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Heartland MLS Launches Down Payment Resource

New web-based tool provides a simple, single source for Realtors to find down payment assistance program information for eligible for-sale properties

 
 
Realtors will find a special icon on properties qualifying for assistance.
PRLog - Sep. 4, 2012 - ATLANTA -- Kansas City, August 28, 2012 – Kansas City-based Heartland MLS (HMLS) and Atlanta-based Workforce Resource® announced the launch of Down Payment Resource (DPR) to HMLS's more than 7,000 members in both Kansas and Missouri. DPR, linked with HMLS's property listing database, will expand the awareness and reach of local down payment assistance programs available to homebuyers.

DPR is a web-based tool that connects eligible homebuyers and eligible properties with government-funded programs for down payment assistance, affordable mortgages, and rehab loans. Named by Inman News as the 2011 “Most Innovative New Technology," DPR is the industry's first product to aggregate down payment assistance information into one, online platform and integrate the information into Multiple Listing Service (MLS) listing data for homes currently on the market.

On the HMLS member website, Realtors will now see a special DPR icon on any property listing that may qualify for an assistance program. The tool helps bridge the down payment gap for homebuyers, as well as move real estate transactions forward in a difficult lending environment. Agents can search and suggest properties to their clients, quickly view details about available assistance programs, as well as integrate DPR into their existing websites. In addition, homebuyers can click on the DPR icon to answer eight simple questions to determine if they may also meet the qualifications for the assistance program.

About 63 percent of Kansas City area residential listings may be eligible for one or more down payment assistance programs. DPR is tracking and integrating information on 46 unique assistance programs in the area, with 34 currently funded and available for use.

The State of the Nation's Housing 2012 report found that the monthly mortgage payment for the typical home currently compares more favorably to rents than at any time since the early 1970s. However, the stringent credit environment prevents many would-be buyers from taking advantage of lower home prices and rock bottom interest rates.

There are hundreds of millions of dollars in homebuyer assistance programs available throughout the country, but it is challenging for housing industry participants and homebuyers to understand and be aware of the requirements and benefits of multiple programs in each market. DPR uses today's technology to simplify the process for all involved.

"Our housing market can benefit by providing easier access to important down payment assistance information," said Cathy Holefelder, senior vice president, Heartland MLS. "We are dedicated to arming our members with the resources they need to provide the best and most professional service to their clients. Through DPR, we are providing a new way to access homebuyer programs, helping both our members and prospective homebuyers."

"Multiple consumer studies demonstrate the staying power of the dream of homeownership. However, even with lower interest rates and home prices, the challenge of saving for a down payment can keep potential homebuyers on the fence," said Rob Chrane, president and founder of Workforce Resource. "With DPR, Heartland MLS is providing a unique way to help its members find affordable homes and assistance options for their clients."

About Heartland Multiple Listing Service
Heartland MLS was founded in 1993 with the goal of providing the most complete and accurate source of real estate information in the Greater Kansas City Metropolitan area. Today, more than 7,000 active members, working in both Kansas and Missouri, use Heartland MLS products and services to efficiently disseminate information to potential property buyers or sellers. Heartland MLS is held by the Kansas City Regional Association of REALTORS®.

For more information, please visit http://www.kcrar.com.

About Workforce Resource
Founded in 2008, Workforce Resource® is a web-based software company with a mission to connect people with hard-to-find financial resources for better living. In 2010, the company launched Down Payment Resource to help turn potential homebuyers into qualified buyers by connecting them to down payment assistance funding that they may not have otherwise known existed. DPR, winner of the 2011 Inman News Innovator "Most Innovative New Technology" award, is made available through Multiple Listing Services and is available in markets including, Minneapolis; western Wisconsin; suburban New York; central Florida; northern Illinois; southern Wisconsin; Tucson, Arizona; western North Carolina, northern New England; Reno, Nevada; St. Louis; and the Kansas City metro area. The product's assistance program information is expanding rapidly for nationwide coverage.

For more information, please visit http://www.workforce-resource.com.

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Source:Workforce Resource
Phone:(877) 816-8050
Location:Atlanta - Georgia - United States
Industry:Mortgage, Real Estate
Tags:MLS, down payment assistance, affordable housing
Shortcut:prlog.org/11966526
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