Mortgage lender Guaranteed Rate rolled out its Special Purpose Credit Program. The program provides up to $8,000 in assistance to underserved potential homebuyers.

Guaranteed Rate says the program helps more people overcome accessibility challenges like deposit minimums and move-in repair and maintenance costs.

The program provides a minimum of $5,000 down payment and closing cost assistance and up to an additional 1% of the sales price or $3,000. 

First-time homebuyers in specific regions of six metropolitan areas can access the program:

  • Atlanta
  • Baltimore
  • Chicago
  • Detroit
  • Memphis
  • Philadelphia

Eligible homebuyers can use the assistance toward a purchase anywhere in the country.

“The barrier to entry for most renters who want to buy homes is the sizable down payment and initial repair or improvement costs,” said Executive Vice President of Secondary Marketing Kasey Marty. “This program helps tear down these barriers and open more doors to the houses, neighborhoods, and lifestyles of our customers’ dreams, an investment that will help build a foundation for generations to come.”

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