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23 December 2024 December 2024 » I N D U S T R Y U P D A T E Conventional, FHA, and VA financing, allows for down payments ranging from 0%-3%, and includes mandatory homebuyer education to set first-time homebuyers up for long term success. "Guild recognizes the importance of leveling the playing field for first-time homebuyers and traditionally under- served borrowers alike to create a more inclusive path to homeownership," said David Blazek, Director of Product Development for Guild. "We see Guild Gateway to Homeownership Assistance as an important tool to expand fair access to credit and are gratified with the success this program has already seen and the real impact it's made for hundreds of families. We look for- ward to seeing that impact grow as we expand the program to additional areas of the country where this assistance is needed most." In addition to its Guild Gateway to Homeownership Assistance program, Guild is now offering qualified home- buyers FNMA HomeReady First, a Special Purpose Credit Program (SPCP) from Fannie Mae, providing a $5,000 credit, to which Guild adds a credit of $1,500 to help with down payment and/ or closing costs for first-time homebuy- ers. Eligible homebuyers just need to complete a free homebuyer education course and currently live in a qualify- ing area but can purchase anywhere. This program has already served nearly 100 families, representing $650,000 in assistance against total funding of $29.4 million. Guild also offers the Freddie Mac BorrowSmart Access program which provides $3,000 in assistance toward the down payment of qualifying home- buyers. It can be used alone or with oth- er down payment assistance programs provided by Guild. The 10 metro areas covered by this Freddie Mac program include: Atlanta, Chicago, Detroit, El Paso, Houston, McAllen, Memphis, Miami, Philadelphia, and St. Louis. To qualify for the program, a first-time homebuyer must have an income equal to or less than 140% of the area median income (AMI) and meet all other Freddie Mac lending guidelines. For more information on qualifying income levels, use the area median income tool from Freddie Mac. "Purchasing a home is an Amer- ican Dream, but for many there are obstacles and barriers that stand in the way," said David Battany, EVP of Capital Markets for Guild Mortgage. "Providing down payment assistance to first-time homebuyers in traditionally underserved communities can help them overcome one of the largest obsta- cles to homeownership." SMITH DOUGLAS HOMES AND LOAN DEPOT ANNOUNCE RIDGELAND MORTGAGE l oanDepot, Inc. and Smith Douglas Homes have launched a new joint venture that would give prospec- tive homebuyers a simple and easy financing choice. The business, known as Ridgeland Mortgage, helps Smith Douglas Homes' ongoing development and prosperity while increasing loanDepot's presence in the purchase mortgage market. Smith Douglas Homes' emphasis on creating premium homes at competitive costs in expanding markets will help it, as will loanDepot's industry knowledge and top-notch platform. Ridgeland Mortgage intends to work in the following markets as it expands: • Atlanta and Central, GA • Houston • Birmingham and Huntsville, AL • Charlotte and Raleigh, NC • Chattanooga and Nashville, TN "Guild recognizes the importance of leveling the playing field for first-time homebuyers and traditionally underserved borrowers alike to create a more inclusive path to homeownership." —David Blazek, Director of Product Development, Guild