Guaranteed Rate has introduced OneDown, a mortgage loan offering payment options as low as 1% as well as an additional 2% contribution towards that down payment (or up to $2,000—whichever is lower). OneDown further offers borrowers a $1,000 contribution toward lender fees.
OneDown is available for the purchase of single-family homes, including condos. However, it is primarily 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 Kate Amor, SVP and head of enterprise products for Guaranteed Rate. “We want to not only make homeownership less intimidating but make it possible for more families by offering down payment options as low as 1%.”
Guaranteed Rate claims that OneDown will “offer an affordable option to potential buyers that dream of homeownership” by “removing the need for a big lump sum in the form of a down payment.”
Amor also notes that seller-paid Temporary Buydown 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.
For more information, visit https://www.rate.com/.
