4 Successful Down Payment Assistance Strategies For Lenders

The housing market is hot right now and, in many areas, housing prices have never been higher. This exacerbates an existing problem for many borrowers, specifically how difficult it can be to afford a down payment (and closing costs) when saving takes time and home prices keep growing. Down payment assistance can help alleviate this problem by providing help to purchase a home and reap the benefits of equity now. To help loan officers offer down payment assistance, here are some strategies to help you find success with down payment assistance.

Start a conversation

It doesn’t really matter where the conversation happens—on social media, in a blog or vlog, through a webinar, or while meeting with clients personally—just make sure to talk about down payment assistance often. This gets the message out that you have tools to help homebuyers purchase a home. Even homebuyers with savings may be interested in down payment assistance to start off their homeownership journey with a little nest egg for life’s unexpected emergencies.

Be an experienced and knowledgeable professional for your referral partners

Real estate agents want to know that their clients won’t just be looked after, but really cared for. If you are prepared to answer questions that come your way and even anticipate needs from your referral partners, especially with regards to borrowers who need a little extra assistance, you’ll set yourself up to be the first loan officer they think of every time.

Have a quick plan

When people come to you looking for down payment assistance, know the quickest way they can both access down payment assistance and learn whether or not they will qualify. Practice explaining to a borrower how to apply for down payment assistance and be prepared to give action tips, things that a borrower can do to move forward and set themselves in a great position to purchase a home. Often this will mean having a solid working knowledge of how your company understands each program and how it will affect your applicant.

Have the right product for the right situation

Make sure that you have a strong working knowledge of the specific down payment assistance products at your disposal. Being able to give specific answers to specific questions will set your borrower’s minds at ease. Even better, it will help you move forward with confidence and understanding. You want to be very knowledgeable on available down payment assistance programs, so you can easily recommend the right solution. If you need a quick brush-up on CBC Mortgage Agency’s Chenoa Fund, feel free to check out our training series. You can also reach out to our information team to be connected with your account executive if you would like to schedule a training.

Don’t be caught unprepared when opportunity comes knocking at your door—take initiative and be prepared to offer Chenoa Fund down payment assistance to your applicants. Visit our website at www.chenoafund.org and learn more.