Underserved Homebuyers in Six US Markets Can Access Funds to Offset Primary Barriers to Entry
Guaranteed Rate, a cutting-edge mortgage lender driven to be the nation’s top Fintech company announces the roll out and management of the company’s Special Purpose Credit Program. This new initiative aims to make homeownership more accessible by providing up to $8,000 in assistance to underserved potential homebuyers. The program expands home purchase opportunities by helping more people overcome accessibility challenges such as deposit minimums and move-in repair and maintenance costs.
With the launch of this program, Guaranteed Rate continues to deliver on its mission to help everyone live happier, healthier lives. The lender has long-demonstrated a commitment to meeting the needs of homebuyers across the full spectrum of the marketplace, from modest-income first time homebuyers to jumbo loans for luxury properties. Guaranteed Rate’s digital innovations streamline loan applications and closing windows to help buyers compete with all-cash offers in highly competitive markets.
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Guaranteed Rate’s program provides a minimum of $5,000 down payment and closing cost assistance and up to an additional 1% of the sales price or $3,000; it is currently available for first-time homebuyers in specific regions of six metropolitan areas — Atlanta, Baltimore, Chicago, Detroit, Memphis, and Philadelphia — census tracts determined according to US Census data. Eligible homebuyers can use the assistance toward a purchase anywhere in the country, providing fresh opportunities to put down roots in a community of their choosing.
“For many properties, a mortgage payment is not too much different than monthly rent; the difference being who benefits from home equity as it builds,” said Guaranteed Rate’s Executive Vice President of Secondary Marketing, Kasey Marty. “The barrier to entry for most renters who want to buy homes is the sizable down payment and initial repair or improvement costs. This program helps tear down these barriers and open more doors to the houses, neighborhoods, and lifestyles of our customers’ dreams, an investment that will help build a foundation for generations to come.”
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Additional key features of the program include improved pricing for nontraditional credit loans, Title Insurance Credit for certain properties and the removal of area median income requirements. Guaranteed Rate also offers additional zero and low down-payment options to help expand homeownership access including VA, USDA, HomeOne, HomeReady, Home Possible loans and HELOCs. Dedicated Guaranteed Rate mortgage experts are readily available to help guide buyers through the process in the buyer’s preferred language of English and Spanish every step of the way.
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