The housing market has gotten so unaffordable that Zillow is now offering prospective homebuyers a 1% down payment option

• Zillow thinks it has an answer to the affordability crisis that has taken over the housing market.
• The company is offering prospective homebuyers the option to put a 1% down payment on a house.
• The affordability shock in the housing market has been sparked by a surge in interest rates and still-high home prices.

Zillow is offering prospective homebuyers the option to put just a 1% down payment on a home purchase amid an ongoing affordability crisis sparked by soaring mortgage rates.

The 1% Down Payment program from Zillow Home Loans is designed to reduce the time needed for consumers to save money for a down payment. For now, it’s only offered to eligible borrowers in Arizona, though the company intends to expand the program to other states.