Online real estate marketplace Zillow is offering U.S. homebuyers a new down payment loan program that will allow buyers to put down as little as 1% down on their home purchase.
Zillow will reportedly put down 2% on top of a buyer’s 1% down payment to help consumers reach the minimum 3% down payment required for a home loan.
The move comes as climbing mortgage rates and rising housing prices have brought mortgage application rates to a 28-year low.
The lending program is currently only available in Arizona, but is expected to expand to other states in the near future.
