currently inactive.
  • 3 percent of all programs have a waitlist for funding.
  • 5 percent of all programs are temporarily suspended.
• 10.5% of programs are first mortgages.
• 3.9% of programs are Mortgage Credit Certificates (MCCs).

Other notable trends:

The share of programs receiving active funding grew to 83.5% in Q1 2023, up from 82.9% in the previous quarter. At the same time, the number of inactive programs fell by 26 to 9.1%. While there was a slight uptick in temporarily suspended and waitlisted programs, the overall number of programs being funded has continued to grow steadily for more than a year.

A complete, state-by-state list of homebuyer assistance programs can be viewed here. Homebuyer assistance programs that waive the first-time homebuyer requirement for veterans and military personnel are tracked as two separate programs to report on dedicated assistance for military buyers.

You can also download the full infographic.

In conclusion:

The number of U.S. homebuyer and down payment assistance programs continued to grow in the first quarter of 2023, with 2,362 total programs now available. As the housing market continues its slow recovery in 2023, mortgage and real estate professionals should educate themselves and their clients about affordability programs. By illustrating the role homebuyer assistance can play in each prospective homebuyers’ wealth-building journey, housing industry players can grow their business while also expanding housing accessibility for the traditionally underserved.

Down Payment Resource has crafted tools to help mortgage lenders, real estate agents and multiple listing services build relationships with homebuyers by connecting them with the homebuyer assistance they desire.

To explore the best option for your business, contact us.