loanDepot offers $9k down payment assistance to non-prime borrowers

Program available to applicants with non-traditional credit histories

loanDepot offers $9k down payment assistance to non-prime borrowers

Home lender loanDepot has rolled out AccessONE+, a program offering up to $9,000 in down payment and closing cost assistance for first-time buyers in select underserved communities. 

The AccessONE+ program targets 21 specific census tracts across major US metropolitan areas. It requires only a 1% down payment. and is open to applicants with non-traditional credit histories, aiming to purchase a home anywhere in the United States.

The 21 eligible areas include:

  1. Atlanta-Sandy Springs-Roswell, GA
  2. Baltimore-Columbia-Towson, MD
  3. Brownsville-Harlingen, TX
  4. Chicago-Naperville-Elgin, IL-IN-WI
  5. Cleveland, OH
  6. Dallas-Fort Worth-Arlington, TX
  7. Detroit-Warren-Dearborn, MI
  8. Houston-Pasadena-The Woodlands, TX
  9. McAllen-Edinburg-Mission, TX
  10. Memphis, TN-MS-AR
  11. Miami-Fort Lauderdale-West Palm Beach, FL
  12. New York-Newark-Jersey City, NY-NJ
  13. Oklahoma City, OK
  14. Orlando-Kissimmee-Sanford, FL
  15. Philadelphia-Camden-Wilmington, PA-NJ-DE-MD
  16. Phoenix-Mesa-Chandler, AZ
  17. Riverside-San Bernardino-Ontario, CA
  18. San Antonio-New Braunfels, TX
  19. St. Louis, MO-IL
  20. Tampa-St. Petersburg-Clearwater, FL
  21. Washington-Arlington-Alexandria, DC-VA-MD-WV

Read next: loanDepot eyes acquisitions, partnerships amid challenging market

“Today’s first-time homebuyers are grappling with traditional down payment requirements, high-interest rates and rising home prices creating inequities and barriers that are holding back underserved communities,” LDI Mortgage president Jeff Walsh said in a Press release. “As we continue to unlock access to sustainable homeownership for our customers, AccessONE+ provides loanDepot with another tool to help more families achieve the American Dream of homeownership.”

The new program expands loanDepot’s existing affordability initiatives. As part of its Vision 2025, the company is focused on first-time buyers as it seeks to weather market headwinds.

“A significant component of Vision 2025 is reorienting our mortgage origination footprint around purpose-driven lending to support first-time homebuyers and diverse communities,” said Frank Martell, the lender’s president and CEO.

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