Special Purpose Credit Programs

Special Purpose Credit Programs (SPCPs) offer exclusive home financing benefits to people who currently live in or plan to purchase a home in underserved communities, creating an easier path to homeownership and more stable neighborhoods at the same time. SPCPs can offer lower interest rates, smaller down payments, or assistance with closing costs, saving qualified homebuyers thousands of dollars and making homeowership more attainable for many.

Guild Mortgage’s Special Purpose Credit Programs

Guild offers SPCPs designed to meet a variety of homebuyer needs.

FNMA HomeReady First, a SPCP from Fannie Mae, offers a $5,000 credit, plus Guild Mortgage adds a credit of $1,500 to help with a down payment. Prospective homebuyers just need to complete a free homebuyer education course and currently live in the following areas; however, they can purchase anywhere:

Atlanta-Sandy Springs-Roswell, GA
Baltimore-Columbia-Towson, MD
Brownsville-Harlingen, TX
Chicago-Naperville-Elgin, IL-IN
Cleveland, OH
Dallas-Fort Worth-Arlington, TX
Detroit-Warren-Dearborn, MI
Houston-Pasadena-The Woodlands, TX
McAllen-Edinburg-Mission, TX
Memphis, TN-MS-AR
Miami-Fort Lauderdale-West Palm Beach, FL
New York*-Newark-Jersey City, NY-NJ
Oklahoma City, OK
Orlando-Kissimmee-Sanford, FL
Philadelphia-Camden-Wilmington, PA-NJ-DE-MD
Phoenix-Mesa-Chandler, AZ
Riverside-San Bernardino-Ontario, CA
San Antonio-New Braunfels, TX
St. Louis, MO-IL
Tampa-St. Petersburg-Clearwater, FL
Washington-Arlington-Alexandria, DC-VA-MD-WV

FNMA HomeReady First area availability map displaying the areas listed

*Guild Mortgage does not originate in New York.

The Freddie Mac BorrowSmart Access program features $1,500 from Freddie Mac, plus Guild Mortgage provides an additional $1,500 credit, both of which can be used to assist with down payment and/or closing costs. This first-time homebuyer program requires a homebuyer education course and is open to buyers with up to 140% of the area median income. Availability is based on the home location and is offered in the following areas:

Atlanta-Sandy Springs-Alpharetta, GA
Chicago-Naperville-Elgin, IL-IN-WI
Detroit-Warren-Dearborn, MI
El Paso, TX
Houston-The Woodlands-Sugarland, TX
McAllen-Edinburg-Mission, TX
Miami-Fort Lauderdale-Pompano Beach, FL
Philadelphia-Camden-Wilmington, PA-NJ-DE-MD
St. Louis, MO-IL

Freddie Mac BorrowSmart Access program area availability map displaying the areas listed

How to apply for Special Purpose Credit Programs

If you’re interested in learning more about how SPCP’s can help you buy your first home, contact us and we’ll help you find the best program for your situation, and walk you through the specific eligibility requirements to see if you qualify. Don’t let the market stop you from making your dream move.

Lender credit at closing subject to maximum allowable lender credit and minimum contribution requirements. Some loans require a minimum cash investment by the borrower, which may limit the amount of any lender credit or payment by Guild under the offer.

All loans subject to underwriter approval; terms and conditions may apply. Subject to change without notice. Always consult an accountant or tax advisor for full eligibility requirements on tax deduction.

Interested in learning more? Take the first steps with our pre-qualification calculator.

Special Purpose Credit Programs