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."