Free Down Payment Money from Guild Mortgage

By
Real Estate Agent with Lyon Real Estate BRE #00697006

Some of the down payment assistance programs offered in Sacramento contain income limits, like you can't earn over a certain annual salary to qualify. Or, you can't have bought a home within the past 3 years, or you can only buy in a certain area. Other programs involve a silent mortgage, which needs to be repaid upon resale.

However, the 1% down payment assistance program offered through Guild, in partnership with Fannie Mae, appears to be free money to a buyer. There is no repayment. No higher interest rate. No complicated process to apply.

I have advertised this program in the confidential agent remarks of some of my listings located in areas where there are no income restrictions. Yet, buyers have not taken advantage of the money that is available to them. This doesn't make sense to me. The reluctance makes me wonder if their agents have informed them of this option. Or, maybe their agents don't really care. Perhaps they figure the buyer has a preapproval letter from a good lender so it makes no difference to them.

The drawback is this program goes away on June 15, so a buyer would need to close by then. You can read more in my personal blog today at this link: Free Money, Yes, Free Down Payment Assistance from Guild Mortgage.

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Certified HAFA Specialistelizabeth weintraub

 

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Elizabeth Weintraub is an author, home buying expert for About.com, a Land Park resident, and a veteran real estate agent who specializes in older, classic homes in Land Park, Curtis Park, Midtown and East Sacramento, as well as tract homes in Elk Grove, Natomas, Roseville and Lincoln. Weintraub is also a Sacramento Short Sale agent who lists and successfully sells short sales throughout the four-county Sacramento area with an emphasis on Elk Grove. Call Elizabeth Weintraub at 916.233.6759. Put 40 years of real estate experience to work for you. Broker-Associate at Lyon Real Estate. BRE License # 00697006.

The Short Sale Savior, by Elizabeth Weintraub, available with free shipping.

Photo: Unless otherwise noted in this blog, the photo is copyrighted by Big Stock Photo and used with permission.The views expressed herein are Weintraub's personal views and do not reflect the views of Lyon Real Estate. Disclaimer: If this post contains a listing, information is deemed reliable as of the date it was written. After that date, the listing may be sold, listed by another brokerage, canceled, pending or taken temporarily off the market, and the price could change without notice; it could blow up, explode or vanish. To find out the present status of any listing, please go to elizabethweintraub.com.

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Tags:
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Ambassador
1,552,212
Debb Janes EcoBroker and Bernie Stea JD
ViewHomes of Clark County - Nature As Neighbors - Camas, WA
REALTORS® in Clark County, WA

Maybe they think free is too good to be true. Hopefully you'll get some takers on this program - before it's too late. 

Apr 27, 2018 09:17 AM #1
Rainmaker
1,602,015
Lottie Kendall
Today | Sotheby's International Realty - San Carlos, CA
Serving San Mateo County and San Francisco

I had never heard of this, Elizabeth. Interesting concept. Are Guild Mortgage rate comparable to other lenders?

 

Apr 27, 2018 09:37 AM #2
Rainmaker
1,978,843
Elizabeth Weintraub Sacramento Real Estate Agent, Top 1% of Lyon Agents
Lyon Real Estate - Sacramento, CA
Put 40 years of experience to work for you

Debb Janes EcoBroker and Bernie Stea JD That's what I wondered at first blush as well but it's not.

Apr 27, 2018 09:47 AM #3
Rainmaker
1,978,843
Elizabeth Weintraub Sacramento Real Estate Agent, Top 1% of Lyon Agents
Lyon Real Estate - Sacramento, CA
Put 40 years of experience to work for you

Lottie Kendall My last handful of loans were all through Guild Mortgage, and the rates are very competitive. My MLO uses a map-based program to tell me which of my listings qualify for the no-income limit. On a $400,000 home, that's $8,000 in free money and the buyer only needs to come up with $4,000 as a down payment. They also will let the seller pay the buyer's closing costs.

Apr 27, 2018 09:50 AM #4
Rainmaker
2,133,453
Myrl Jeffcoat
GreatWest Realty - Sacramento, CA
Greater Sacramento Real Estate Agent

Have you noticed how by the time some folks learn of these programs, they are almost ready to expire, and have so darn many constraints?  Still very valuable to those who are among the round pegs to fit into a square hole.

Apr 27, 2018 10:09 AM #5
Rainmaker
1,978,843
Elizabeth Weintraub Sacramento Real Estate Agent, Top 1% of Lyon Agents
Lyon Real Estate - Sacramento, CA
Put 40 years of experience to work for you

Myrl Jeffcoat There aren't constraints on this program. That's the beauty of it. No catch. No gimmick. No trick to qualifying. Just have a FICO of 680 and take an easy online class. I would not call that too many darn constraints but I suppose for some people . . .

Apr 27, 2018 10:14 AM #6
Rainmaker
2,347,525
Nina Hollander
RE/MAX Executive | Charlotte, NC - Charlotte, NC
Your Charlotte/Ballantyne/Waxhaw/Fort Mill Realtor

That's a great program, Elizabeth, with no payback required and no income limitations (which is often the most restrictive part of down payment assistance programs).

Apr 27, 2018 10:26 AM #7
Rainmaker
3,482,305
Joan Cox
Metro Brokers - House to Home, Inc. - Denver Real Estate - 720-231-6373 - Denver, CO
Denver Real Estate - Selling One Home at a Time

Elizabeth, sounds like a great program for buyers qualifying with their requirements, and especially with no payback.

Apr 28, 2018 06:08 AM #8
Rainmaker
1,602,015
Lottie Kendall
Today | Sotheby's International Realty - San Carlos, CA
Serving San Mateo County and San Francisco

How does Guild determine which properties qualify? Is there a list price limit? Is it for condos?

Apr 28, 2018 12:16 PM #9
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