Guild Mortgage, eHome America launch education and down payment/closing cost assistance program to help first-time homebuyers achieve homeownership

San Diego – October 22, 2024 – Guild Mortgage and eHome America today launched a down payment and closing cost assistance program called MyPath2Own. The program will help first-time homebuyers become “mortgage ready” by providing an education-based path to homeownership, plus qualifying customers will receive up to $4,000 in down payment or closing cost assistance.

“MyPath2Own is an incredibly valuable program for those customers who may fall short in the financial criteria, such as credit score or income requirements, needed to qualify them for a mortgage,” said Erin Watts, vice president, Product Strategy for Guild Mortgage. “Not only can it help improve their financial position, but it provides the tools and resources that someone needs to not just purchase a home, but to be a responsible homeowner.”

MyPath2Own is specifically designed to assist those who are looking to purchase a home but do not currently qualify for a mortgage. MyPath2Own helps prepare them for mortgage qualification through homeownership education, counseling, and financial guidance. The program provides a clear path to achieve their goal in three main steps:

• Guild Mortgage loan officers identify potential customers who may not currently qualify for a mortgage and provide them with the steps they need to take to qualify, including inviting them to enroll in the MyPath2Own program.
• eHome America provides online courses on money management, homebuyer education, and post-purchase education for customers enrolled in MyPath2Own. MyPath2Own customers also meet with a homebuying counselor before completing the program.
• Once a MyPath2Own customer qualifies for a mortgage they will receive up to $4,000 to be used towards their down payment and/or closing costs.

“Our custom-made financial literacy course enables borrowers to step into homeownership with a clear understanding of their financial situation, including their income, expenses, and debts,” said Milt Sharp, president, of eHome America. “By partnering with Guild Mortgage loan officers to identify individuals and families that could benefit from this program, we are not only extending the reach of the program, but we’re creating a new generation of homeowners who are financially sustainable.”