It’s hard enough — as a busy Realtor — keeping up with new listings, pre-list’s, pending sales, showings, inspections, walk-thru’s, closings, listing presentations, networking, etc. for a stable of a dozen or more concurrent clients.
The last thing I’m interested in doing is becoming an expert on the various downpayment assistance programs that seem to regularly pop up — and just as quickly disappear — these days.
So, I don’t.
Instead, I delegate to knowledgeable, experienced local lenders to advise my Buyers.
What is it that the lenders need to keep track of?
–The type of eligible properties (single-family, duplex, condo, etc.) that qualify for the specific downpayment assistance programs;
–Maximum income levels (single, couple) for eligibility, and required documentation for same;
–Eligible properties’ legal status (foreclosure, short sale, traditional);
–Maximum purchase price;
–Repayment terms and any forgiveness provisions;
–Minimum downpayment the Buyer must come up with to qualify;
–Geographic requirements (which city/county/neighborhood the property must be located in);
–How large the government entity’s “pot of money” is — and when it’s close to being depleted.
And probably a couple other details I’m blissfully unaware of . . . for a dozen or more such programs.
As they like to say in this part of the country: ‘Uff-dah!’ (also my response to tracking the various maximum seller contributions allowed by various loan programs today).
P.S.: for an example of a popular downpayment assistance program in the Twin Cities, see Hennepin County’s “Neighborhood Stabilization Program” (NSP).