According to nationalmortgagenews, Chicago-based retail originator Guaranteed Rate has been offering 1% down mortgages through a new nationwide program. Called Double Match, the additional two percent is available through a down payment assistance program, and is completely forgivable for qualified borrowers.

MHProNews understands the plan is applicable to condos, town homes and single-family homes. It could not be immediately determined if the program is also available for manufactured homes.

While Guaranteed Rate will allow borrowers to include it with a mortgage credit certificate for tax purposes, the program can be applied to homes of $417,000 or less. Borrowers are required to have a FICO score of 680 or better to qualify. Income requirements will vary by locale. ##

(Photo credit: andyenstallblog)

Article submitted by Matthew J Silver to Daily Business News-MHProNews.