Zillow Offers Grants to First-Time Homebuyers as Mortgage Rates Depress Housing Market
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Mortgage rates are at 21-year highs, depressing the housing market. Zillow is trying to boost demand by giving grants to qualified buyers for down payments.
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Zillow says it's providing the same kind of help buyers often get from parents. Grants will be 2% of the purchase price, up to around $10,000.
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Sluggish housing market also driven by low inventory. Many sellers reluctant to give up low rates they locked in years ago.
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Zillow aims to capture more market share by helping buyers get mortgages. Wants to double its share of transactions through its suite of services.
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Caution urged to understand terms before accepting down payment help. But programs can help qualified first-time buyers, especially those disadvantaged.