Zillow has teamed up with Down Payment Resource to help homebuyers with down-payment assistance. The partnership, announced Monday, will help potential homeowners find programs that will make homeownership more attainable, especially for first-time homebuyers.
Grace Chung, Zillow’s director of social impact, said the company wants everyone to be able to access these resources to help overcome common barriers to homeownership, including saving for a downpayment.
“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,” she said in a press release.
When searching home listings on Zillow, potential homebuyers will now be able to see a feature showing them the availability of down-payment assistance programs. By entering basic information, a list of available programs will be populated from Down Payment Resource’s database.
According to the release, all U.S. counties have at least one down-payment program, and 2,000 have 10 or more available, something many homebuyers may not be aware of. The estimated average benefit of a down-payment assistance program today is $17,000.
Rob Chrane, CEO and founder of Down Payment Resource, said millions of people are more qualified to buy a home than they realize, and his company’s partnership with Zillow is a great opportunity to help them make a dream into a reality.
“We’ve worked for many years to curate the most expansive list of affordable homeownership resources available,” Chrane said. “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.”