Lower Your Cost to Purchase a Home with Our 3-2-1 Home Plus Program
Buying your first home is an exciting – and nerve-racking – milestone. Having a trusted mortgage expert by your side can make all the difference in your experience. Bellco Home Loans is your one-stop-shop for all your home loan needs and has a variety of products to help you throughout your homeownership journey – from first-time homebuyer to repeat customer.
When you’re getting ready to purchase a home, one of biggest hurdles is saving for the down payment. For many years, the rule of thumb was that you must have a 20% down payment. Today, that’s outdated advice and just isn’t realistic for most first-time homebuyers. There are many low-down payment loan options and programs available to help you reach your goal of becoming a homeowner. Let's take a look at the options.
What is 3-2-1 Home Plus?
If you’re a first-time homebuyer with low-to-moderate income, the 3-2-1 Home Plus program provides down payment flexibility to get you into a home now. With this program, you can buy a home with just 3% down.
If you’re considering purchasing a home that needs a little work, you’ll be happy to hear that you’ll also receive a $2,000 e-gift card to The Home Depot.* You can have peace of mind knowing you have extra resources to put toward minor repairs or improvements without tapping into your cash reserves.
The perks don’t end there. You’ll also receive $500 to $1,500 toward your closing costs.** The exact amount is determined based on your area and other eligibility criteria. Your loan officer can give you more information.
Who can benefit from the 3-2-1 Home Plus Program?
Buyers with limited cash in-hand
The 3-2-1 Home Plus Program is a great option for first-time home buyers who are ready to purchase a home now but have a limited down payment funds. For example, with the 3-2-1 Home Plus Program, you could purchase a $300,000 home just $9,000 down. Combined with the $500 to $1,500 you’ll receive toward closing costs this program significantly decreases how much money your home will cost you at closing.
Moderate-to-low income buyers
This program is specifically designed for moderate-to-low income homebuyers. You’ll need to be sure your income falls within the designated limits. Your loan officer can help walk you through your options.
Buyers considering a home that needs minor work
2-3-1 Home Plus also provides a financial buffer for any minor repairs the home may need. If you weren’t considering homes that needed any work, this could open more options during your home search. You can use the $2,000 gift card to The Home Depot to purchase paint, light fixtures, landscaping, or anything your new home might need.
Here are the full eligibility requirements:
- Conventional financing with 3% down payment
- First-time homebuyers only
- Credit score as low as 620
- Includes 1-unit single-family residences, condos, and manufactured homes
- Pre-Purchase counseling is required ($99 counseling fee)
- Income limits apply
Ready to take the next step? Our loan experts at Bellco Home Loans are here to guide you. We’ll help you determine the best choice for your home financing needs, and we are here to support you throughout your entire homeownership journey. Get in touch!
Bellco Home Loans, LLC NMLS# 2085298.
*In the state of NV, the consumer receives a $2,000 lender credit in lieu of a gift card. Payment 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 Bellco Home Loans under the offer.
**Freddie Mac BorrowSmartSM down payment/closing cost assistance amounts of $2,500, $1,250 or $1,000 based on Area Median Income and other eligibility criteria. $1,000 assistance applies to manufactured homes.
Bellco Home Loans is not affiliated with The Home Depot®. The Home Depot® is not a sponsor of this promotion. The Home Depot® is a registered trademark of Home Depot Product Authority, LLC. All rights reserved.
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.
For complete details, visit https://www.guildmortgage.com/mortgage-loans/3-2-1-home-plus-program/.