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4 Lender Benefits of Offering the Repeat Homebuyer Program

Posted by South Dakota Housing Authority on Mar 9, 2017 4:42:23 PM

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First-time homebuyers don’t get all the benefits of buying in South Dakota—in fact, those looking for their second or third (or more) home might qualify for assistance from South Dakota Housing Development Authority (SDHDA) as well. 

But what’s in it for a lender? Check out some of the benefits of offering the Repeat Homebuyer Program to your customers or members.

Feet in the door

You have your home loan offerings in-house, but do they address every potential need a valuable future customer might have when it comes to budget, rates and loan amounts? The more the merrier when it comes to bringing more buyers into the fold. Offering the Repeat Homebuyer Program means enabling that many more second- or third-time homebuyers to bank with you.

Community camaraderie

If the perception of your community is at all important to your business, then offering a program like the Repeat Homebuyer program can certainly have a positive impact for you. What it says about you when you offer a program that gives those in need a leg up is that you value all community members—beyond simply the high rollers in the business sector. And when you’re well liked in your community, you’re certainly more likely to be top of mind when anyone’s financial needs pop up.

The sales opportunity

There’s no better way to sell more products and services from your institution than by pitching them to your existing customer base. An upsell is always easier to close than a first-sell. That’s why providing a program such as the Repeat Homebuyer program can be a great first-sell opportunity that frankly sells itself due to the added benefits!

Set it and forget it

One of the nicest things about being an official SDHDA Repeat Homebuyer lender is that you’re featured right here on our website—it’s like having an advertisement placed that you didn’t even have to pay for! Interested buyers will start at the SDHDA website to gather information about the program, and your institution’s name will be included on the list they sift through to find their ideal source of funds. (No sales team time necessary!)

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Topics: Homeownership