LoanDepot’s AccessONE+ Offers Up to $9,000 in Homebuyer Assistance Across 21 Communities
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Last updated 04/23/2024 by
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Summary:
LoanDepot’s new AccessONE+ program offers significant aid to first-time homebuyers, providing up to $9,000 in down payment and closing cost assistance. Targeting 21 underserved communities across the U.S., the program aims to make homeownership more achievable by accepting low down payments and non-traditional credit histories. This initiative is part of LoanDepot’s larger effort to enhance home affordability and support through digital tools and comprehensive services.
LoanDepot, a prominent home lending company, has launched the AccessONE+ program, which is designed to lower the hurdles to homeownership for first-time buyers in underserved areas. This initiative could significantly alter the buying experience by offering substantial financial support and flexible credit requirements.
Today’s first-time homebuyers are grappling with traditional down payment requirements, high interest rates and rising home prices creating inequities and barriers that are holding back underserved communities.Click to Tweet
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AccessONE+ Program
AccessONE+ seeks to aid potential homeowners by offering up to $9,000 to cover down payment and closing costs. Eligible participants must reside in one of 21 designated census tracts but can purchase a home anywhere in the U.S. A notable aspect of this program is its lenient entry requirement—only one percent down is needed to qualify. Furthermore, the program is inclusive of those with non-traditional credit histories, broadening its accessibility.
Areas covered
The program targets specific metropolitan areas identified as underserved, including:
| State | Areas |
|---|---|
| Georgia | Atlanta-Sandy Springs-Roswell |
| Texas | Houston-Pasadena-The Woodlands; McAllen-Edinburg-Mission; Brownsville-Harlingen; San Antonio-New Braunfels; Dallas-Fort Worth-Arlington |
| Pennsylvania | Philadelphia-Camden-Wilmington, PA-NJ-DE-MD |
| Maryland | Baltimore-Columbia-Towson; Washington-Arlington-Alexandria, DC-VA-MD-WV |
| Arizona | Phoenix-Mesa-Chandler |
| Tennessee | Memphis, TN-MS-AR |
| California | Riverside-San Bernardino-Ontario |
| Illinois | Chicago-Naperville-Elgin, IL-IN-WI; St. Louis, MO-IL |
| Florida | Miami-Fort Lauderdale-West Palm Beach; Tampa-St. Petersburg-Clearwater; Orlando-Kissimmee-Sanford |
| Ohio | Cleveland |
| New York | New York-Newark-Jersey City, NY-NJ |
| Oklahoma | Oklahoma City |
| Michigan | Detroit-Warren-Dearborn |
Impact on Homeownership
Jeff Walsh, LDI Mortgage President, highlights that high initial costs and rising property prices pose significant obstacles for first-time buyers in these communities. By reducing these financial burdens, AccessONE+ aims to level the playing field and foster sustainable homeownership.
“Today’s first-time homebuyers are grappling with traditional down payment requirements, high interest rates and rising home prices creating inequities and barriers that are holding back underserved communities,” said LDI Mortgage President Jeff Walsh. “As we continue to unlock access to sustainable homeownership for our customers, AccessONE+ provides loanDepot with another tool to help more families achieve the American Dream of homeownership.”
Expanding the mortgage product suite
This program adds to LoanDepot’s extensive range of mortgage products designed to improve affordability. It complements the company’s digital tools that guide first-time buyers through the purchasing process, from application to closing.
How to apply
Potential applicants can learn more about the AccessONE+ program by contacting a local LoanDepot branch or visiting their website. This access is part of LoanDepot’s commitment to providing comprehensive support to its customers, making the home-buying journey as seamless as possible.
About LoanDepot
Since its inception in 2010, LoanDepot has been an innovator in the mortgage sector, offering a wide array of lending and real estate services. With a digital-first approach, the company focuses on enhancing customer experience and reducing the typical stress associated with real estate transactions. Operating nationwide, LoanDepot remains dedicated to enriching customer lives through its diverse offerings and community involvement.
Frequently asked questions
How much financial assistance can one receive?
Eligible first-time homebuyers can receive up to $9,000 to help cover their down payment and closing costs.
What are the eligibility requirements?
Applicants must reside in one of the 21 eligible census tracts but are free to purchase a home anywhere in the U.S. They are required to put down only one percent and can have non-traditional credit histories.
How does one apply for the AccessONE+ program?
Interested individuals should contact their local LoanDepot branch or visit the LoanDepot website for more details and application procedures.
Key takeaways
- LoanDepot’s AccessONE+ program offers up to $9,000 in financial aid for down payments and closing costs.
- Targeted at first-time homebuyers in 21 underserved communities, enhancing affordability and access to homeownership.
- The program is inclusive, accepting one percent down payments and non-traditional credit histories.
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