Guaranteed Rate Introduces OneDown Mortgage
Borrowers now able to purchase homes with as little as one percent down payment, plus additional contributions towards costs
OneDown is available for real estate transactions involving Single Family Residences including condominiums. The program is especially intended for first-time borrowers or homebuyers with an AMI (Area Median Income) under 80%. No geographic restrictions apply.
"OneDown is Guaranteed Rate's response to the ongoing effect of stubborn inflation and higher interest rates," said
Surprisingly, the same study also found that 40% of those surveyed felt that hitting the jackpot is their best chance to be able to afford homeownership.
By removing the need for a big lump sum in the form of a down payment, Guaranteed Rate helps to offer an affordable option to potential buyers that dream of homeownership.
Amor also notes that seller-paid Temporary Buydown3 options may be available for borrowers, offering additional flexibility through lower rates and payments in the early years of the mortgage. This program also boasts reduced mortgage insurance coverage to help lower payments and can be combined with community second programs for additional assistance for eligible borrowers.
Guaranteed Rate is dedicated to uplifting potential homebuyers and giving them the tools to build a brighter future for themselves and their families through financial security with affordability programs like OneDown. For more information, go to rate.com.
About Guaranteed Rate
Guaranteed Rate is a leader in mortgage lending and digital financial services. Headquartered in
1 Guaranteed Rate's OneDown loan program is for purchase transactions of primary residences. Property type restrictions apply. Eligible occupant borrowers income must be less than 80% of area median income and borrowers must contribute a minimum of 1% down payment from borrower's own funds. Any additional down payment or funds required to close must be from an eligible source. At least one borrower must complete Homebuyer Education when all occupying borrowers are first time homebuyers. Applicant subject to credit and underwriting approval. Restrictions apply.
2 https://nypost.com/2023/06/23/1-out-of-5-americans-believe-theyll-never-be-able-to-afford-a-home/
3Rate Reduce available from participating builders and sellers on select properties.
Guaranteed Rate, Inc.; NMLS #2611; 3940 N Ravenswood,
View original content to download multimedia:https://www.prnewswire.com/news-releases/guaranteed-rate-introduces-onedown-mortgage-301885780.html
SOURCE Guaranteed Rate
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