My Florida Regional MLS Implements Down Payment Resource Tool
Tool helps bridge the down payment gap for homebuyers with the assistance of government-funded programs.
Submitted by: RE Technology
Launched by Workforce Resource LLC in 2010, DPR is an online tool that connects eligible homebuyers and eligible properties with government-funded programs for down payment assistance. The product helps bridge the down payment gap for homebuyers, as well as move real estate transactions forward in a difficult lending environment.
A 2011 Inman Innovator "Most Innovative New Technology" Award Winner, DPR is the industry's first product to aggregate down payment assistance information into one, online platform, integrating that information into MLS listing data for homes currently on the market.
REALTOR® members of My Florida Regional MLS, can now search and suggest properties to their clients, find available assistance programs, as well as integrate Down Payment Resource into their existing website through the use of Internet Data Exchange (IDX).
By searching properties via the MyFloridaHomesMLS.com website, homebuyers will be able to see the properties in their search area that qualify for some sort of down payment assistance program. Buyers can then go one step further and begin the process of qualifying themselves for these programs, as well as submit an online form to reach out to the listing agent regarding the property.
In a tougher than usual economic market, the ability to secure adequate down payment for housing can be challenging for many consumers.
According to a recent Bloomberg News article, "A lot of people have seen their down payments for a home disappear in the stock market," stated Keith Gumbinger vice president of HSH Associates, a loan-data firm. In addition, the National Foundation for Credit Counseling (NFCC) May 2011 online poll found that 50 percent of consumers believe they would never be able to save enough money for a down payment.
In the My Florida Regional MLS markets, more than 72 percent of homes listed in the MLS may be eligible for one or more down payment assistance programs. Down Payment Resource is tracking and integrating 182 different programs in the area, with 173 currently funded and available for use.
"My Florida Regional MLS and its members will now be able to help the community find and access available assistance funds more easily," said Rob Chrane, president and founder of Workforce Resource. "While homebuyers are the ultimate beneficiaries of Down Payment Resource, it also allows real estate agents and builders to sell more homes; lenders to make more loans to qualified homebuyers; and housing finance agencies to achieve their mission in a time of dwindling resources."
"We are more than thrilled to offer such an innovative and much needed resource to our Members and consumers." "It solidifies our commitment to continually provide products and services to our members and the communities in which we do business," stated Merri Jo Cowen, CEO for My Florida Regional MLS.
Select link below to view a demonstration of how Down Payment Resource works on the MyFloridaHomesMLS.com website.
About My Florida Regional MLS
Headquartered in Orlando, FL, My Florida Regional MLS (MFRMLS) is Florida's largest multiple listing service (MLS) company with over 32,000 members in 13 central and southwest Florida counties. Now owned by 15 shareholder Realtor® boards, MFRMLS offers a comprehensive suite of productivity and marketing tools to professionals in the real estate industry. To complement its core residential offerings, MFRMLS operates a commercial information exchange, called My Florida Commercial Real Estate, located at http://www.MFCRE.com. MFRMLS also operates the consumer home and property search website http://www.MyFloridaHomesMLS.com. For more information, please visit http://www.MFRMLS.com.
About Workforce Resource
Founded in 2008, Workforce Resource® is a web-based software company with a mission to connect people with hard-to-find financial resources for better living. In 2010, the company launched Down Payment Resource to help turn potential home buyers into qualified buyers by connecting them to down payment assistance funding that they may not have otherwise known existed. DPR, winner of the 2011 Inman News Innovator "Most Innovative New Technology" award, is made available through Multiple Listing Services and is available in markets including, Minneapolis, western Wisconsin, and suburban New York with contracts to expand in areas such as northern Illinois; southern Wisconsin; Reno, NV; Tucson, AZ; central Florida; and northern New England. The product's assistance program information is expanding rapidly for nationwide coverage. For more information, please visit, http://www.workforce-resource.com.