Zillow unveiled a new feature on its listings that will help buyers connect with programs that can help with a down payment on a home.
The Seattle-based portal giant on Wednesday unveiled the new information in a partnership with Down Payment Resource, an Atlanta-based company that tracks such assistance programs.
The new feature is now active on all Zillow sales listings nationwide, according to a press release announcing the move.
These programs, primarily aimed at low-income households who might have difficulty raising enough upfront money to buy a home, are intended to help overcome barriers to entry into the domestic market, according to Grace Chung, director of social impact at Zillow.
âDown 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, “Chung said in a statement. âInformation is power, and Zillow is proud to partner with Down Payment Resource to shed light on these important programs. “
The vast majority of counties nationwide have multiple home buying programs, with forms of assistance ranging from help with down payments to closing costs and taxes.
Some may not be aware that this type of program exists, said Rob Chrane, CEO of Down Payment Resource, in the statement. Chrane founded Down Payment Resource in 2008, to makes it easier for homebuyers and real estate professionals to access hard-to-find information about homeownership programs. Today, Down Payment Resource integrates data on program benefits and eligibility criteria with multiple Enrollment Services (MLS), lenders, and agents.
âMillions 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,â Chrane said in the communicated.
For those who qualify for down payment assistance, the average benefit is around $ 17,000, according to Down Payment Resource reports.
From a Zillow listing, buyers are notified of how many programs they might be eligible for in that specific area. They are then asked to enter their information to see what specific programs might apply to them.
Zillow’s Social Impact Products team has kicked off those efforts, the statement said. They are supposed to coincide with other efforts to promote positive trends in the market, the company said. Other initiatives from this team include the company’s local LGBT legal protections and housing connector tools.
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