Episode 98: Fairway’s Clint Bender talks lending buyer and seller programs

Fairway's Clint Bender talks lending buyer and seller incentive programs including:

"Buy & Save Program

No payments for up to 90 days for buyer -Sellers or realtor can offer this to buyers where they can pay up to the first 3 payments for a buyer. -Good for renters that can’t get out of a lease and are in the last couple payments OR seller can offer this if they can’t move until 30 days or so after closing. -Any loan type (Conv/FHA/VA/USDA)   Temp buydowns (We did a podcast about this earlier in the year. Have been doing these for a while.)  -Seller or buyer can pay to lower the monthly payment -We can do these with ANY loan type (Conv/FHA/VA/USDA) -Can do a 1 year, 2 yr. or 3 yr. buydown -1 yr.---rate is bought down 1% for first year. 2 yr.—rate is bought down 2% first year and 1% the second year. 3 yr.—rate is bought down 3% the first year, 2% the second year, 1% the third year.

Lock it & list it -A seller can offer a below market fixed rate to potential buyers before they were to list a property. Builders are doing this but sellers can do this as well. -Seller can lock in an interest rate for a buyer BEFORE putting the home on the market -Fixed rate. No temporary buydown -Preapproval w cash guarantee

Other podcast highlights: -Demand will pick up. Multiple offer situations will start back again. Need to put your best offer forward. -We can do a TBD underwrite on these and can offer the seller a cash guarantee that the loan will not fall thru. If for some reason it does, Fairway will purchase the home and become the backup offer. We were able to win a couple homes for clients using this in 2023. -Seller can choose NOT to accept the cash guarantee and accept a $10k check from Fairway before relisting."