It’s not easy to save for a home these days, with pandemic-induced home price gains putting the pressure on buyers to come up with nearly twice the down payment they would have prior to the pandemic. That’s why today, we added important down payment assistance information to home listings on our website.
You can now use Redfin to discover down payment assistance programs you may qualify for in order to help make homeownership more affordable. The feature is powered by a partnership with Down Payment Resource, a company helping the housing industry connect homebuyers with more than 2,200 homebuyer assistance programs nationwide.
Each eligible for-sale listing page on Redfin in the U.S. now displays the number of down payment assistance programs available in that area. You can enter some basic information and immediately receive a tailored list of programs you may qualify for, the amount of assistance potentially available to you, and links to the program pages for more information.
“Nearly 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’ll never be able to own a home,” said Christian Taubman, Redfin’s chief growth officer. “Down 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.”
“Our research 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,” said Rob Chrane, CEO and founder of Down Payment Resource. “Partnering with Redfin is a great way to get information about financial support into more consumers’ hands. With thousands of assistance programs available across the country, many Americans may be able to afford homeownership sooner than they realized.”
Adding this feature aligns with our broader mission to remove barriers to homeownership and make finding a home clear and achievable. Some of our other efforts include:
- Ongoing donations to nonprofit community partners through Redfin Rise, our philanthropic initiative. This year, Redfin Rise donations have provided housing counseling sessions for 660 families through Clarifi, supported the development of 12 permanently affordable homes through Homestead Community Land Trust, provided $135,000 in closing grants to 45 homebuyers through NHS Chicago, and helped build 226 homes in El Salvador and Mexico with New Story.
- Maintaining free homebuyer resources, including first-time homebuyer guides in both English and Spanish and homebuying classes taught by expert Redfin agents.
- Publishing extensive housing market research about affordability and equality issues.
Curious to see which programs you might qualify for? Start searching today!
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