Guild Mortgage Introduces 1% Down Payment Advantage Program, Making Sustainable Homeownership More Attainable
13 Junho 2023 - 9:01AM
Business Wire
Mortgage lender tackles the barriers to
purchasing a home in today’s market, opening doors for
low-to-moderate income homebuyers by reducing down payment to 1%
and buying down interest rate for first year of the loan
Guild Mortgage (NYSE: GHLD), a growth-oriented mortgage lending
company originating and servicing residential loans since 1960,
announced the immediate availability of its 1% Down Payment
Advantage program, a new 1% down, 1% one-year lender interest rate
buy down home loan program designed to make homeownership more
attainable in today’s housing market.
Traditionally, a 3% down payment is the minimum required for
conventional loans. The 1% Down Payment Advantage program allows
homebuyers to purchase a home with a minimal down payment of only
1% of the purchase price, and Guild covers the remaining 2% to
bring the down payment to the 3% requirement.
To save homebuyers even more, through the 1% Down Payment
Advantage program, Guild will cover 1% of the interest rate for the
first year with a lender-paid temporary buydown, keeping the
homebuyer’s monthly payments lower for the first 12 months.
Borrowers also have the flexibility to refinance with Guild later,
with the added benefit of no lender fees under the company’s
Payment Protection program.
"Guild is committed to providing innovative solutions that meet
the current and future needs of homebuyers. No matter what is
happening in the housing market, we want to get people into homes
and help keep them there,” said Mary Ann McGarry, Guild CEO. “With
our new 1% Down Payment Advantage program, we are meeting our
clients where they are and addressing head on the accessibility
challenges so many Americans are facing in today’s housing
market.”
The 1% Down Payment Advantage program builds upon Guild's
successful Payment Advantage program, which was introduced in
December 2022 and has helped homebuyers achieve their homeownership
goals. The program is available to first-time and repeat homebuyers
purchasing single-family homes with income equal to or less than
80% of the area median income (AMI).
David Battany, Guild’s executive vice president of capital
markets, emphasized the importance of addressing the three key
areas that impact homeownership: the cost to get into the home, the
monthly cost to stay in the home, and the ability to handle
unexpected emergencies in the first five years of owning a new
home. The 1% Down Payment Advantage program addresses all
three.
"We know that accessibility to homeownership goes beyond just
lowering the down payment. It's about ensuring long-term
sustainability by tackling the three critical financial challenges
of buying and maintaining a home: upfront costs, monthly expenses,
and financial resilience after purchasing a home," said Battany.
"With our 1% Down Payment Advantage program we support homebuyers
in all three of these areas. By putting an extra two points of cash
into their reserves on day one and offering a 1% one-year interest
rate buydown that reduces their monthly mortgage payment, we assist
borrowers to more quickly build up their cash reserves which helps
sustain them in their new home during their critical first five
years of homeownership when most first-time homebuyers typically
have low cash savings reserves. This sets the stage for a
successful homeownership journey, arming them with the confidence
and means to handle life's unexpected surprises."
For more information about the 1% Down Payment Advantage and to
begin the journey to homeownership, please visit
https://www.guildmortgage.com/mortgage-loans/1-percent-down-payment-advantage/.
About Guild Mortgage
Founded in 1960 when the modern U.S. mortgage industry was just
forming, Guild Mortgage Company is a nationally recognized
independent mortgage lender providing residential mortgage products
and local in-house origination and servicing. Guild’s collaborative
culture and commitment to diversity and inclusion enable it to
deliver a personalized experience for each customer. With more than
4,000 employees and over 300 retail branches, Guild has
relationships with credit unions, community banks, and other
financial institutions and services loans in 49 states and the
District of Columbia. Guild’s highly trained loan professionals are
experienced in government-sponsored programs such as FHA, VA, USDA,
down payment assistance programs and other specialized loan
programs. Guild Mortgage Company is a wholly owned subsidiary of
Guild Holdings Company, whose shares of Class A common stock trade
on the New York Stock Exchange under the symbol GHLD.
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Melissa Rue Nuffer, Smith, Tucker mkr@nstpr.com (208)
850-5939
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