The 1% Down Payment Advantage Program helps make mortgage payments more affordable in the first year, easing the transition into homeownership and providing breathing room for other financial priorities.
The 1% Down Payment Advantage Program Provides down payment assistance and covers a portion of the interest rate**, reducing the financial burden on homebuyers during the early stages of homeownership.
The 1% Down Payment Advantage Program offers options such as payment protection*** and credit score flexibility, allowing borrowers to adapt to changing market conditions and personal financial situations.
Traditional home loans often come with rigid credit and income prerequisites, making them inaccessible to many aspiring homeowners. Our 1% Down Payment Advantage Program* breaks barriers by offering a path to homeownership with minimal upfront requirements. Say goodbye to hefty down payments and hello to your dream home—with our program, the possibilities are endless.
All loans subject to underwriter approval; terms and conditions may apply. Subject to change without notice. Always consult an accountant or tax advisor for full eligibility requirements on tax deduction.
*Guild Mortgage to cover 2% of the required minimum down payment amount in the form of a non-repayable grant with a maximum grant amount of $5,000. Changes to the loan parameters, including but not limited to the loan amount, owner-occupancy status, loan to value and other factors may render the borrower ineligible for the program. Eligibility is subject to the program guidelines. The grant may only be used for the borrower’s cash investment in accordance with the program guidelines. Must lock rate on or after 6/12/2023. Not available with any other discounts or promotions. Offer cannot be retroactively applied to previously closed loans or loans that have a locked rate.**The Payment Advantage program is a promotional primary purchase offer on a Conventional 1-year lender-paid temporary buydown on locks from 11/10/2022 to 12/31/2024. The promotional offer will temporarily reduce the rate by one percent for the first year of the Conventional mortgage on conforming and high balance loan limits. The lender-paid credit will fund the buydown escrow account, and the funds will be dispersed out of the buydown escrow account during the first 12 months of the loan.***For Payment Protection program full terms and conditions, visit www.guildmortgage.com/homebuyer-protection
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This calculator is offered for illustrative and educational purposes only and it is not intended to replace a professional estimate. Calculator results do not reflect all loan types and are subject to individual program loan limits. All calculations and costs are estimates and therefore, Guild Mortgage (“Guild”) does not make any guarantee or warranty (express or implied) that all possible costs have been included. The assumptions made here and the output of the calculator do not constitute a loan offer or solicitation, or financial or legal advice. Please connect with a Guild loan professional for a formal estimate. Every effort is made to maintain accurate calculations; however, Guild assumes no liability to any third parties that rely on this information and is not responsible for the accuracy of rates, APRs or any other loan information factored in the calculations.
A home loan that can offer you low down payments, flexible loan terms, and potentially lower upfront costs and more predictable monthly payments than other mortgage programs. To apply, you just need to follow four simple steps.
Borrowers start by pre-qualifying for the program. This may involve providing basic information such as income, employment history, credit score, and assets.
Borrowers are usually encouraged to schedule a consultation with a mortgage specialist or loan officer. During this meeting, the borrower can discuss their financial situation, learn more about the program, and get personalized guidance.
Borrowers are required to submit various documents to support their application. The lender will conduct a thorough review of the borrower's credit history, financial documents, and overall eligibility. This process is known as underwriting and helps determine the borrower's ability to repay the loan.
Upon successful completion of the underwriting process and meeting all program requirements, borrowers may receive approval for the 1% Down Payment Advantage program. They will then enroll in the program and move forward with the homebuying process.
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The program requires a minimum credit score of 620, adherence to area median income limits, and conforming loan limits. It is available for both first-time homebuyers and repeat buyers, with primary purchase transactions only. Additionally, completion of homebuyer education is required.
The 2% Guild down payment assistance is provided to eligible borrowers as part of the program. This assistance helps cover a portion of the down payment required for purchasing a home, making homeownership more attainable by reducing the upfront costs.
The program typically allows for the purchase of primary residences, including single-family homes, townhouses, and eligible condominiums. However, it's important to check with the lender or program guidelines for specific property eligibility criteria.
While the program offers many benefits, there are certain restrictions and limitations to be aware of. These include income limits based on area median income, conforming loan limits, and requirements related to credit scores, loan-to-value ratios, and homebuyer education. It's essential to review and understand all program requirements before proceeding with an application. Visit https://www.guildmortgage.com/mortgage-loans/1-percent-down-payment-advantage/ for more information.
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Getting approved for a VA loan begins with taking a look at your unique situation.
Getting approved for a VA loan begins with taking a look at your unique situation.