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Many home shoppers are not aware of the additional requirements that must be met for a condo to be eligible for a VA loan. Zillow’s new feature takes the guesswork out of the process for shoppers using VA financing for their home purchase allowing them to immediately see if the condo they’re interested in is VA-loan eligible. Before this tool was available, most shoppers had to toggle between their search on Zillow and the VA website to confirm financing eligibility on every single condo they were interested in, adding unnecessary complexity and time to their home search.
With this new tool, veterans shopping for a home are saving valuable time in a hot housing market, where speed and access to accurate information is increasingly important in the buying process. Recent Zillow research shows that homes sold in April typically went pending after only seven days — a dramatic acceleration in the market over the past few years, following the COVID-19 outbreak. For perspective, in April 2019, the typical home was on the market for 24 days before an offer was accepted.
“We want everyone to have access to the information necessary to empower their home search,” said Aldona Clottey, Zillow’s vice president of Corporate Social Responsibility. “Adding VA loan eligibility information to our site creates an easier home-shopping experience for veterans. In today’s competitive marketplace, where homes sell in a matter of days, an efficient home search is critical. This feature provides valuable financing information right at the fingertips of our veterans as they search for their next home.”
The VA loan eligibility information, which can be found on condo home and building detail pages, is a part of Zillow’s broader social impact strategy to provide products and solutions that help people unlock life’s next chapter. Other products include the display of LGBTQ local legal protections and information about down payment assistance programs. Additionally, Zillow connects VA-loan-eligible home buyers to VA lenders through its dedicated VA lender page.
About Zillow Group:
Zillow Group, Inc. (NASDAQ: Z and ZG) is reimagining real estate to make it easier to unlock life’s next chapter. As the most visited real estate website in the United States, Zillow® and its affiliates offer customers an on-demand experience for selling, buying, renting or financing with transparency and ease.
Zillow Group’s affiliates and subsidiaries include Zillow®, Zillow Premier Agent®, Zillow Home Loans™, Zillow Closing Services™, Trulia®, Out East®, ShowingTime®, Bridge Interactive®, dotloop®, StreetEasy® and HotPads®. Zillow Home Loans, LLC is an Equal Housing Lender, NMLS #10287 (www.nmlsconsumeraccess.org).
SOURCE Zillow
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