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Northern Nevada Regional MLS Launches Down Payment Resource
New web-based tool provides a simple, single source for REALTORS® and consumers to find down payment assistance program information for eligible for-sale properties
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,"
On NNRMLS' website, http://www.nnrmls.com, REALTORS® and consumers will now see a special DPR icon on any property listing that may qualify for an assistance program. NNRMLS Brokers will also have the ability to integrate the DPR icon into their own websites, helping increase the power of consumer home searches. The tool helps bridge the down payment gap for homebuyers, as well as move real estate transactions forward in a difficult lending environment.
According to Trulia's latest American Dream survey, 51 percent of renters who wish to buy a home at this time said saving enough for a down payment is the top barrier to homeownership. There are hundreds of millions of dollars in down payment 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 that process for all involved.
“In today’s challenged economy, it's a benefit to both our NNRMLS Members and prospective homebuyers to provide new tools to help access down payment assistance, especially when the lack of down payment could bar entry into the market,” said Shelley Specchio, Chief Executive Officer of NNRMLS. “We are dedicated to arming our Members with the resources they need to provide the best and most professional service to their clients. NNRMLS is very pleased to partner with Workforce Resource to offer this win-win solution which, we believe, will have a very positive impact on the real estate market in northern Nevada.”
As homebuyers search for northern Nevada properties on the NNRMLS website, www.nnrmls.com, and other local Broker websites, they will find a DPR icon displayed on any property listing that is eligible for one or more down payment assistance programs. Agents can search and suggest properties to their clients, quickly view details about available assistance programs, as well as integrate DPR into their existing IDX 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.
More than 90 percent of northern Nevada residential listings may be eligible for one or more down payment assistance programs. DPR is tracking and integrating 60 different programs in the area, with 50 currently funded and available for use.
"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, NNRMLS is providing a unique way to help its Members and Nevada homebuyers find affordable homes and assistance options."
About Northern Nevada Regional MLS
Incorporated in 2003, Reno-based NNRMLS provides services to REALTORS® and Real Estate Professionals across northern Nevada; including Reno, Sparks, Carson City, Minden, Gardnerville, parts of Lake Tahoe, Yerington, Dayton, Fernley and Fallon. NNRMLS prides itself on offering premium customer service and leading edge technology to 2,700 Members making them, in turn, able to offer exceptional professionalism and service to the home buying and selling public.
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 home buyers 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;
For more information, please visit, http://www.workforce-