The company enhances its down-payment program
Guild Mortgage has announced that it now accepts as little as 3% down payment through its updated 3-2-1 Home Plus program.
The low-down payment program – designed for first-time homebuyers – provides a $2,000 Home Depot Gift Card and additional assistance ranging from $1,000 to $2,500. The assistance is based on area median income (AMI) and property type, which can be applied toward closing costs or increase the down payment.
“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 in today’s competitive housing market,” said Guild CEO Mary Ann McGarry. “We introduced the original 3-2-1 Home program in 2018, helping thousands of first-time homebuyers. With our new 3-2-1 Home Plus program, the increased assistance means our clients receive up to $2,500 toward closing costs, helping them get into homes while preserving their cash resources.”
The 3-2-1 Home Plus program requires a minimum credit score of 620 and is available to first-time homebuyers in the 49 states and the District of Columbia, for the purchase of single-family residences, condos and manufactured homes. Additionally, the 3% down payment program can be funded by a gift, such as a wedding or graduation present.
“In many cases, a first-time buyer might pass on a property that needs a few upgrades,” said David Battany, executive vice president of capital markets at Guild Mortgage. “The Home Depot Gift Card provides a sense of security. The customer can purchase a home in an area they love and make those upgrades, whether it’s for new flooring, fresh coats of paint, or landscaping. They can also choose a new water heater, washer and dryer, energy-efficient windows, design services or any other product or service offered by The Home Depot.”