Chicago-based mortgage lender guaranteed rate launched a new program this week that will provide up to $8,000 in assistance to prospective first-time homebuyers from underserved communities.
The initiative, called the Special Purpose Credit Program, aims to help homebuyers with down payments, minimum deposits, and move-in repair and maintenance costs.
“This program helps break down these barriers and opens more doors to our customers’ dream homes, neighborhoods and lifestyles, an investment that will help build a foundation for generations to come,” Kasey Marty, Executive Vice President of Secondary Marketing ofhe said in a statement.
Some of the benefits the initiative claims to offer include a minimum of $5,000 down payment and closing cost assistance and up to an additional 1% of the sales price, or $3,000, for a maximum of $8,000 in down payment assistance. home buyers.
The program includes provisions for “enhanced” pricing for non-traditional credit loans, a title insurance credit applicable to certain properties and will eliminate the area median income requirement, according to a statement from Guaranteed Rate.
In addition, the company will offer zero and low down payment options to expand access to VA, USDA, HomeOne, HomeReady, Home Possible and Home Equity Lines of Credit (HELOC) loans.
First-time homebuyers in Atlanta, Baltimore, Chicago, Detroit, Memphis, and Philadelphia currently have access to this program. However, qualified buyers in these metropolitan areas can use the assistance to buy a home anywhere in the US.
“For many properties, a mortgage payment is not much different than monthly rent; the difference is who benefits from the home’s equity as it’s built,” Marty said.
guaranteed ratein simplified loan applications and closing windows through its AI-generated to-do list and personalized mortgage dashboard, MyAccount, for which the company was featured in HousingWire’s 2022 honorees. The platform provides a secure way to upload sensitive documents and automates underwriting.
The company has more than 850 locations nationwide, serving customers in all 50 states and Washington, DC. your totalamounted to $116 billion in 2021.
guaranteed rateyour contract with the translation company TransPerfect Tuesday to provide homebuyers with Spanish-speaking agents and other resources.