By Rob Chrane, CEO of Down Payment Resource
Our company is celebrating 10 years in business this year. And, yes that means we launched a housing startup in the shadow of the housing crisis.
We wanted to solve a long standing problem in real estate — helping homebuyers and professionals access hard-to-find information about homeownership programs.
Milestones like this give you an opportunity to look back and assess how far you’ve come and what you’ve learned. Here are five things I’ve learned over the last 10 years about real estate and affordable housing that I want to pass along to my fellow pros:
1. Affordable housing isn’t a niche audience
Unfortunately, working with down payment programs still gets left to one “affordable” department, a nonprofit or a few hungry agents. But we all need to care; it’s crucial for the individual buyer, and it’s also important for building trust with our industry. Plus, it’s actually good for business.
Working in collaboration with the Urban Institute, our analysis of 2016 HMDA loan data showed that across just 20 major metros, 470,000 homebuyers were eligible for seven programs, each averaging approximately $15,000 in down payment assistance. That’s a lot of homebuyers who could’ve been helped by a homebuyer program. keep reading
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