Loan Options for First Time Buyers

Another zero down payment option is a USDA loan guaranteed by the US Department of Agriculture. These loans also feature no mortgage insurance, but you will pay a 1% upfront loan fee as part of your closing costs. USDA loans accommodate moderate-income families, so you can’t earn more than 115% of the median income for your area.

To qualify for this mortgage program, you must purchase a property in an eligible rural area. But this doesn’t mean you have to live in an isolated area. Some suburban communities on the outskirts of metropolitan areas qualify as “rural.” Homes in these areas are eligible for USDA financing.

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If you’re a veteran, a current service member or the eligible spouse of a service member, there’s a good chance that you qualify for a zero down VA loan. This loan option is guaranteed by the Department of Veterans Affairs. If you’re approved, you can purchase your first home with no money down and no private mortgage insurance. You might be able to roll your closing costs into the loan, too, which can reduce your out-of-pocket expense. There’s no minimum credit score required for a VA loan, but you typically need a credit score at least between 620 and 640, depending on the mortgage lender.

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Payment Advantage and Payment Advantage Plus are Conventional loans for homebuyers wanting to save on their payments now as rates continue to rise.

For eligible homebuyers, Payment Advantage will lower your payment for the first year by paying 1% of your interest rate for year one of your mortgage. You can save even more with Payment Advantage Plus. With this program, your monthly payment is lowered 2% for the first year by the seller, and 1% the second year by us.

And to sweeten the deal, qualifying borrowers may be able to refinance at a later date with our Payment Protection program* with no lender fees.

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_{* For Payment Protection program full terms and conditions, visit www.guildmortgage.com/homebuyer-protection
The Payment Advantage and Payment Advantage Plus programs are a promotional offer from 11/10/2022 to 12/29/2023. The Payment Advantage program is a promotional primary purchase offer on a Conventional 1-year lender-paid temporary buydown. The Payment Advantage Plus program requires seller participation to provide a seller incentive to temporarily reduce the rate by 2% for the first year. The lender promotional offer will temporarily reduce the rate by 1% for either the first or second year of the conventional mortgage on conforming and high balance loan limits. The lender and seller-paid credit will fund the buydown escrow account, and the funds will be dispersed out of the buydown escrow account during the first 12 or 24 months of the loan. All loans subject to underwriter approval; terms and conditions may apply. Subject to change without notice. Always consult an accountant or tax advisor for full eligibility requirements on tax deduction.}

Saving twenty percent in today’s market is out of reach for most first-time homebuyers. If you’re a first-time homebuyer with low-to-moderate income our 3-2-1 Home Plus program provides a variety of benefits that lower the investment needed to purchase a home.

• You bring a 3% down payment
• We give you a $2,000 eGift Card to The Home Depot®*
• You also receive $1,000 to $2,500 toward closing**

Eligibility and requirements for 3-2-1 Home Plus include the following:

• Conventional financing with 3% down payment
• First-time homebuyers only
• Credit score as low as 620
• Includes 1-unit single-family residences, condos, and manufactured homes
• Pre-Purchase counseling is required***
• Income limits apply

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_{*In the state of NV, the consumer receives a $2,000 lender credit in lieu of a gift card. Payment subject to maximum allowable lender credit and minimum contribution requirements. Some loans require a minimum cash investment by the borrower, which may limit the amount of any lender credit or payment by Bellco Home Loans under the offer.
**Freddie Mac BorrowSmartSM down payment/closing cost assistance amounts of $2,500, $1,250 or $1,000 based on Area Median Income and other eligibility criteria. $1,000 assistance applies to manufactured homes.
***Pre-purchase counseling requires a $99 counseling fee. Bellco Home Loans is not affiliated with The Home Depot®. The Home Depot® is not a sponsor of this promotion. The Home Depot® is a registered trademark of Home Depot Product Authority, LLC. All rights reserved. All loans subject to underwriter approval; terms and conditions may apply. Subject to change without notice. Always consult an accountant or tax advisor for full eligibility requirements on tax deduction.}

Simplify the process of buying a home and making it more sustainable by including the cost of energy-efficient home improvements into your loan.

Our GreenSmart Advantage Program and The Home Depot^® help you get a head start on your energy savings. Homebuyers save more by lowering utility costs with sustainable home features by choosing all new appliances from The Home Depot^®.

Instead of saving up for a down payment and new appliances that will elevate the look, feel and functionality of your home as well as improve sustainability, you can bundle the costs and purchase now. Ready to go green AND go home?

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_{Always consult an accountant or tax advisor for full eligibility requirements on tax deduction. Appliance costs added to the loan incur finance charges over the life of the loan. Bellco Home Loans and Guild Mortgage is not affiliated with The Home Depot. The Home Depot is not a sponsor of this promotion. The Home Depot is a registered trademark of Home Depot Product Authority, LLC. All rights reserved.}

Sustainable homeownership. That’s what you’re aiming for when you go green with an energy-efficient mortgage. Save money on costs while consciously caring for the planet and your community – it’s a win-win!

These special mortgage programs create an opportunity for you to bundle the usual upfront costs of certain energy-efficient upgrades or solar panels into your mortgage so that you can spread these costs over the life of the loan, and:

• Reduce utility costs
• Lower monthly expenses
• Make smart upgrades
• Live more sustainably

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We believe in doing what we say we’re going to do, which is why our Credit Approval Protection (CAP) program has your back. We stand behind our credit approvals and will pay up to $5,000 in earnest money and $1,000 for inspection and appraisal fees if we can’t close your loan, due to our error.

You can feel confident moving forward with us knowing your earnest money and fees are protected. Terms and conditions apply.

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The housing market moves fast, and so do we. We’re so confident we’ll close your loan on time that we’ll pay $500 towards closing costs if your loan doesn’t close on time due to our delay.

 

Our Homebuyer Express (HBE) program’s 17-day closing guarantee makes sure you close on time and get into your new home as soon as possible, so you can focus on what matters – making your new house a home! Terms and conditions apply.

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Stop worrying about the rate rollercoaster while you’re looking for a house! With our Lock & Shop option, you can lock your rate for up to 120 days.* If rates go up, yours doesn’t change, but if rates go down, you can take advantage of our one-time float-down option. Head into home shopping with confidence.

*Upfront lock-in fee required at the time of lock. Terms and conditions apply.

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