Stop renting—buy a home with an added layer of security
We know how hard it is to save up for a home. From hefty down payments to pesky closing costs, the path to homeownership can feel like a Class 5 Yosemite hike. And rent checks, car payments and student loan debts don’t exactly help the cause. Could you use a boost? Check out our latest grant program.
The Give 2 You program breaks it down into two simple steps: if you can buy a home with 3% down, Guaranteed Rate will throw in a grant for as much as 2% of the purchase price up to $7,500. Put this money to work for you—earn peace of mind about your purchase in three key ways:
- Apply to your closing costs—more money in your pocket.
- Increase their down payment for more purchase power.
- Get closer to eliminating your private mortgage insurance—reach 20% quicker.
Here’s an extra slice of good news for your wallet—this grant doesn’t need to be repaid if you move or refinance. A few things to know about qualifying:
- Conventional loans up to $453,100 are eligible.
- Minimum 680 FICO score and maximum 45% debt-to-income required.
- Homeownership counseling is required if all borrower(s) are first-time homebuyers.
- Purchase transactions only—3% down payment required from borrower.
- 1-unit property types only—condos, homes and townhomes.
Don’t just dream about your own place—make it happen. Guaranteed Rate’s new program could seriously help you go from reluctant renter to happy homeowner in a heartbeat. Give us a shout to find out if you qualify for the Give 2 You program.
*It is important for you to know that the smaller your down payment percentage, typically, the higher your interest rate. Down payment assistance cannot exceed 2% of the purchase price. Maximum grant allowance is $7,500. Minimum credit score and debt-to-income (DTI) requirements, annual income limits and purchase price limits apply. Not all applicants will be approved. Receipt of application does not represent an approval for financing or interest rate guarantee.
Example: Sample monthly Principal and Interest (P&I) payment of $1,311 is based on a purchase price of $250,000, down payment of 5% (3% provided by borrower and 2% provided by Guaranteed Rate), 30-year fixed rate mortgage (360 monthly payments) and rate of 5.250%/6.068% APR (annual percentage rate). Advertised rates and APR effective as of 8/28/2018 and are subject to change without notice. Subject to underwriting guidelines and applicant’s credit profile. Sample payment does not include taxes, insurance or assessments. Actual payment obligation will be greater. Not all applicants will be approved. Restrictions apply. Contact Guaranteed Rate for more information and up-to-date rates.