We have just levelled the playing field for you
If you have arrived here then you are among the thousands of homeowners looking for a sane solution to getting into a new house in an environment where "cash buyers" are beating your financed offers every time.
Many of your competitors ALSO have the liquid funds to be able to conveniently buy before they sell, which gives them a flexibility that is typically a constraint for you in YOUR ability to take timely action and make committments.
What the "Buy First" program does
It's a unique financing option that changes you from being an unattractive, uncompetitive, bank-dependent hopeful, into a cash buyer who can secure a new place without having to sell your current place, and avoid having to move out in 45 days without having an ideal place to live.It's actually just a new form of conventional loan. However, they are not just giving it away to anyone, and it's important to understand how it works so that you don't keep thinking there is some kind of hidden trick.
What you'll get
To be eligible you must (1) be a homeowner and (2) be approved in 3 key areas:
- your current property
- your next property
- your financial strength
There is no catch
Behind the scenes there are actually 2 loans being created, not 1. The first is a temporary "bridge loan" for securing your new home with cash that gets paid off once you sell, and the second is your actual permanent mortgage on your new place. The bank makes sure they identify the right customers and earns their money on the loan - which is what a bank does anyway. There are only a few requirements and most homeowner-borrowers qualify....Then why has this not been offered before?
Banks are typically big corporations full of bureaucracy, regulation, compliance, boards and shareholders. To get them to underwrite a set of risks different then they have been accustomed to or approved for, is like trying to get immigration reform passed in congress.
Similar to how Jet Blue innovated where there was a clear shortfall and opportunity in the airline industry, our program is addressing the needs of todays market with a focus on the challenges of current homeowners who want the stressless security and flexibility of buying before selling.
Do you have at least 30% equity in your current primary residence?
If you do that's a good start, and you are one step closer to qualifying.
