Less than a month ago, Guaranteed Rate became one of five lenders to partner with the City of Chicago and Chicago Infrastructure Trust to offer Chicago residents a 1% down payment loan. Now, the company is offering a similar program nationwide.
In an interview with HousingWire staffer Brena Swanson, Kasey Marty, executive vice president of secondary marketing with Guaranteed Rate, said she would like to see the program expand. “We hope and anticipate, from a national scale, that the program creates an opportunity for borrowers and for every office we have,” Marty said.
Guaranteed Rate calls its new loan program Double Match, which allows qualified borrowers to put down only 1% and receive an additional 2% grant through the program. The 2% Double Match grant is completely forgivable and doesn’t need to be repaid if the buyer moves or refinances, Guaranteed Rate said.
The Double Match program can be used to purchase condos, single-family homes and town homes and can be coupled with a mortgage credit certificate, which allows home buyers to claim a tax credit for some portion of the mortgage interest.