Freddie Mac (OTCQB: FMCC) has launched DPA One, a tool designed to help mortgage lenders quickly find and match borrowers to down payment assistance programs.
According to Freddie Mac, DPA One aggregates and showcases down payment assistance programs in a single, standardized presentation. Lenders and housing counselors can enter client eligibility parameters, quickly receive and compare appropriately matched programs, and download results to immediately share with clients for easy reference. For down payment assistance program providers, DPA One helps reduce submission errors and program requirement questions from lenders by using a single, standardized format while providing access to manage, edit and update their programs in real-time.
“Time and again research reveals that the down payment is the single largest hurdle first-time homebuyers need to overcome to attain homeownership. But finding and comparing the many programs and their guidelines is challenging,” said Sonu Mittal, Freddie Mac’s single-family senior vice president of acquisitions. “DPA One delivers a one-stop shop at no cost that brings lenders and their borrowers greater detail and visibility into these programs, while seamlessly connecting the right assistance program with the lender, housing counselors and borrowers who need this assistance the most.”
DPA One is available at no cost to lenders, housing counselors and down payment assistance program providers, and the tool has the down payment assistance programs available for 48 of the 50 state housing finance agencies, including local and municipal programs for the Texas and Minnesota markets. Additional local and municipal assistance programs will be available for Florida, Virginia, California, and Kentucky before the end of the year, with the remaining local and state programs coming online throughout 2024.
