Click n’ Close Unveils Mortgage Product For Rural Buyers

Wholesale and correspondent lender Click n’ Close launched a new mortgage product designed for homebuyers in rural America.

One-Time Close is a loan program for government-insured mortgage products that offers down payment assistance to buyers in select rural markets.

Borrowers can get 100% loan-to-value financing covering land, construction, and closing costs with no payment or minimum investment required. They can also finance the 1% USDA Guarantree Fee up to 101% LTV.

“Given current market conditions, affordability is the number one challenge among potential homebuyers,” said Click n’ Close Owner and CEO Jeff Bode. 

“As prospective borrowers venture further out from cities and traditional suburban markets, Click n’ Close stands as a resource, providing powerful financing tools for both wholesale lenders and borrowers to make homeownership possible.”

The product is available to eligible buyers with credit scores of 640 and above and to first-time buyers.

Other product features include flexible debt-to-income ratios, no prepayment penalties, seller and builder concessions of up to 6%, utilization of eligible gifts for closing costs, and contingency account financing of up to 10%.

Click n’ Close, formerly Mid America Mortgage, is a multi-state mortgage lender serving consumers and mortgage originators through its wholesale and correspondent channels. It is also a leading provider of Section 184 home loans for Native Americans.

It is one of select group of lenders directing business towards rural areas, which often have patchy access to capital, especially in the South. But this also means there are many opportunities for entrepreneurial lenders.

Those who want to explore this untapped market could benefit from USDA programs designed to move business into rural communities. The USDA business and industry loan program offers loans of up to $25 million to businesses opening in communities with 50,000 or fewer residents.

It is one of several programs available and can benefit risk-averse lenders interested in expanding their businesses.

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