Independent mortgage loan originators (MLO) have the greatest variety of DPA programs available for clients!

Wholesaler DPA Mortgages

Wholesaler lenders can provide:

1. 1st mortgage and 2nd DPA combined financing where both programs are originated and underwritten at one wholesaler.
2. 1st mortgages that allow DPA to be added to the originated 1st mortgage.
3. In Florida, the Fl Housing Finance Corp (FHFC) Hometown Heroes, Bond and TBA DPA products.

Are you a wholesale lender that provides combined 1st mortgages with 2nd DPA, 1st mortgages that allow DPA to be added, or  Florida state Hometown Heroes, Bond or TBA programs for independent loan originators? If so, click here to add your name to the DPA Wholesalers list. While you are at it, contact Sean Moss at DownPaymentResource.com and get added to the database!

An MLO's guide to getting started on Down Payment Connect

1. Sign up for a subscription to Down Payment Connect: Go to https://downpaymentresource.com/dpc/ and sign up for a subscription to access the directory of available DPA programs by state.
2. Download the DPA Mortgage Matrix Excel File. Are you a mortgage loan officer looking for a tool to help you compare Down Payment Assistance (DPA) programs for your clients? Down Payment Connect already has a 4 comparison chart to use with minimal criteria to get you started! However, an in-depth Excel DPA Mortgage Matrix was made for you to keep track of filtered detail as you get acquainted with Down Payment Connect. DPA can be compared on a variety of factors, including income limits, program type, and property eligibility. You can either download the sample spreadsheet from the download link here, or download a completed example matrix here. (Bold Red is priority copy and paste, un-bolded black is needed but not priority.)
3. Go into the DPA Directory.
4. Filter the database: Use the filters to narrow down the list of available DPA programs based on your clients' needs. Factors you may want to consider include region, program type, wholesale, retail, income limits, property eligibility, and other demographics that may affect eligibility. You should also ask your client for information about where they want to live, what they can afford, and other factors that may be important in determining their eligibility.
5. Qualify your clients income correctly upfront! For DPA qualifying income, HUD Income Limits are commonly used and are different income levels than Fannie Mae and Freddie Mac Area Median Income (AMI) limits. In DPA Directory program profiles, go to Borrower Eligibility>Maximum Annual Household Income by Size to see each program income criteria. Click here to open HUD Income Limits Differ From Fannie Mae and Freddie Mac Area Median Income Limits that explains and shows the difference.
6. Choose programs to compare: Once you have narrowed down the list of available DPA programs, you can choose which ones to compare based on factors like your clients' credit score, income, loan-to-debt ratio, and minimum funds for contribution.
7. Copy and paste program variables into the Excel matrix: Once you have chosen the programs you want to compare, you can copy and paste the program variables into the Excel matrix for quick comparisons.
8. Review the matrix and find the best DPA programs: Once you have filled out the matrix, review it carefully to find the DPA programs that best meet your clients' needs.
9. Share the results with your client: Share the results of your analysis with your client and help them choose the DPA program that is right for them.
10. Keep a copy of the matrix: Make sure to keep a copy of the matrix for future reference, so you don't have to reinvent the wheel every time you need to compare DPA programs for a client.

Down Payment Connect along with the DPA Mortgage Matrix empowers mortgage loan officers who want to help their clients find the right Down Payment Assistance program as quickly as possible. No more spending time searching the internet for valuable guidelines that can be accessed from one place. By following the steps outlined in this guide, we hope you can find and easily compare DPA programs based on a variety of factors. Down Payment Connect along with the DPA Mortgage Matrix and updates directly from Downpaymentresource.com will empower MLO's to ensure that your clients get the assistance they need to achieve their dream of homeownership.

Join us for our 1st "Brokers and Bagels on Zoom" webinar, "Demystifying DPA for Mortgage Professionals" on April 26th at 11am by clicking here for more details. Or read our latest blog, Down Payment Connect Is A Game Changer For Mortgage Loan Originators.