Down Payment Assistance; 4 Active Marketing Plan for Loan Officers

Statistically, the number of new home buyers is predicted to surge in the next three years due to millennials wanting to own their homes instead of renting. Down payment assistance is used by a lot of homebuyers to get their first home. However, as a loan officer, you need to pitch down payment assistance to help homebuyers who can’t afford immediate 20% upfront payment for their dream house. 

Consequently, with the growth in the population of millennials interested in buying a new home, loan officers are expected to offer down payment solutions to aid their purchase. But what is the best way to educate buyers about this scheme and still generate sales for your business? Below are four strategies to help you hone your marketing skills and increase referral rates on down payment assistance. 

4 Steps for Loan Officers to Take For Down Payment Assistance

Use conversation

In this recent digital age, it is prevalent for customers to reach out via social media platforms or your website. Not many homebuyers have the time or energy to find loan officers physically, so they use the easy method, which is the internet; this means they will do a lot of research before meeting with any loan officer. 

Therefore, the content on your social media platform will help homebuyers decide to do business with you. You can create articles on interest rates for mortgages, options for down payment assistance, benefits of using the down payment assistance, and more. This will help convince borrowers that they can afford their dream home with the help of the right loan officer. 

For instance, you can try using testimonials on your site to explain how you helped a client get out of trouble with a mortgage. Also, aim to answer frequently asked questions in your field; this will help build your credibility with time. Moreover, when you talk about DPA on your site, prospects will know that you’re ready to help. 

Act like an expert

Many real estate agents are afraid to bring up down payment assistance for homebuyers because they lack substantial knowledge in these areas. So these agents seek loan officers with expertise in DPA to help walk first-time buyers through the process of applying for down payment assistance seamlessly. 

So working with real estate agents will help you get some leads for your business. You offer valuable information on what the prospect needs and these homebuyers will refer your services to other people. Use actions

Use actions

It is okay to suggest DPA to home buyers that need monetary help, but it is smart to offer them more options to help curb any form of confusion and give them a sense of direction. You can inform them about the average down payment amount depending on the state of residence. Also, you can create an email list and send some nuggets on DPA weekly, depending on your schedule. 

You can also tap into video marketing by creating a short series packed with information about DPA. Share information on eligibility, how to get prequalified, and even the checklist to have in mind. Many people don’t understand the home buying process, so your job is to bridge that gap with easy information that explains things to them.

Specify down payment programs

It’s common to find home buyers that bought their house from the comfort of their homes. So it’s good to follow this method, provide personalized options for your borrowers to help with their situation. You can implement a tool that helps buyers check for their DPA eligibility. This automation system is an easy match for homebuyers to find what they need online instantly. 

This tool will help deliver qualified buyers and the program they are eligible for straight into your inbox. You can also ask for clarification and follow up with a call or an email. As a loan officer, you’ll help your clients get their dream home and increase your sales when you assist them with down payment plans. So if you’re second-guessing this method, you must try the steps mentioned here to see results for yourself. 

About the Author: Adnan Nazir

Meet Adnan, the Vice President of Sales at Astoria Company, where he spearheads Astoria's lead exchange, pay per call, and the forging of new partnerships. With an extensive background spanning over 18 years in sales and marketing, Adnan brings a wealth of knowledge and expertise. Beyond the boardroom, Adnan finds solace and inspiration in the art of writing. He thrives in the fast-paced world of sales, where his knack for building relationships and strategic thinking propels him to success. Always eager to broaden his horizons, and revels in the opportunity to connect with new faces and discover fresh perspectives.