First-time and move-up homebuyers will have an easier time attaining a home through Guild Mortgage’s new loan program
Guild Mortgage is offering a nationwide conventional loan program with a 1% down payment plus a no-need-to-repay 2% grant, according to a news release.
“Guild’s 1% Down loan program provides a unique option to low-and-moderate-income homebuyers who are having a difficult time coming up with the down payment,” said David Battany, executive vice president for capital markets at Guild. “With the gift of a 2% grant, Guild is helping solve financing challenges for first-time and move-up buyers with low-to-moderate income.”
The 3% equity will yield a loan with a 97% loan-to-value (LTV) ratio. Non-borrower household and boarder incomes can be used to qualify, and the acceptable debt-to-income (DTI) ratio is up to 50%. The new program is subject to income limits and other parameters, Battany said.
“We were able to create this breakthrough national program because we are a direct lender with many decades of strong investor relationships and first-time homebuyer expertise,” said Mary Ann McGarry, Guild Mortgage President and CEO. “We wanted to make homebuying more attainable for more people, including millennials who are entering the housing market in increasing numbers.”
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“Guild’s 1% Down loan program provides a unique option to low-and-moderate-income homebuyers who are having a difficult time coming up with the down payment,” said David Battany, executive vice president for capital markets at Guild. “With the gift of a 2% grant, Guild is helping solve financing challenges for first-time and move-up buyers with low-to-moderate income.”
The 3% equity will yield a loan with a 97% loan-to-value (LTV) ratio. Non-borrower household and boarder incomes can be used to qualify, and the acceptable debt-to-income (DTI) ratio is up to 50%. The new program is subject to income limits and other parameters, Battany said.
“We were able to create this breakthrough national program because we are a direct lender with many decades of strong investor relationships and first-time homebuyer expertise,” said Mary Ann McGarry, Guild Mortgage President and CEO. “We wanted to make homebuying more attainable for more people, including millennials who are entering the housing market in increasing numbers.”
Related stories:
Trading up homes can be difficult in today’s housing market
Home builders shifting towards millennials
