SEATTLE, Dec. 15, 2021 /PRNewswire/ -- Zillow today
announced a partnership with Down Payment Resource to help home
shoppers discover the wide variety of down payment assistance
programs that can make homeownership more attainable, especially
for first-time home buyers.
Home listings on Zillow now include information about the number
of potential down payment assistance programs that may be available
to buyers searching for homes on its platform. Interested home
shoppers can input some basic information that is run through Down
Payment Resource's extensive database, which then populates a list
of all potentially available programs. Buyers will see a specific
maximum amount of assistance offered and links to gather more
details. This feature can be found on all eligible for-sale
listings 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 challenging within
underrepresented communities," said Grace
Chung, Zillow's director of social impact. "Down payment
assistance programs provide a viable pathway to homeownership,
which can help build generational wealth and economic opportunity
for many that may not have been able to imagine it for themselves.
Information is power, and Zillow is proud to partner with Down
Payment Resource to shed more light on these important
programs."
Over the past year, skyrocketing home prices have made it harder
for potential buyers to save for a down payment. In Zillow surveys,
two-thirds of buyers considered affording the down payment as a
barrier to homeownership. First-time buyers should expect to spend
a year longer saving a down payment than they would have needed
five years ago.
Many home buyers may not be aware of the programs that could
help them with their down payment, closing costs, or taxes. All
3,143 U.S. counties have at least one down payment assistance
program, and more than 2,000 counties have 10 or more available
programs. According to an analysis conducted by Down Payment
Resource, the estimated average benefit of a down payment
assistance program today is approximately $17,000.
"Millions of people may be more qualified to buy a home than
they realize, and partnering with Zillow is a great opportunity to
help guide these individuals from dreaming to reality," said
Rob Chrane, CEO and founder of Down
Payment Resource. "We've worked for many years to curate the most
expansive list of affordable homeownership resources available.
Nearly every community is served by some type of assistance
program, and it's our mission to get this information into the
hands of those that need it."
This feature was developed and launched by Zillow's Social
Impact Product team, a specialized group of engineers and product
managers dedicated to creating positive change in the housing
marketplace. This is another milestone in Zillow's broader social
impact strategy to provide products and solutions that help people
unlock life's next chapter such as the LGBT Local Legal Protections
and the Housing Connector search tool.
Down Payment Resource is the industry authority for the most
current information about down payment assistance and other
affordable lending programs. The company tracks more than 2,200
programs nationwide, of which more than 73% specifically support
down payment or closing cost assistance. Many of these programs
vary by location and are often offered by state, county or city
governments.
About Zillow Group
Zillow Group, Inc. (NASDAQ: Z and ZG) is reimagining real estate
to make it easier to unlock life's next chapter. As the most
visited real estate website in the United
States, Zillow® and its affiliates offer customers an
on-demand experience for selling, buying, renting or financing with
transparency and ease.
Zillow Group's affiliates and subsidiaries include Zillow®,
Zillow Offers®, Zillow Premier Agent®, Zillow Home Loans™, Zillow
Closing Services™, Zillow Homes, Inc., Trulia®, Out East®,
ShowingTime®, Bridge Interactive®, dotloop®, StreetEasy® and
HotPads®. Zillow Home Loans, LLC is an Equal Housing Lender, NMLS
#10287 (www.nmlsconsumeraccess.org).
About Down Payment Resource
Down Payment Resource (DPR) helps its business partners connect
homebuyers to the down payment help they need through its
award-winning technology. The company tracks funding status,
eligibility rules, benefits, and more for over 2,000 down payment
assistance and affordable lending programs. DPR was recognized by
Inman News as "Most Innovative New Technology" and the HousingWire
Tech100™. DPR licenses its products to Multiple Listing Services,
REALTOR® Associations, real estate search sites, lenders, and
housing counselors across the country. DPR's subscription based
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.
(ZFIN)
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SOURCE Zillow