Denied mortgage application? Try homebuyer assistance programs

In addition, DPR also revealed that those denied are typically eligible for 10 multiple home assistance programs, indicating there are often alternative options for first-time homebuyers financing with requested assistance. Eligibility is often hinged on running loan application data, including location, home price, loan amount, income and homeownership history.

It’s not just first homebuyers who are missing out – mortgage lenders are in a position to benefit from increased public awareness of these programs. DPR said the large chunk of potentially recoverable loans “highlight a significant, low-cost opportunity for lenders to increase purchase volume.”

Rob Chrane, chief executive officer of DPR, said the industry should start packaging homebuyer assistance programs as a more viable option for the general homebuying population.