Let’s be honest—coming up with a down payment is the single biggest challenge for homebuyers today. With the average first-time homebuyer now clocking in at 38 years old, saving for a home has only gotten harder. Between rising home prices, student loan debt, and life’s endless expenses, buyers need help.
And if you’re a mortgage professional, you can either fight for deals at the end of the process when buyers already feel like a commodity, or you can move way up the funnel and educate them from day one.
That’s why I sat down with Rob Chrane, founder and CEO of Down Payment Resource, to talk about how mortgage pros can use down payment assistance (DPA) programs to close more deals, connect with more buyers, and differentiate themselves in the market.
What is Down Payment Resource?
Rob describes Down Payment Resource (DPR) as “Match.com for down payment assistance.”
His company built the only database of its kind—a real-time, constantly updated list of over 2,200 down payment assistance programs across the U.S.
What’s inside?
- 75% of these programs are DPA grants and loans (some forgivable, some deferred, some due on sale).
- The rest include affordable first mortgage programs, tax credits, and employer assistance programs.
- A major misconception? DPA isn’t just for first-time buyers. 38% of programs have NO first-time homebuyer requirement.
DPR matches borrowers with the right programs and provides tools for mortgage professionals to integrate those programs into their business.
Why Every Loan Officer Should Care About DPA
I get it—some LOs avoid DPA because they think it’s a pain in the ass.
But most of that comes from bad information.
- Many LOs have only seen one or two programs (usually from an account executive’s one-pager), so they assume all DPA is complicated.
- Agents have been burned by bad LOs who didn’t know what they were doing, so they’ve spread the myth that “DPA loans are a nightmare.”
- Meanwhile, 70%+ of buyers still think they need 15-20% down to buy a home.
That’s a problem—and also a massive opportunity.
Rob put it best:
“There is no stronger call to action in mortgage and real estate than: ‘Down payment assistance is available. See if you’re eligible.’”
Buyers understand that message. It gets them to raise their hand.