3 Strategies for Mortgage Brokers for Marketing DPA Programs
For many homebuyers, the biggest obstacle in buying a home is the down payment. It is a much more considerable amount than the monthly payments they have to make down the line. As loan officers, you will find yourself constantly asked about down payment solutions from homebuyers hoping to finally own a home. You can talk about solutions that do not require a big down payment—about available DPA programs.
DPA or down payment assistance programs in the US are built for various types of homebuyers. Unfortunately, this is not something that every homebuyer knows, and you can use this opportunity to help them and grow your business. Here is what you can do as a lender to market DPA programs to excited homebuyers:
1. Start talking
Only a handful of homebuyers will be able to find DPA programs to support their down payments. However, the vast majority do not know such programs exist, and many will struggle to identify the right one for their needs. As such, it is your task to educate them about the programs.
You can do this by creating social media posts about DPA programs, creating a section in your website focusing on DPA programs, or even feature lenders that work under these programs. By raising awareness about DPA programs, you would position yourself as someone ready to help prospective homebuyers buy a house for less money.
2. Talk about what’s next
You may have told your clients and customers about DPA programs, but do they know what to do next? In most cases, they will have no clue where to start searching for DPA. As such, you must give specific recommendations on which program may work best for them.
You can easily do this by using “Down Payment Connect,” a subscription-based tool allowing you to match buyers with the right DPA programs. After that, you can tell them the next steps to apply for said programs. However, do not forget to make yourself available to your clients and customers. Make it clear that you are there to help, as this will motivate them to contact you for further assistance.
3. Offer your assistance to agents
Homebuyers are not the only ones looking for DPA programs. Agents are too, but for different reasons. Real estate agents do not usually recommend DPA programs because they might not be knowledgeable enough about them. This is an opportunity for you to reach out to these agents to offer your assistance.
If you do your job well and help the agent’s client identify a good DPA program, the agent will refer to you again in the future, benefiting everyone involved.
DPA programs are valuable to homebuyers, and homebuyers are valuable to you. It is a given that you should help homebuyers identify the right DPA program for their needs. This goes a long way towards ensuring that homebuyers make a successful purchase and building your reputation as a trustworthy lender.
Apply the tips we have shared today in your activities. By talking with your clients about DPA programs, telling them what to do next, and even reaching out to assist real estate agents, you can grow your business and build your brand, securing a successful position in the lending and real estate world.
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