Zillow Adds Down Payment Help Information to Ads

It’s hard to say how many potential first-time buyers have struggled to purchase a home in today’s housing market with high demand, low inventory, and multiple buyers competing for the same property making it impossible the realization of the American dream of homeownership. .

The good news is that Zillow has announced a partnership with Down Payment Resource to help potential homebuyers find down payment assistance programs that can make homeownership more accessible.

Real estate listings on Zillow now include information on the number of potential down payment assistance programs that may be available to buyers looking for homes on its platform.

Home buyers can enter basic information which is maintained by the Down Payment Resource’s extensive database, which then populates a list of all potentially available programs. Buyers will see a specific maximum amount of support offered and links to gather more details. This feature can be found on all listings eligible for sale nationwide.

“We want everyone to have access to resources that can help overcome common barriers to homeownership like difficulty saving for a down payment, which is especially difficult in under-represented communities,” said Grace Chung, director of social impact at Zillow. “Down payment assistance programs provide a viable path to homeownership, which can help create generational wealth and economic opportunity for many who may not have been able to. imagine for themselves. Information is power, and Zillow is proud to partner with Down Payment Resource to shed light on these important programs.

Soaring home prices over the past year have made it more difficult for potential buyers to save for a down payment. In Zillow surveys, two-thirds of buyers viewed the down payment as a barrier to homeownership. First-time buyers should expect to spend an extra year saving for a down payment than they would have needed five years ago.

Many buyers may not be aware of programs that could help them with their down payment, closing costs, or taxes. All 3,143 US counties have at least one down payment assistance program, and over 2,000 counties have 10 or more programs available. According to an analysis conducted by Down Payment Resource, the estimated average profit from a down payment assistance program today is around $ 17,000.

“Millions of people may be more qualified to buy a home than they realize, and the partnership with Zillow is a great opportunity to help these people go from dream to reality,” said Rob Chrane, CEO and Founder of Down Payment Resource. “We have worked for many years to compile the most comprehensive list of resources available for affordable homeownership. Almost all communities are served by some type of assistance program, and our mission is to get this information into the hands of those who need it.

This feature was developed and launched by the Zillow Social Impact Products team, a specialist group of engineers and product managers dedicated to creating positive change in the housing market. This is another important step in Zillow’s broader social impact strategy to deliver products and solutions that help people unlock the next chapter in life, such as local LGBT legal protections and the Housing Connector research.

Down Payment Resource tracks over 2,200 affordable loan programs nationwide, over 73% of which specifically support down payment or help with closing costs. Many of these programs vary by location and are often offered by state, county, or city governments.

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