Guaranteed Rate Doubles Down on Commitment to Housing Affordability with HomeReady and Home Possible

Fannie Mae and Freddie Mac-backed loan products combined with lender's OneDown program to offer up to $5,500 in assistance, plus additional benefits

CHICAGO, Feb. 15, 2024 /PRNewswire/ -- Guaranteed Rate is expanding its Fannie Mae and Freddie Mac-backed mortgage product, further demonstrating its proven commitment to supporting housing affordability.

The HomeReady and Home Possible mortgage grant programs offer a $2,500 non-repayable grant. This can be combined with Guaranteed Rate's OneDown grant program, which provides either 2% of the loan amount or $2,000, and also includes lender credits of up to $1,000, resulting in a total assistance of $5,500. Qualifying borrowers receive both reduced mortgage insurance costs and rates. OneDown also empowers qualified borrowers to make a down payment as low as 1%.

According to Kate Amor, Senior Vice President, Head of Enterprise Products for Guaranteed Rate, the introduction of the combination of OneDown and the HomeReady and Home Possible grants are just the latest initiative in the company's effort to make housing more affordable. It comes at a time when housing affordability has plummeted. A recent Redfin report indicated that, in 2023, the median monthly housing payment for homebuyers reached a record $2,715, which is a 12.6% increase from the previous year. At the same time, the median household income only rose by 5%.

HomeReady And Home Possible are part of a national housing affordability initiative launched by Fannie Mae and Freddie Mac to assist borrowers with an income under 80% of the Area Median Income (AMI). AMI is calculated on an annual basis by the Department of Housing and Urban Development and varies from county to county. The metric is widely considered a key benchmark for qualifying borrowers targeted by housing affordability programs.

"We've said repeatedly that Guaranteed Rate is all-in when it comes to supporting the dream of responsible homeownership across the homebuying spectrum," said Amor. "Offerings like OneDown demonstrate our continued support towards the communities we serve, and our deep commitment to affordable housing."

For more information, speak with an expert today at Rate.com.

About Guaranteed Rate Companies

Guaranteed Rate Companies is a leader in mortgage lending and digital financial services. Headquartered in Chicago, the Guaranteed Rate Companies is the #2 retail mortgage lender in the U.S. with over 850 branches across the U.S. serving all 50 states and Washington, D.C. Since its launch in 2000, Guaranteed Rate Companies have helped more than 1 million homeowners with home purchase loans and refinances. The company has cemented itself as an industry leader by introducing innovative technology, offering low rates and delivering unparalleled customer service. Honors and awards include: Best Mortgage Lender for First Time Homebuyers by NerdWallet for 2023; HousingWire's Tech100 award for the company's industry-leading FlashClose℠ in 2020, digital mortgage platform MyAccount in 2022, and Language Access Program in 2023; No. 2 ranking in Scotsman Guide's 2022 list of Top Retail Mortgage Lenders; The most Scotsman Guide Top Originators for 11 consecutive years; Chicago Agent Magazine's Lender of the Year for seven consecutive years; and Chicago Tribune's Top Workplaces list for seven consecutive years. Visit rate.com for more information.

SOURCE Guaranteed Rate