New tools were unveiled by Zillow, a real estate website, as it aims to extend more assistance for homebuyers in their handling of down payments.
The website has partnered with Down Payment Resource (DPR) to show information regarding different assistance programs in the listings, where a home buyer can avail of help, FOX News reported.
In-depth information, like the maximum amount a home buyer can get, will be provided by the programs. It also contains links that can lead them to more information.
“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,” DPR CEO and founder Rob Chrane said. “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,” Chrane added.
The tool was developed by the partners before it was launched under the Social Impact Product Team of Zillow, the two companies said in an official release.
According to DPR, an average buyer can get assistance of around $17, 000.
The high prices of real estate were said to have caused extra unneeded stress for potential home buyers, Zillow said.
The potential buyers’ stress could even be upped in the next few months as some experts predicted the increase of mortgage rates.
The rate might not increase in a radical manner, said Mphasis Digital Risk managing director Jeff Taylor, but it will spike further as compared to the previous year.
“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 last month.
A 33 percent boom in cash-out mortgage was also reported by Black Knight, a mortgage analytics firm. This can mean added worry that the increasing rates may trigger a market change in the coming months.
Down payment is a notable hindrance towards securing a home, two-thirds of the home buyers said, as shown in a recent survey.