Latest news with #DownPaymentResource
Associated Press
30-04-2025
- Business
- Associated Press
Envoy Mortgage expands down payment assistance reach with Down Payment Resource partnership after successful pilot
- Pilot results spark full rollout of Down Payment Resource tools to boost efficiency and expand access - ATLANTA, Ga., April 30, 2025 (SEND2PRESS NEWSWIRE) — Down Payment Resource (DPR), the housing industry's leading provider of technology that connects homebuyers with homebuyer assistance programs, today announced that Envoy Mortgage (Envoy) will implement DPR's suite of software tools across its national footprint. The move follows a successful pilot and reflects Envoy's commitment to expanding down payment assistance (DPA) offerings while maintaining operational efficiency and reducing repurchase risk. Founded in 1997 as First Houston Mortgage, Envoy has helped more than 200,000 homebuyers across nearly 49 states. With a 98% customer satisfaction score, the Houston-based mortgage company has long prioritized both service and innovation. As its lending operations continue to scale nationwide, Envoy recognized the need for a more robust, data-driven approach to managing DPA programs. 'Partnering with DPR allows us to accelerate our goal of making affordable homeownership accessible to more people without needing to add headcount,' said Katrina Cummins, senior vice president of strategic initiatives at Envoy. 'Its platform helps us streamline DPA management, while giving our teams the tools they need to better serve borrowers at every income level.' During the pilot, Envoy documented significant time savings and process efficiencies, eliminating the need for an additional full-time hire, saving an estimated $70,000 to $80,000 annually. Beyond cost savings, the integration supports more informed lending decisions and a lower loan-to-value ratio for qualifying borrowers and is key to increasing access for low-to-moderate-income buyers. 'Down payment assistance can make a critical difference for homebuyers, especially those just starting their wealth-building journey,' said Jesse Passafiume, president of Envoy. 'DPR's platform has been a game-changer, reducing risk and enabling our team to offer these programs with greater confidence.' Envoy is currently rolling out DPR's technology across its branches. Phase 1 includes training for loan officers and underwriters, while Phase 2 will focus on integrating DPR directly into Envoy's Encompass® loan production system. Phase 3 will explore API integration to capture qualified DPA leads in real time. 'Envoy is known for its people-first approach and high-touch service,' said Rob Chrane, founder and CEO of DPR. 'With this partnership, it's expanding what's possible for buyers across the country. We're proud to support Envoy's efforts to make DPA more accessible, efficient, and impactful.' 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 2,500 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 X: @DwnPmtResource #downpaymentassistance #homeownership #housingaffordability NEWS SOURCE: Down Payment Resource ### MEDIA ONLY CONTACT: (not for publication online or in print) Elizabeth Schroeder Depth for Down Payment Resource (209) 774-6555 [email protected] ### Keywords: Mortgage, Down Payment Resource, housing industry authority, homebuyer assistance program data and solutions, ATLANTA, Ga. This press release was issued on behalf of the news source (Down Payment Resource) who is solely responsibile for its accuracy, by Send2Press® Newswire. Information is believed accurate but not guaranteed. Story ID: S2P125839 APNF0325A To view the original version, visit: © 2025 Send2Press® Newswire, a press release distribution service, Calif., USA. RIGHTS GRANTED FOR REPRODUCTION IN WHOLE OR IN PART BY ANY LEGITIMATE MEDIA OUTLET - SUCH AS NEWSPAPER, BROADCAST OR TRADE PERIODICAL. MAY NOT BE USED ON ANY NON-MEDIA WEBSITE PROMOTING PR OR MARKETING SERVICES OR CONTENT DEVELOPMENT. Disclaimer: This press release content was not created by nor issued by the Associated Press (AP). Content below is unrelated to this news story.
Associated Press
22-04-2025
- Business
- Associated Press
43 new assistance programs were added during the first quarter of 2025, expanding support for more homebuyers
- Down Payment Resource's Q1 2025 HPI Report finds 2,509 homebuyer assistance programs available nationwide with an average benefit of $18,000 - ATLANTA, Ga., April 22, 2025 (SEND2PRESS NEWSWIRE) — Down Payment Resource (DPR), the housing industry authority on homebuyer assistance program data and solutions, today released its Q1 2025 Homeownership Program Index (HPI) report. The report saw the number of entities offering homebuyer assistance programs increase by 55 year-over-year (YoY). The number of programs increased by 43 during the first quarter, bringing the total number of available programs to 2,509. Down payment assistance (DPA) can be used by lenders to lower a homebuyer's loan-to-value (LTV) ratio by an average of 6%. The average benefit is $18,000. 'Rates are still high and prices keep climbing, but we're seeing expanded program offerings, new providers and greater flexibility in how funds are used — not just for down payments but also to cover closing costs, lower the rate or meet other buyer needs,' said Rob Chrane, founder and CEO of DPR. 'More programs now include manufactured and multi-family homes, opening new paths to affordability and steady income. For lenders, that means more ways to qualify buyers and close loans in a tough market.' KEY Q1 2025 HPI REPORT FINDINGS An examination of the existing 2,509 homebuyer assistance programs on April 4, 2025, resulted in the following key findings: A more detailed analysis of the Q1 2025 HPI findings, including infographics and examples of the programs described in this release, can be found on DPR's website at For a complete list of homebuyer assistance programs by state, visit 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. 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 2,500 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 X: @DwnPmtResource #downpaymentassistance #affordabilitycrisis #housingaffordability #mortgage #housingequity #downpayment NEWS SOURCE: Down Payment Resource ### MEDIA ONLY CONTACT: (not for publication online or in print) Elizabeth Schroeder Depth for Down Payment Resource 209.774.6555 [email protected] ### Keywords: Mortgage, Down Payment Resource, homebuyer assistance programs, loan-to-value, Q1 2025 Homeownership Program Index report, ATLANTA, Ga. This press release was issued on behalf of the news source (Down Payment Resource) who is solely responsibile for its accuracy, by Send2Press® Newswire. Information is believed accurate but not guaranteed. Story ID: S2P125661 APNF0325A To view the original version, visit: © 2025 Send2Press® Newswire, a press release distribution service, Calif., USA. RIGHTS GRANTED FOR REPRODUCTION IN WHOLE OR IN PART BY ANY LEGITIMATE MEDIA OUTLET - SUCH AS NEWSPAPER, BROADCAST OR TRADE PERIODICAL. MAY NOT BE USED ON ANY NON-MEDIA WEBSITE PROMOTING PR OR MARKETING SERVICES OR CONTENT DEVELOPMENT. Disclaimer: This press release content was not created by nor issued by the Associated Press (AP). Content below is unrelated to this news story.
Washington Post
11-04-2025
- Business
- Washington Post
Homeownership assistance: How to get help from a variety of sources
Affordability challenges are rampant for home buyers due to the perfect storm of low inventory, high demand, rising prices and mortgage rates stubbornly stuck above 6 percent. For first-time buyers, accumulating the cash needed to become a homeowner can be particularly difficult. Unlike repeat buyers, they don't have a home to generate funds for the down payment and closing costs for a new home. A fortunate one-quarter of first-time buyers used a gift or loan from a relative or friend for their down payment funds in 2024, according to the National Association of Realtors' 2024 Profile of Home Buyers and Sellers. For home buyers without access to financial help from friends and family, there are thousands of programs that provide homeownership assistance from government and nonprofit organizations, employers and financial institutions. As of the fourth quarter of 2024, there were 2,466 programs available nationwide, 81 percent of which were actively funded, according to Down Payment Resource's Q4 2024 Homeownership Program Index report. 'Sometimes people think they make too much money to qualify for homeowner assistance or that they won't qualify for another reason,' said Yvette Thomas, senior director of the homeownership center at Manna Homes in D.C. 'Everyone should ask questions of their lender and their real estate agent and research home buyer programs in the location where they want to buy. In D.C., the maximum income for [the Home Purchase Assistance Program] is $180,800.' Buyers may qualify for the DC Open Doors program with an income of $200,000 or more. Nearly all home buyer assistance programs require applicants to take a home buyer education class, so Thomas recommends prospective buyers start there. The classes offered by state and local housing finance agencies are usually free or low cost and include information about how to access down payment assistance and other programs. 'At Manna, we offer a closing cost assistance grant program to housing counselor clients,' Thomas said. A local housing counselor certified by the U.S. Department of Housing and Urban Development can provide advice about home buyer assistance. 'Taking a first-time buyer class is helpful for people to build their comfort level with the process of buying a home, which is complicated,' said Karen Serfis, a HUD-approved housing counselor with the Latino Economic Development Center in Arlington, Virginia. 'The more educated you are about buying a home, the better equipped you are to ask the right questions.' State and local housing agencies typically have a list of lenders approved to offer home buyer assistance to borrowers, Serfis said. Buyers who don't have a lender can search the lists and interview lenders. 'The important thing to realize is that one size doesn't fit all — there's a lot of variety in what's available and who qualifies,' said Scott Phillips, a branch manager with Embrace Home Loans in Annapolis. 'These programs are intended for low-to-moderate income buyers, but income limits are tied to household size. Some programs are stricter than others, but the main thing is that everyone must qualify for the mortgage as well as for assistance.' Phillips recommends that prospective buyers research home buyer assistance before they look for a home because qualifying for the down payment or closing cost help can change their price range and financing options. 'If you need assistance to buy, allow yourself at least three months to go through the home buyer education and application process,' Phillips said. Prospective buyers can search for down payment assistance and other home buyer options at by location. 'Home buyer assistance for down payment and closing costs can be in the form of a loan or a grant,' said Mike McBride, president and loan officer at GenPoint Mortgage, headquartered in Reston, Virginia. 'Besides getting help from a government or nonprofit organization, most big banks and private lenders offer down payment assistance with conventional financing backed by Fannie Mae and Freddie Mac or with FHA financing.' Home buyer assistance grants do not need to be repaid. Many loans are also forgivable after the buyers have lived in a property for a certain period. Others are only repaid when the property is refinanced or sold. 'The Maryland Mortgage Program offers up to 5 percent of the sales price, but it always must be repaid,' Phillips said. 'Loans for home buyer assistance from the Federal Home Loan Bank are usually forgiven after five years. Grants from nonprofit organizations like the Wider Path Home Foundation are often forgiven immediately.' In Virginia, a 2 percent grant is available to qualified borrowers from Virginia Housing that does not to be repaid, Serfis said. 'In Arlington County, down payment assistance is available as a loan to borrowers with an income of 80 percent or less of area median income, which only needs repayment when the house is sold,' Serfis said. That income could be as high as $143,600 depending on the household size. Home buyer assistance programs can often be stacked, so if a borrower qualifies for more than one option, they may be able to accumulate funds to pay all of their down payment and closing costs, Phillips said. 'It's pretty unusual, but I was able to help one buyer in Baltimore qualify for $27,900 from four programs, which came to 17 percent of the $160,000 purchase price,' Phillips said. However, financial assistance directly from a bank typically can't be stacked the way government programs can, Serfis said. Depending on the specifics of the program, home buyer assistance funds can be used for more than just down payment and closing costs. 'Some programs allow you to use the funds to pay your buyer's agent commission or buy down your mortgage rate with extra cash at the closing,' Thomas said. Some home buyer assistance funds can be used to buy a duplex or a building with up to four units, as long as the borrower will live in one as their primary residence. Even with home buyer assistance, most buyers will need some cash for a deposit when they make an offer to buy a home, McBride said. Home buyer assistance program details and requirements vary widely and sometimes change. Many, but not all, are reserved for first-time home buyers. However, the federal definition of a first-time home buyer, which most programs follow, is anyone who has not owned a home within the past three years. 'Income limits are usually 80 percent to 100 percent of area median income on a sliding scale based on household size,' Serfis said. Typically, McBride said, state home buyer assistance programs allow for down payment and closing cost assistance with a second loan of up to 5 percent of the home price when the borrowers qualify for FHA financing. 'Lender-offered assistance is different than the government programs and is sometimes available to households with higher incomes,' McBride said. 'For example, in D.C. you may qualify for assistance even with an income of up to $214,000.' In addition to income limits, borrowers typically must meet the following eligibility criteria: 'Since some programs run out of funding midway through the year or earlier, ideally borrowers will apply for home buyer assistance as soon as they feel ready,' Thomas said. 'Some programs such as HPAP are now by lottery only, so if a prospective buyer wins that lottery, they will have six months to use the funding.' A housing counselor and homeownership education help potential home buyers prepare with a budget and savings plan as well as updated information about assistance programs. 'It can be hard to navigate these programs,' Thomas said. 'We get notified if a program is getting low on funds and we prepare our clients so they are ready to apply whenever we identify a program that could help them.' Researching home buyer programs can be a game changer when it comes to financing a home purchase. Down Payment Resource's searchable database Ask a lender to search Freddie Mac's DPA One database D.C. Department of Housing and Community Development Home Purchase Assistance Program D.C. Housing Finance Agency DC Open Doors Program Maryland Department of Housing and Community Development Maryland Mortgage Program Virginia Department of Housing and Community Development Homeownership Down Payment Assistance Program Virginia Housing Home buyer programs
Yahoo
13-03-2025
- Business
- Yahoo
Mortgage rates hover near three-month low, but big homeownership hurdles remain
Rates for home loans hovered near a three-month low, providing some relief for Americans in the market to buy or refinance a mortgage. In the week ending March 13, 30-year fixed-rate mortgages averaged 6.65%, Freddie Mac announced Thursday. That's up fractionally from 6.63% last week, but still the lowest since mid-December. Those figures don't include fees or points, and rates in some parts of the country may be higher or lower than the national average. Applications for mortgages have spiked higher in March, according to the Mortgage Bankers Association. But as rates and home prices remain elevated, many Americans believe homeownership is increasingly out of reach. Northwestern Mutual's 2025 Planning & Progress Study found that among Americans who are not currently homeowners, 53% say that owning a home will never be financially affordable – now or in the future. The biggest hurdle, according to respondents of all ages, is the down payment. But down payment assistance programs have been helping Americans get over that hurdle for many years, and there are now more such programs available than ever before, according to Atlanta-based Down Payment Resource, which tracks them. All 3,143 U.S. counties have at least one such program, while over 2,000 counties have 10 or more programs, a Down Payment Resource spokesperson told USA TODAY. The average benefit is $18,000, and a state-by-state program guide can be found here. Andrea Munoz, 34, used down payment assistance from the city of San Antonio when she bought her first home in that city this winter. Munoz is a clinical lab assistant for a university health system and a single mom of five children ranging in age from seven to 17. . When Munoz was diagnosed with lupus during one of her pregnancies, 'It was like a light switch that went off, I'm going to have more bad days than good days,' she said. 'I need to show my kids that you can still do good things, and create memories. That was like a turning point.' It took several years, multiple attempts to work with housing counseling groups, and lots of heartache before Munoz walked in the door at the nonprofit Neighborhood Housing Services (NHS). 'I said I was very frustrated, I felt like I was never going to be able to own a home. It was just like a fading dream,' Munoz told USA TODAY. But NHS staff thought otherwise. They connected her with a real estate agent, and she applied for $12,000 of down payment assistance through a city program called Homeownership Incentive Programs. But when a city employee called to tell her she'd been chosen for one of the HIP awards, the amount was $30,000. With that money, Munoz was able not only to put more money down, but also to buy down her rate a bit and have more left over for closing costs. Munoz, who calls herself 'so blessed,' said she has simple advice for other aspiring buyers: 'don't give up.' This article originally appeared on USA TODAY: Mortgage rates are near a three-month low; down payment funds can help
Associated Press
27-02-2025
- Business
- Associated Press
Down Payment Resource receives ICE Mortgage Technology's 2025 Innovation Award for Technology Partner of the Year
- The recognition highlights DPR's integration with Encompass, which helps lenders connect homebuyers with homebuyer assistance programs - ATLANTA, Ga., Feb. 27, 2025 (SEND2PRESS NEWSWIRE) — Down Payment Resource (DPR), the housing industry's leading technology for connecting homebuyers with homebuyer assistance programs, today announced that it has been named the 2025 ICE Innovation Technology Partner of the Year by Intercontinental Exchange, Inc. (ICE), a leading global provider of data, technology and market infrastructure. The ICE Innovation Awards recognize industry leaders pushing the envelope by creating extraordinary solutions for housing professionals in partnership with ICE Mortgage Technology. DPR's integration with Encompass® by ICE Mortgage Technology debuted during ICE Experience 2024. Available on the Encompass Partner Connect (EPC) platform via APIs, the integration makes it easier for lenders to support homebuyers with the nation's 2,400-plus down payment assistance (DPA) programs. Using DPA can lower the borrower's loan-to-value (LTV) ratio by an average of 6%, helping more low-to-moderate income (LMI) borrowers qualify for a mortgage. DPR's integration with Encompass embeds operational support for DPA programs directly into core loan production systems, arming lending staff with the information they need to confidently offer and manufacture these programs. Based on declarations and loan application data, borrowers are automatically matched with eligible company-approved DPA programs. LOs are presented with program information, such as benefit amounts and eligibility requirements, so they can advise borrowers on their DPA options and guide them through program-specific processes. Also, program selections are automatically communicated downstream to underwriters by translating program requirements into importable loan conditions, making them easier to manage. 'We are extremely pleased ICE has shined such a bright light on this integration, which addresses a long-standing gap in making DPA program information accessible within the LOS so loan officers can help more borrowers take advantage of DPA opportunities,' said DPR Founder and CEO Rob Chrane. 'As the only partner in the network providing this critical service, DPR is playing a critical role in helping lenders make homeownership more accessible for first-time and LMI buyers.' Encompass Partner Connect enables the integration of key third-party products and services with ICE Mortgage Technology solutions. ICE does not own, control, nor endorse any specific industry participant or the product/service provided. Loan originators and servicers are responsible for vetting, selecting, and contracting with the providers of their choosing. 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 X: @DwnPmtResource #downpaymentassistance #homeownership #housingaffordability @icemortgagetech #X25 NEWS SOURCE: Down Payment Resource ### MEDIA ONLY CONTACT: (not for publication online or in print) Johnna Szegda Depth for Down Payment Resource 404.798.1155 [email protected] ### Keywords: Mortgage, ICE Mortgage Technology, Down Payment Resource, fintech, Encompass, homebuyer assistance programs, CEO Rob Chrane, ATLANTA, Ga. This press release was issued on behalf of the news source (Down Payment Resource) who is solely responsibile for its accuracy, by Send2Press® Newswire. Information is believed accurate but not guaranteed. Story ID: S2P124340 AP-R15TBLLI
