Independent lender hopes to tempt first-time buyers
Guild Mortgage has launched a new program aimed at first time buyers which requires only a 3% down payment.
The independent mortgage lender’s 3-2-1 Home program is available across the 40 states that it operates; and the program also provides a $2,000 Home Depot gift card and $1,500 towards closing costs or increasing the down payment above 3% once that threshold is met.
“We are constantly looking for innovative ways to serve first-time homebuyers, especially with so many struggling to afford a down payment or find a home that suits their needs,” said Mary Ann McGarry, Guild’s president and CEO. “With the 3-2-1 Home program, buyers can consider a home that may need minor repairs or updates and have peace of mind knowing they have extra resources to make improvements without tapping into their cash reserves.”
The 3% down payment can be funded by a gift, such as a wedding present.
Borrowers must have a minimum credit score of 620 and purchase a home that is located within 100 percent of the area median income for their family size, except in underserved areas.
