Guild Mortgage: 1% Down? Sounds Like a Blast...of Opportunity! (But Don't Tell Vi)

Guild Mortgage: More Like 'Build' Mortgage Am I Right?

Okay so word on the street (aka the internet Powder would be so proud) is Guild Mortgage is handing out mortgages like I hand out...well you know...chaos! Apparently they're one of the BIGGEST home loan places in the US. I guess that means they have a lot of cash to…spare? They did like 75,000 mortgages last year. Seriously who knew so many people wanted to settle down? I thought everyone was just trying to blow stuff up...figuratively of course. But seriously they are on CNBC's list which I guess is like the cool kid's list for money stuff. Who knew money could be cool?

1% Down? That's Less Than My Attention Span!

Alright listen up! Here's the juicy bit: Guild Mortgage has this thing called a '1% Down mortgage'. I know right? 1%? I spend more than that on bullets in a day. The best part? If you're like not super rich (aka you can't afford to buy a rocket launcher without saving up) and you can scrape together that measly 1% they'll give you another 2% as a GIFT! Up to $5,000! It’s like stealing but legal! And they aren’t snobby about it either. First time or been there done that they dont care! Except New York apparently no fun allowed there.

Rules? I Hate Rules! (But These Ones Are Kinda Okay...)

Okay so yeah there are a few…things. YAWN. You gotta make less than 80% of whatever the 'area median income' is. Which honestly sounds like a math problem I'm not equipped to solve. And your credit score? Needs to be like 620. Which honestly sounds like another math problem. Thank goodness Fishbones does most of my accounting. Oh and it has to be a single family home. Figures...no blowing up apartments for me! But the good news is they consider things like on time utility payments. So if you've been paying your electric bill so you can watch my explosions on TV you might be in luck!

Is This For You? Depends...Are You a Responsible Adult?

So is this 1% Down thing for YOU? Well if you're a responsible adult who pays bills on time and doesn't blow up buildings (too often) then maybe! Guild likes the little guys so if you don’t make a lot of money it is the place for you! Plus Guild is super fast at this whole thing. They say you will close the deal in 17 days or they cut you a check for $500! Not available in Oregon though…

Warning! May Cause…Responsibility!

Okay so here's the not so fun part. Because you're putting so little money down you won't own much of your house at first. Which means you'll be paying extra fees for longer. And if your house loses value you could end up owing more than it's worth! Which is like the opposite of winning. Guild has a mixed record when it comes to customer service though they got an A+ from the Better Business Bureau!

Guild or Go Home? (Or Maybe Somewhere Else…)

If Guild doesn't float your boat there are other options. Guild has a zero percent down option but they want a better credit score. Rocket Mortgage ONE+ also has a 1% down option and Citibank and Chase both have low down payment options. There are also options by the government like FHA USDA and VA loans as well as HomeReady and Home Possible loans. So do your homework! And remember: “Questions? I don't have questions! I have... explosives!”