Guild Mortgage
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Annual Percentage Rate (APR)
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Types of loans
Conventional, FHA, VA, USDA, Arrive Home, Zero Down, jumbo, renovation, refinancing, reverse mortgages, home equity loans
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Terms
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Credit needed
540 for FHA, VA and USDA loans; 600 for Zero Down; 620 for conventional loans, 680 for jumbo loans. Nontraditional credit options available
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Minimum down payment
0% for USDA, VA, Arrive Home™ or Zero Down; 1% for conventional loans, 3.5% for FHA loans
Pros
- More than 740 branches in 46 states
- Offers home equity loans and reverse mortgages
- Approves jumbo loans with 680 credit score
- E-closings available
Cons
- Rates are not available online
- Does not issue mortgages in New York
- Mixed customer satisfaction scores from J.D. Power
How does Guild’s 1% Down work?
Approved borrowers with a 1% down payment will get another 2% from Guild in the form of a non-repayable grant. That automatically lets them meet the 3% down payment requirement for conventional loans set by Fannie Mae and Freddie Mac.
Applicants may also be eligible for a lender-paid temporary buydown, which covers a portion of their interest for a set period, thereby keeping monthly payments lower initially.
Although Guild is not licensed to lend in New York, first-time and repeat homebuyers in every other state can qualify.
Requirements
Income: Up to 80% of the area median income
Credit score: 620 (other credit sources considered)
Other requirements: Must be for a single-family home and borrowers must complete a homebuyer education course
Is Guild’s 1% Down right for you?
Guild‘s 1% Down loan is a great choice for households earning up to 80% of the area median income. Unlike a number of other down payment assistance programs, it’s not limited to first-time buyers or low-to-moderate-income (LMI) census tracts.
Since Guild considers alternate credit sources (including on-time utility payments), it’s also a strong contender if your credit history is thin or you have a nontraditional income source.
You should also consider the loan if you’re in a hurry: Guild’s Homebuyer Express guarantee means you’ll close within 17 days or be eligible for a $500 closing cost rebate (not available in Oregon).
Guild has a mixed record with customer satisfaction, though: While it received an A+ from the Better Business Bureau and scored above average for customer satisfaction on J.D. Power’s 2024 mortgage servicing survey, it scored below average for origination.
There are also inherent drawbacks in making a small down payment:
Pros and cons of Guild 1% down
Pros
- Only requires 1% down
- Comes with 2% grant, up to $5,000
- $500 closing guarantee
- Guild is rated above average for mortgage servicing
Cons
- Not available in New York
- Limited to borrowers earning 80% AMI
- Guild scores below average for mortgage origination
Other low-down-payment mortgages
If you don’t qualify for the 1% Down program, Guild has other loans with down payment assistance: The Zero Down loan combines a 3.5% FHA loan with a forgivable second mortgage, effectively reducing your down payment to zero. Plus, you only need a 600 credit score to get approved.
Guild’s Arrive Home loan is another zero-down option available to borrowers who earn as much as 160% of the median income in their area.
Looking at other lenders, only requires 1% down, while borrowers can be approved for Citibank’s HomeRun mortgage and Chase Bank’s DreaMaker loan with as little as 3% down.
Looking for down payment assistance? These mortgage lenders have great options
Offers in this section are from affiliate partners and selected based on a combination of engagement, product relevance, compensation, and consistent availability.
10-, 15- and 30-year fixed-term conventional loans, 30-year VA and FHA loans, custom mortgages with fixed-rate terms from 8 to 29 years.
0% for VA, 1% for RocketONE+, 3% for conventional, 3.5% for FHA, 10% to 15% for jumbo
Government-backed mortgages
FHA loans: Backed by the Federal Housing Authority, these mortgages only require 3.5% down if you have a 580 credit score or better.
USDA loan: The U.S. Department of Agriculture guarantees zero-down home loans to borrowers buying in select rural and suburban areas and earning up to 115% of the AMI.
VA loan: These zero-down-payment mortgages, backed by the Department of Veteran Affairs are available to active duty service members, reservists and veterans.
HomeReady: You only need a down payment of 3% down with this Fannie Mae-backed mortgage. Borrowers must earn no more than 80% of the area median income and have a credit score of at least 620.
Home Possible: You only need a down payment of 3% down with this Freddie Mac-backed mortgage. Borrowers must earn no more than 80% of the area median income and have a credit score of at least 620.
| Minimum down payment | Eligibility | Minimum credit score | |
|---|---|---|---|
| VA loan | 0% | Active-duty U.S.service members veterans, Reserves National Guard and eligible surviving spouses | 620 |
| FHA loan | 3.5% | Debt-to-income ratio of 43% percent or less (up to 50 percent in some cases) | 580 with 3.5% down or 500 with 10% down |
| USDA loan | 0% | No more than 115% area median income, property in qualifying area | Typically 640 |
| HomeReady mortgage | 3% | No more than 80% of the area median income | 620 |
| Home Possible® mortgage | 3% | No more than 80% of the area median income | 660 |
| HomeOne® mortgage | 3% | First-time homebuyers (no income requirement) | 660 |
Guild Mortgage FAQs
Is Guild Mortgage legit?
Founded in 1960, San Diego-based Guild Mortgage is a legitimate lender with 740 branches in 46 states. It’s licensed nationwide except in New York and, in 2024, approved 75,356 mortgages totalling $23.2 billion.
What credit score do I need to get a home loan from Guild Mortgage?
Guild Mortgage requires a.FICO score of 620 for a conventional mortgage, 1% Down and Arrive Home loan and a 600 to qualify for its Zero Down loan. Guild accepts scores of 540 for FHA, VA and USDA mortgages and 680 for jumbo loans, lower than many other lenders.
Does Guild sell its mortgages?
Ranked No. 4 on J.D. Power’s 2024 survey of mortgage servicers, Guild Mortgage claims it services the majority of the loans it originates. According to the Guild website, “We’re your loan partner throughout the life of the loan.”
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At CNBC Select, our mission is to provide our readers with high-quality service journalism and comprehensive consumer advice so they can make informed decisions with their money. Every mortgage review is based on rigorous reporting by our team of expert writers and editors with extensive knowledge of mortgage products. While CNBC Select earns a commission from affiliate partners on many offers and links, we create all our content without input from our commercial team or any outside third parties, and we pride ourselves on our journalistic standards and ethics.
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CNBC Select reviews mortgage products using a variety of criteria, including average rates, eligibility requirements, available terms, fees, nationwide availability, online experience and customer satisfaction.
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