Guild Mortgage, a mortgage lending company originating and servicing residential loans since 1960, has upgraded 3-2-1 Home, its mortgage program designed to provide first-time homebuyers with a low-down payment option and flexibility to make the home their own.
Guild’s latest 3-2-1 Home Plus program enables customers to purchase a home with as little as 3% down. As part of the program, Guild provides a $2,000 Home Depot gift card plus additional assistance ranging from $1,000 to $2,500, based on area median income and property type, which can be applied toward closing costs or increase the down payment.
The program is available to first-time homebuyers in the 49 states where Guild operates and the District of Columbia, for the purchase of single-family residences, condos and manufactured homes.
“We are constantly looking for innovative ways to serve first-time homebuyers, especially with so many struggling to afford a down payment or find a home that suits their needs in today’s competitive housing market,” says Mary Ann McGarry, Guild’s CEO. “We introduced the original 3-2-1 Home program in 2018, helping thousands of first-time homebuyers. With our new 3-2-1 Home Plus program, the increased assistance means our clients receive up to $2,500 toward closing costs, helping them get into homes while preserving their cash resources.”
“In many cases, a first-time buyer might pass on a property that needs a few upgrades,” comments David Battany, Guild Mortgage’s executive vice president of capital markets. “The Home Depot gift card provides a sense of security. The customer can purchase a home in an area they love and make those upgrades, whether it’s for new flooring, fresh coats of paint or landscaping. They can also choose a new water heater, washer and dryer, energy efficient windows, design services or any other product or service offered by The Home Depot.”