Guild Mortgage increases assistance for first-time homebuyers - Mortgage Professional

Guild Mortgage has announced that it present accepts arsenic small arsenic 3% down outgo done its updated 3-2-1 Home Plus program.

The low-down outgo programme – designed for first-time homebuyers – provides a $2,000 Home Depot Gift Card and further assistance ranging from $1,000 to $2,500. The assistance is based connected country median income (AMI) and spot type, which tin beryllium applied toward closing costs oregon summation the down payment.

Read more: Overcoming the Top Homeownership Barrier: The Down Payment

“We are perpetually looking for innovative ways to service first-time homebuyers, particularly with truthful galore struggling to spend a down outgo oregon find a location that suits their needs successful today’s competitory lodging market,” said Guild CEO Mary Ann McGarry. “We introduced the archetypal 3-2-1 Home programme successful 2018, helping thousands of first-time homebuyers. With our caller 3-2-1 Home Plus program, the accrued assistance means our clients person up to $2,500 toward closing costs, helping them get into homes portion preserving their currency resources.”

The 3-2-1 Home Plus programme requires a minimum recognition people of 620 and is disposable to first-time homebuyers successful the 49 states and the District of Columbia, for the acquisition of single-family residences, condos and manufactured homes. Additionally, the 3% down outgo programme tin beryllium funded by a gift, specified arsenic a wedding oregon graduation present.

“In galore cases, a first-time purchaser mightiness walk connected a spot that needs a fewer upgrades,” said David Battany, enforcement vice president of superior markets astatine Guild Mortgage. “The Home Depot Gift Card provides a consciousness of security. The lawsuit tin acquisition a location successful an country they emotion and marque those upgrades, whether it’s for caller flooring, caller coats of paint, oregon landscaping. They tin besides take a caller h2o heater, washer and dryer, energy-efficient windows, plan services oregon immoderate different merchandise oregon work offered by The Home Depot.”