The Guaranteed Rate is the city of Chicago’s largest mortgage provider and it recently announced its partnership with the City of Chicago and the Chicago Infrastructure Trust. It is about offering a mortgage loan program, helping Chicago residents to become homeowners.
The Chicago Homebuyer Assistance Program will allow Chicagoans to qualify for a mortgage by significantly reducing the down payment required. A large down payment is often one of the biggest hurdles potential buyers face. The program also offers 7% of the final loan amount in the form of a grant-grant. The goal is to help more Chicago families become homeowners and enjoy the comfort and stability that this offers.
The program was announced by the City of Chicago in January and the Guaranteed Rate is the first approved lender to begin offering these grants to residents. Leslie Darling, Executive Director of the Chicago Infrastructure Trust, said, “Mayor Emanuel remains focused on his goal of building a stronger, more sustainable urban economy that gives every hard-working Chicagoan a chance to participate. Through our partnership with Guaranteed Rate, this program will strengthen our neighborhoods by providing middle-class and middle-class Chicago homebuyers with the financial support they need for down payments and closing costs.
The Guaranteed Rate was founded in Chicago and is still headquartered in the city. Victor Ciardelli, CEO of the company, said, “We are very grateful for the opportunity to partner with the City of Chicago and the Chicago Infrastructure Trust to help our fellow Chicagoans more easily refinance or buy their homes.”
The program is open to anyone who purchases a Chicago home or condo, and current owners can use it to refinance a property, move up the housing ladder, or downsize. First-time buyers can use it to escape rental.
Anyone benefiting from the scheme must occupy the property and it must be their primary residence. All participants will need to reside in the property for at least five years before refinancing or selling. If the property is sold before this date, the owner will have to repay a prorated amount of the grant, but after five years that grant is completely forfeited. The program only applies to homes purchased within city limits. The program allows buyers to have an annualized income of up to $ 133,000, regardless of their family size. Borrowers are only required to contribute the lesser of 1% of the purchase price of the home or $ 1,000.