Chicago-headquartered Guaranteed Rate introduced OneDown, a mortgage product that features down payment options as low as 1% plus an additional 2% contribution towards that down payment.
OneDown also offers borrowers a $1,000 contribution toward lender fees. The product is available for transactions involving single-family residences, including condominiums, and is being marketed to first-time borrowers or homebuyers with an AMI (Area Median Income) under 80%. OneDown is available in all markets where Guaranteed Rate operates.
“OneDown is Guaranteed Rate’s response to the ongoing effect of stubborn inflation and higher interest rates,” said Kate Amor, senior vice president and head of enterprise products for Guaranteed Rate. “We want to not only make homeownership less intimidating but make it possible for more families by offering down payment options as low as 1%.”
