{"id":692839,"date":"2022-10-06T08:29:53","date_gmt":"2022-10-06T12:29:53","guid":{"rendered":"https:\/\/www.marketnewsdesk.com\/index.php\/redfin-launches-down-payment-assistance-feature-to-help-make-homeownership-more-attainable\/"},"modified":"2022-10-06T08:29:53","modified_gmt":"2022-10-06T12:29:53","slug":"redfin-launches-down-payment-assistance-feature-to-help-make-homeownership-more-attainable","status":"publish","type":"post","link":"https:\/\/www.marketnewsdesk.com\/index.php\/redfin-launches-down-payment-assistance-feature-to-help-make-homeownership-more-attainable\/","title":{"rendered":"Redfin Launches Down Payment Assistance Feature to Help Make Homeownership More Attainable"},"content":{"rendered":"

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Redfin Launches Down Payment Assistance Feature to Help Make Homeownership More Attainable<\/b><\/p>\n

Through a partnership with Down Payment Resource, homebuyers can discover down payment assistance and affordable lending programs that may be available to them on Redfin<\/i><\/p>\n

Redfin research indicates an increasing need for assistance programs, as the median down payment has nearly doubled since the pandemic<\/i><\/p>\n

SEATTLE–(BUSINESS WIRE<\/a>)–
\nRedfin (www.redfin.com<\/a>), the technology-powered real estate brokerage, today added down payment assistance information to home listings on its website. Potential homebuyers can now use Redfin to discover down payment assistance programs they may qualify for in order to help make homeownership more affordable. The feature is powered by a partnership with Down Payment Resource<\/a>, a company helping the housing industry connect homebuyers with more than 2,200 homebuyer assistance programs nationwide.\n<\/p>\n

\nEach eligible for-sale listing page on Redfin in the U.S. now displays the number of down payment assistance programs available in that area. Interested homebuyers can input basic information and immediately receive a tailored list of programs they may qualify for, the amount of assistance potentially available to them, and links to the program pages for more information.\n<\/p>\n

\n\u201cNearly half of Americans who have never owned a home say that saving money for a down payment is a barrier to homeownership, and many young people in particular feel like they\u2019ll never be able to own a home,\u201d said Christian Taubman, Redfin\u2019s chief growth officer. \u201cDown payment assistance programs can make homeownership more attainable, but information about them is often fragmented and hard to understand. We saw a big opportunity in partnering with Down Payment Resource to raise awareness about these programs to help more people become homeowners.\u201d\n<\/p>\n

\nThis information is especially valuable as the national median home price has soared roughly 40% since the pandemic, making saving for a down payment more challenging. Recent Redfin research<\/a> found that the typical U.S. homebuyer who took out a mortgage in July made a $62,500 down payment, nearly double the median down payment in July 2019, before the pandemic started.\n<\/p>\n

\n\u201cOur research<\/a> shows that one in three declined mortgage applications are denied for reasons that could be addressed with homebuyer assistance, which underscores the critical need to increase awareness about these life-changing programs,\u201d said Rob Chrane, CEO and founder of Down Payment Resource. \u201cPartnering with Redfin is a great way to get information about financial support into more consumers\u2019 hands. With thousands of assistance programs available across the country, many Americans may be able to afford homeownership sooner than they realized.\u201d\n<\/p>\n

\nThis launch is part of Redfin\u2019s broader mission to remove barriers to homeownership and make finding a home clear and achievable. Other efforts include:\n<\/p>\n