San Diego-based Guild Mortgage (NYSE: GHLD) has unveiled its 1% Down Payment Advantage program.
Unlike the traditional 3% down payment that 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 while Guild covers the remaining 2% to bring the down payment to the 3% requirement. Guild will also cover 1% of the interest rate for the first year with a lender-paid temporary buydown.
“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.”
