Freddie Mac Launches Tool that Matches Borrowers to Down Payment Assistance Programs
Industry Update
October 18, 2023
Source: Mortgage Orb
Freddie Mac has launched DPA One, a new tool to help mortgage lenders quickly find and match borrowers to down payment assistance programs nationwide.
DPA One is an innovative new tool that aggregates and showcases down payment assistance programs in a single, standardized, insights-rich tool so lenders can quickly and efficiently access and compare programs to help make home possible for more families, Freddie Mac says in a release.
“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,” says Sonu Mittal, single-family senior vice president of acquisitions for Freddie Mac. “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.”
For lenders and housing counselors, DPA One makes it easy to enter client eligibility parameters, quickly receive and compare appropriately matched programs, and download results to immediately share with clients for easy reference. By comparing up to three programs at a time side-by-side, lenders can review and make faster and more informed decisions on programs they would like to pursue to help their clients.
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