No Down Payment, No Problem (Down Payment Assistance Programs)
WHEN BOOMERS ARE WRONG…
For years, I downplayed the efficacy of down payment assistance programs, saying they were too slow to close, too expensive, and/or too off-putting for sellers (so they would not accept offers).
BUT – I was wro… I was wron… I was wrong… (I had trouble admitting it).
I was wrong for several reasons: (1) I did not fully understand all of the programs available; (2) the drawbacks were not as significant as I thought; and (3) many qualified borrowers NEED down payment assistance, despite the drawbacks, simply because they cannot access enough cash to buy in any other way.
Fortunately, some of the non-boomers in our office (namely everyone who is not me, as I am the ONLY boomer) continued to learn about and push down payment assistance programs without my knowledge.
As a result, several of our non-boomers are now true “experts,” in every sense of the word, when it comes to every down payment assistance program available.
AND – we have numerous down payment assistance purchase loans in our pipeline right now – proving both that they work and that sellers will obviously accept offers with down payment assistance programs involved. I might add that sellers are willing to accept our offers because of our reputation for closing on time and our willingness to call listing agents with every offer to explain how the programs work and why we will close on time.
In any case, if you are an agent with cash-starved clients who are waiting because they are “saving up for a down payment,” you should have them call us so we can show them how to buy now with a down payment assistance program. Because, once again, we are now down payment assistance experts!
Founder | JVM Lending
(855) 855-4491 | DRE# 1197176, NMLS# 310167