Midwest Real Estate Data LLC (MRED) and Workforce Resource, LLC (WFR) announced yesterday that the organizations have entered into a contract to integrate WFR’s Down Payment Resource product with MRED’s listing data.
Down Payment Resource is the first product to aggregate down payment assistance program information into one platform and integrate that information into a multiple listing services’ listing data. It connects eligible homebuyers and properties with government-funded programs for down payments, affordable mortgages and rehab loans.
“MRED is very pleased to be able to provide our brokers and agents a tool that enables them to identify listings that qualify for down payment assistance programs and help buyers determine their potential eligibility for those programs,” says MRED’s Chief Executive Officer, Russ Bergeron. “In today’s environment, prospective purchasers face new, stricter requirements to obtain a mortgage. Down Payment Resource helps both potential buyers and the real estate professionals serving them. It is truly a winning proposition for everybody involved. This is just one more example of MRED’s dedication to offering its customers no cost applications that enable them to put people in homes they might otherwise not be able to afford.”
The tool is easy to use. As agents search the MRED MLS database or as homebuyers search for properties in MRED’s broker and agent websites, homes eligible for down payment assistance will be clearly marked with the Down Payment Resource’s icon. Clicking on the icon allows the buyer to answer eight simple questions to see if they meet qualifications for available down payment assistance programs. Agents and brokers will have access to more detailed information about all the programs for which their property or their buyer might be eligible.
“A cornerstone of our value proposition is that everyone who uses this service wins,” says real estate and lending industry veteran Rob Chrane, founder of WFR. “While homebuyers are the ultimate beneficiaries, real estate agents and builders sell more homes; lenders make more loans; and housing finance agencies meet their missions in a time of dwindling resources. We’re very pleased to partner with MRED’s forward thinking leadership to provide their members with the tools to assist more homebuyers in finding affordable homes to purchase and live in for years to come,” said Chrane.