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.

Lengthy Checklists

What is it that the lenders need to keep track of?

Just this:

–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).

About the author

Ross Kaplan has 19+ years experience selling real estate all over the Twin Cities. He is also a 12-time consecutive "Super Real Estate Agent," as determined by Mpls. - St. Paul Magazine and Twin Cities Business Magazine. Prior to becoming a Realtor, Ross was an attorney (corporate law), CPA, and entrepreneur. He holds an economics degree from Stanford.

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