Help With Your Down Payment

Although 87 percent of homes qualify for down payment assistance, many potential homebuyers have no idea they may be eligible for programs that could save them thousands of dollars.

Down Payment Resource (DPR) is looking to change that.

A new tool helps potential homebuyers find programs that could potentially save them thousands of dollars. Workforce Resource, a web-based software company, connects people with hard-to-find financial resources and programs they may not have known existed through their DPR.

DPR’s website, downpaymentresource.com, allows prospective buyers to mine the company’s national database of 2,300 different programs in their local areas and find out what resources-ranging from grants, federal housing agency programs, delayed repayment loans, interest-free loans and more-exist in their region.

Some of these programs can be layered with each other and can be used with most loan products, including federal housing agency loans. DPR is endorsed by the National Association of Local Housing Finance Agencies.

Most programs are geared toward first-time homebuyers, but some programs have a different definition for that category of homebuyers. For instance, the Federal Housing Administration (FHA), a division of the Department of Housing and Urban Development (HUD), defines a first-time homebuyers (or a spouse) as “an individual who has had no ownership in a principal residence during the three-year period ending on the date of the purchase of the property.”

That means individuals who went through foreclosure or short sale during the height of the recession, and who have re-established themselves, may now qualify for these programs (some of which would need to be repaid).

Visit http:///downpaymentresource.com for more information.