The 1% Down Payment program from Zillow Home Loans is designed to reduce the time needed for consumers to save money for a down payment. For now, it's only offered to eligible borrowers in Arizona, though the company intends to expand the program to other states.
By comparison, a similar homebuyer saving for a 3% down payment would require 31 months to reach their savings goal. Zillow said it would contribute an additional 2% to the down payment at closing for qualified borrowers. It's not a payment to the borrower., as smaller down payments lead to bigger monthly mortgage payments because borrowers have to take on more debt.Story continues
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