Zillow wants to help home buyers with down payments
About two-thirds of potential buyers cited the down payment as a barrier
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Real estate website Zillow has announced new tools to help homebuyers more easily handle down payments.
The new partnership with Down Payment Resource (DPR) will see listings include information about a range of assistance programs a buyer may be able to access to help them. The programs will provide detailed information including the maximum amount a buyer can receive and links to further information.
The Zillow website on a mobile phone arranged in Dobbs Ferry, New York, U.S., on Saturday, May 1, 2021. Zillow Group Inc. is scheduled to release earnings figures on May 4. Photographer: Tiffany Hagler-Geard/Bloomberg via Getty Images ( Tiffany Hagler-Geard/Bloomberg via Getty Images / Getty Images)
"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, DPR CEO and founder. "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," he added.
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DPR and Zillow developed the tool and launched it under Zillow’s Social Impact Product team, the companies announced in a press release. DPR estimated that an average buyer might receive around $17,000 in assistance.
Zillow cited skyrocketing home prices that have added unnecessary stress for potential buyers looking to secure a home.
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Some experts have also predicted mortgage rates to rise in the next few months, adding further strain on potential buyers. Jeff Taylor, Mphasis Digital Risk managing director, said that the rate may not rise radically, but it will go higher than it has been over the previous year.
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"The bond market – which sets the tone for rates – is reacting to sharply higher consumer inflation data, as the CPI rose to the highest level in 30 years," Taylor said in November.
And mortgage analytics firm Black Knight reported a 33% boom in cash-out mortgage refinancing demand over the past year, hinting at additional concern that rising rates may shift the market in the coming months.
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A recent survey found that two-thirds of buyers considered the down payment as a significant barrier to homeownership.
FOX Business's Kelsey Ramirez contributed to this report.