Guild Mortgage announced it launched a new home buying program in partnership with Home Depot for first-time homebuyers.
Guild’s 3-2-1 Home mortgage program offers a 3% down payment. The company said it is also providing a $2,000 Home Depot gift card and a $1,500 grant that homebuyers can use toward closing costs or the down payment after the 3% down payment is met.
To qualify for the program, which is available in the 40 states the lender operates in, prospective 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 company said.
“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,” said Mary Ann McGarry, Guild’s president and CEO. “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.”