Have you heard about Zillow’s new plan to address the housing affordability crisis?
Zillow Home Loans announced its 1% Down Payment program, initially being offered in Arizona with plans to expand to other markets. While this sounds like an INCREDIBLE solution, that doesn’t mean it comes without risk.
According to Zillow’s press release, “Most markets are in the midst of an affordability crisis, and saving for a down payment remains one of the biggest barriers for many potential home buyers.” While this is very true, here’s the issue with these low down payment mortgages.
Rarely have we seen low down payment loans be beneficial to the buyer. With these programs, the provider is typically not looking out for YOUR best interest but more importantly to them, they’re looking to benefit off of your decision to participate in their program.
If you have trust built with your realtor, lender, or insurance agent, reach out to them to learn more about these programs and listen to what advice they may have regarding your financial position and thoughts on why you may not want to participate in them.
If you need assistance or are in the market for a loan, our team at The One Brokerage is here to help. Visit our website here to explore our loan options and find the right financing solution for your real estate goals and email us at intake@theonebrokerage.com to speak to one of our loan officers.
I’m thrilled to invite you to a live Q&A session on Thursday, October 5th. It’s the perfect opportunity to get your burning real estate questions answered directly by me. This interactive session will provide valuable insights and tips to boost your success. Mark your calendar and click this link to secure your spot. Can’t wait to see you there!
