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Northern Nevada regional MLS launches down payment resource

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SUBMITTED NEWS RELEASE

Reno-based Northern Nevada Regional MLS (NNRMLS) and Atlanta-based Workforce Resource® announced the launch of Down Payment ResourceSM (DPR) to NNRMLS’ 2,700 members as well as homebuyers throughout northern Nevada. DPR, linked with NNRMLS’ property listing database, will expand the awareness and reach of local down payment assistance programs available to homebuyers.

DPR is a web-based tool that connects eligible homebuyers and eligible properties with government-funded programs for down payment assistance, affordable mortgages, and rehab loans.

On NNRMLS’ website, www.nnrmls.com, REALTORS® and consumers will now see a special DPR icon on any property listing that may qualify for an assistance program. The tool helps bridge the down payment gap for homebuyers, as well as move real estate transactions forward in a difficult lending environment.

As homebuyers search for northern Nevada properties on the NNRMLS website, www.nnrmls.com, they will find a DPR icon displayed on any property listing that is eligible for one or more down payment assistance programs. Agents can search and suggest properties to their clients, quickly view details about available assistance programs, as well as integrate DPR into their existing websites. In addition, homebuyers can click on the DPR icon to answer eight simple questions to determine if they may also meet the qualifications for the assistance program.

More than 90 percent of northern Nevada residential listings may be eligible for one or more down payment assistance programs. DPR is tracking and integrating 60 different programs in the area, with 50 currently funded and available for use.

“In today’s challenged economy, it’s a benefit to both our NNRMLS Members and prospective homebuyers to provide new tools to help access down payment assistance, especially when the lack of down payment could bar entry into the market,” said Shelley Specchio, Chief Executive Officer of NNRMLS. “We are dedicated to arming our Members with the resources they need to provide the best and most professional service to their clients. NNRMLS is very pleased to partner with Workforce Resource to offer this win-win solution which, we believe, will have a very positive impact on the real estate market in northern Nevada.”

According to Trulia’s latest American Dream survey, 51 percent of renters who wish to buy a home at this time said saving enough for a down payment is the top barrier to homeownership. There are hundreds of millions of dollars in down payment assistance programs available throughout the country, but it is challenging for housing industry participants and homebuyers to understand and be aware of the requirements and benefits of multiple programs in each market. DPR uses today’s technology to simplify that process for all involved.

“Multiple consumer studies demonstrate the staying power of the dream of homeownership. However, even with lower interest rates and home prices, the challenge of saving for a down payment can keep potential homebuyers on the fence,”ntial homebuyers on the fence,” said Rob Chrane, president and founder of Workforce Resource. “With DPR, NNRLMS is providing a unique way to help its Members and Nevada homebuyers find affordable homes and assistance options.”

Named by Inman News as the 2011 “Most Innovative New Technology,” DPR is the industry’s first product to aggregate down payment assistance information into one, online platform and integrate the information into Multiple Listing Service (MLS) listing data for homes currently on the market.

About northern Nevada Regional MLS

Incorporated in 2003, Reno-based NNRMLS provides services to REALTORS® and Real Estate Professionals across northern Nevada; including Reno, Sparks, Carson City, Minden, Gardnerville, parts of Lake Tahoe, Yerington, Dayton, Fernley and Fallon. NNRMLS prides itself on offering premium customer service and leading edge technology to 2,700 Members making them, in turn, able to offer exceptional professionalism and service to the home buying and selling public.

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; suburban New York; central Florida; northern Illinois; southern Wisconsin; Tucson, Arizona; western North Carolina, northern New England, and Reno, Nevada. The product’s assistance program information is expanding rapidly for nationwide coverage.

For more information, please visit, www.workforce-resource.com.

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