Zillow 1% Downpayment Mortgage: Why it Won't Help Anybody
Автор: Talk About Houses
Загружено: 2023-08-27
Просмотров: 1693
Описание:
Zillow is offering a 1% downpayment option for mortgages in Arizona. The program is designed to help lower income borrowers who make less than 80% of the area's median income. Zillow will likely require the borrower to use the Zillow agent they select to qualify for the mortgage.
There are numerous problems with the Zillow 1% mortgage. One is that this make homes affordability worse, since less money down means a higher payment. Also the lower end homes these people would be purchasing are usually purchased for cash by investors. Home sellers are unlikely to accept an offer using a non-standard lending program and then having their home not on the market for a few weeks at a time.
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