New product is company's "response to stubborn inflation and higher interest rates"
Guaranteed Rate has launched a new mortgage loan product offering down payment options of $1,000 toward lender fees.
The new product, OneDown, aims to help homebuyers overcome the downpayment hurdle by enabling them to purchase homes with as little as a 1% down payment plus an additional 2% contribution towards lender costs (or up to $2,000, whichever is lower).
“OneDown is Guaranteed Rate’s response to the ongoing effect of stubborn inflation and higher interest rates,” said Kate Amor, senior vice president and head of enterprise products at Guaranteed Rate. “We want to not only make homeownership less intimidating but make it possible for more families by offering downpayment options as low as 1%.”
OneDown is intended for first-time homebuyers with an area median income under 80% and who are looking to purchase single-family residences, including condominiums. No geographic restrictions apply.
Prior to the launch of OneDown, Guaranteed Rate said last month that it will take full ownership of its joint venture Premia Relocation Mortgage. Guaranteed Rate has entered a deal with moving services provider Sirva to buy out the joint venture.
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