Milwaukee-headquartered primary mortgage insurance company Mortgage Guaranty Insurance Corporation (MGIC) is partnering with Down Payment Resource (DPR), a provider of information on down payment assistance programs for homebuyers and professionals to help its customers access discounted DPR services to research down payment programs.
Through this partnership, MGIC will make it easy for lenders to research down payment assistance programs and match borrowers to programs for which they may be eligible. MGIC and DPR will also work together to enhance consumer understanding of the availability and benefits of down payment assistance.
“Our new partnership with Down Payment Resource simplifies and streamlines the participation of lenders in down payment assistance programs,” said Margaret Crowley, VP, Marketing and Customer Experience at MGIC. “Together, we can further our shared mission of making homeownership possible sooner through low-down-payment options for borrowers.”
MGIC, the principal subsidiary of MGIC Investment Corporation, serves lenders throughout the U.S., Puerto Rico, and other locations helping families achieve homeownership sooner by making affordable low-down-payment mortgages a reality. On February 28, 2018, MGIC had $196.5 billion of primary insurance in force covering approximately one million mortgages.
“We know the challenge of saving for the down payment is the number one hurdle for first-time homebuyers. Now more than ever, it’s important for buyers to understand and evaluate homeownership programs that may help them buy a home sooner,” said Rob Chrane, CEO of DPR. “We look forward to working with MGIC and its lender customers to help connect more buyers to available down payment assistance.”
Down Payment Resource creates an opportunity for homebuyers, Realtors, and lenders by uncovering programs that get people into homes. The company tracks approximately 2,500 homebuyer programs through its housing finance agency partners.