Program aims to increase a homebuyer's odds
New American Funding, in partnership with its real estate company affiliate, Buyer Accepted, has introduced a nationwide cash buyer program that will “turn traditional homebuyers into cash buyers.”
Through the program, Buyer Accepted will purchase the borrower’s chosen home upfront with cash and then sell it to the borrower, with financing provided by a New American Funding mortgage. The home lender said that this helps level the playing field for traditional homebuyers at a time when cash buyers make up more than 25% of all home purchases.
“As one of the nation’s largest mortgage lenders, New American Funding is uniquely familiar with how difficult it is to buy a home in today’s ultra-competitive housing market,” the company said in a statement. “Thanks to record low inventory and fierce competition from corporate interests and cash buyers, traditional homebuyers are being left behind. But that ends now.”
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According to New American, Buyer Accepted enables consumers to buy their homes for less and close faster than those using traditional homebuying methods. In addition to these competitive advantages, Buyer Accepted gives consumers up to 90 days to sell their existing home, which allows them to make a full cash offer without a financing or appraisal contingency
“So many buyers, especially first-time homebuyers, are struggling in today’s housing market. They find the home of their dreams only to lose it to a cash buyer. It’s just crushing for them,” New American Funding co-founder and CEO Rick Arvielo said. “That’s why we partnered with Buyer Accepted. We want to help those buyers win the bidding war and help more deserving homebuyers secure the home of their dreams.”
New American Funding’s Buyer Accepted program is available nationwide – except in New York and Hawaii – and can be used on Conventional, Jumbo, VA, and FHA loans.
