How does RatePlug determine a property’s eligibility for special financing?
We had fantastic response to the new alert we began sending to participating Agents when one of their listed properties may be eligible for a special financing program (FHA, VA, USDA, CRA). Agents love this information because special financing opens up an agent’s listings to a broader pool of buyers. We were asked to clarify how we determine if a property may qualify for these programs.
The key to this information is the MLS data. We get our property information directly from the MLS and can scrub that information based on location, census tract, listing price and other factors through specialized data sources to determine eligibility.
Remember, even If you don’t offer one of the above programs, you can counsel your Agent on a program that you do offer that benefits the homebuyer. We are required to offer this data as a contracted service to the MLS and their member Agents.
You can always see which of your Agent’s listings are eligible by logging into your account and viewing your Agent’s dashboards. Training support information is always available to you when you log into your account and click on the support link in the upper right-hand corner. Log into your account here.