Zillow Home Loans Rolls Out 1% Down Payment Program
A new program from Zillow Home Loans is offering potential home-buyers a 1% down payment on their home purchase. The program, currently being rolled out in Arizona (with plans to expand), says qualified buyers who come up with a 1% down payment will matched by Zillow with an additional 2% at closing. Zillow says their 1% Down Payment program lowers the down payment barrier and increases access to the housing market for eligible borrowers.
“For those who can afford higher rent payments but have been held back by the upfront costs associated with homeownership, down payment assistance can help to lower the barrier to entry and make the dream of owning a home a reality,” said Zillow Home Loans’ senior macroeconomist Orphe Divounguy.
Article by Brad Beckett, Director of Education & Outreach, Real Estate Investing Today, National Real Estate Investors Association (NREIA).