Guild Mortgage is offering rewards to first-time homebuyers who sign up for its latest 3% down program.
The lender’s new 3-2-1 Home Program is designed to open more doors for first-time homebuyers.
In addition to allowing qualified borrowers to put as little as 3% down, the program also offers perks including a $2,000 gift card to Home Depot and a $1,500 grant toward closing costs, provided by Guild.
What’s more, the down payment can be funded by a gift, such as a wedding or graduation present.
To qualify, borrowers must have a minimum credit score of 620 and purchase a home that is located within 100% of the area median income for their family size, except in underserved areas.
The program is available nationwide in the 40 states where Guild operates.
“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,” says Mary Ann McGarry, president and CEO of Guild Mortgage, in a release. “With the 3-2-1 Home program, buyers can consider a home that may need minor repairs or updates and have peace of mind knowing they have extra resources to make improvements without tapping into their cash reserves.”
David Battany, executive vice president of capital markets for Guild Mortgage, says the 3-2-1 Home program helps ease financing challenges for first-time buyers with low-to-moderate incomes, while providing flexibility to purchase a home they may not otherwise consider.
“In many cases, a first-time buyer might pass on a property that needs a few upgrades,” Battany says. “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 that is new flooring, fresh coats of paint, or landscaping the yard. They can also choose a new washer and dryer, design services or any other product or service offered by The Home Depot.”