Opportunity Plus: A New Way to Purchase Multi-Family Homes
Guaranteed Rate would like to announce a home-grown mortgage product tailored to suit your purchase needs – Opportunity Plus. If you’re interested in purchasing a single unit or multi-family home, Opportunity Plus can help you with flexible down payment options and in-house underwriting which translates into an inside track to the closing table.
In-house underwriting offers face-to-face communication with our underwriters, eliminating miscommunication through email and allowing underwriters and mortgage professionals to address issues on the spot.
Let’s take a look at Opportunity Plus and what the Guaranteed Rate mortgage program can offer:
Types of Purchases
Opportunity Plus allows for the purchase of a home to be used as a primary residence. Additionally, no other real estate can be owned at the time of purchase while using the Opportunity Plus program.
Allowable Housing Types
Single family homes, warrantable condominiums, Planned Unit Developments (PUDs) and 2-4 multi-family homes.
Down Payment Options
Options will vary depending on the type of home you choose to purchase:
- 1 unit requires 5 percent down. The entire down payment can be a gift from a close family friend or family member.
- 2 unit multi-family requires 5 percent down. At least 3 percent must come directly from your savings.
- 3-4 unit multi-family requires 10 percent down. All 10 percent must come directly from your savings.
A down payment of less than 20 percent will require monthly mortgage insurance.
Guaranteed Rate’s exclusive mortgage insurance product is available for loan amounts up to $801,950 for 3-4 multi-family purchases.
Contact your seasoned mortgage professional for a mortgage insurance quote when taking advantage of the Opportunity Plus program.
Home Buyer Education
All first time home buyers and multi-family buyers will need to complete mortgage counseling, provided free online or over the phone. Mortgage counseling includes:
- First time home buyers will be required to attend first time buyer counseling to better understand the responsibilities that come along with home ownership.
- Multi-family purchasers will attend landlord counseling. The counseling will ensure soon-to-be landlords have a clear understanding about the responsibilities associated with managing rental units.
Our goal is to create a group of mortgage savvy home owners and home buyers who are able to make educated financial choices with available mortgage tools. Contact a Guaranteed Rate mortgage professional today and learn more about how Opportunity Plus can help you.
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