The SmartBuy 5/1 ARM Down Payment Assistance product is a program that provides a first mortgage along with a repayable second mortgage.
The second loan can be used for various expenses such as down payments, closing costs, prepaid expenses, or rate buydowns.
In response to affordability challenges faced by homebuyers due to factors like mortgage rates, homebuilders are increasingly looking for more flexible financing solutions. Despite stagnant new home sales, there is a growing demand for innovative financial tools.
Jeff Bode, the founder and CEO of Click n’ Close, emphasized that the SmartBuy 5/1 ARM DPA was designed specifically with builders in mind. This program aims to address affordability concerns and empower builders to assist buyers in navigating today’s challenging market with confidence.
Click n’ Close, a company known for offering various down payment assistance programs, also specializes in providing Section 184 home loans for Native Americans. With operations in multiple states, the company caters to consumers and mortgage originators through wholesale and correspondent channels.