Zillow Adds Down Payment Help Information to Listings for Sale

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. Interested home buyers can enter some basic information which is maintained by 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 the difficulty of saving for a down payment, which is especially difficult in under-represented communities.” , said Grace Chung, Zillow Social Impact Director. “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 spend one more year save a down payment than it would have needed five years ago.

Many homebuyers 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 benefit of a down payment assistance program is now around $ 17,000.

“Millions of people are perhaps 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 chain, 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 aid 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 finder.

Down Payment Resource is the industry authority for the latest information on down payment assistance and other affordable loan programs. The company follows more than 2,200 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.

About the Zillow Group

Zillow Group, Inc. (NASDAQ: Z and ZG) is reinventing real estate to make it easier to open the next chapter in life. As the most visited real estate site in United States, Zillow® and its subsidiaries provide customers with an on-demand experience to sell, buy, lease or finance seamlessly and easily.

Affiliates and subsidiaries of the Zillow Group include Zillow®, Zillow Offers®, Zillow Premier Agent®, Zillow Home Loans ™, Zillow Closing Services ™, Zillow Homes, Inc., Trulia®, Out East®, ShowTime®, Bridge Interactive® , dotloop®, StreetEasy® and HotPads®. Zillow Home Loans, LLC is an Equal Home Lender, NMLS # 10287 (www.nmlsconsumeraccess.org).

About the down payment resource

Down Payment Resource (DPR) helps business partners connect homebuyers with the down payment help they need through its award-winning technology. The company tracks funding status, eligibility rules, benefits and more for more than 2,000 down payment assistance programs and affordable loans. DPR has been recognized by Inman News as the “Most Innovative New Technology” and HousingWire Tech100 ™. DPR licenses its products to several listing services, real estate associations, real estate search sites, lenders and housing consultants across the country. DPR’s subscription service, Down Payment Connect, helps agents and loan officers match buyers to available programs. For more information, please visit DownPaymentResource.com and find DPR on Twitter at @DwnPmtResource.

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SOURCE Zillow

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