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G-Rate joins the list of lenders offering 1% down payment assistance programs

Add Guaranteed Rate to the list of lenders offering down payment assistance programs to target first-time homebuyers facing historic affordability challenges.

The Chicago-headquartered lender released OneDown — a mortgage loan that allows customers to buy a home with a minimum down payment of 1% of the purchase price. G-Rate will provide 2% of the required 3% minimum down payment for a conventional loan or up to $2,000 — whichever is lower, the firm said on Wednesday.

OneDown loan program is only eligible for buyers looking for purchase transactions of primary residences. 

To qualify for the program, borrowers’ income must details ⇒

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