"We believe these new programs will help buyers and sellers navigate current market conditions"
HUNT Mortgage has released two new loan programs to help consumers overcome the challenges brought on by today’s highly competitive, low inventory housing market.
“We recognize that today’s limited inventory provides significant challenges for both buyers and sellers,” said Linda Mallia, president of HUNT Mortgage. “We believe these new programs will help HUNT buyers and sellers navigate the current market conditions in order to achieve their homeownership goals.”
The first program, called the Cash Closing Guarantee (CCG), gives home buyers who have attained a HUNT Mortgage Pre-Purchase Commitment (PPC) a solid financing offer that can compete with all-cash bids, which sellers often prefer.
Under CCG, the lender backs the buyer’s offer with a cash guarantee. In cases where traditional financing is no longer available to a purchaser to whom a PPC has been issued, HUNT Mortgage said it will close the loan and hold the mortgage in its portfolio if need be. That way, all parties are assured that the transaction will close according to the contract terms.
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The second program is a bridge loan offering called “Golden Gate – The Bridge to Your Next Home,” which also features a guaranteed sales component. Specifically, the product provides home sellers with the ability to make an offer on their next home, non-contingent, without worrying about selling their current home first.
HUNT explained that if a licensed real estate agent affiliated with HUNT Real Estate ERA (New York and Arizona) or ERA Key Realty Services (Massachusetts) is unable to sell the home within 90 days, it will be purchased by HUNT Real Estate Corporation.
“I firmly believe that there are many families and individuals that live in a home that was right for them for years, but now the children may be on their own, and the nest is empty, so to speak,” HUNT chairman and CEO Peter Hunt said. “As a result, they are living in a home that probably is not suited for their lifestyle today. They may also need the equity in their home to buy another more suitable residence. Through the Golden Gate, their equity will be available to them to begin the search for their next home. They can now compete in today’s limited inventory market – and win – and then offer their current home to one of the many people waiting to jump into the market.”
