If you want to reap the benefits of paying cash for a home but can’t afford the up-front investment, a delayed financing program could solve your dilemma. At MortgageDepot, our loan officers possess in-depth knowledge of delayed financing programs in Pennsylvania. We will gladly explain the details of this opportunity, determine your eligibility and put you on the path to home ownership.
What is Delayed Financing?
If a buyer purchases a home with a delayed financing program, they will pay cash for the property. The initial transaction will not use a mortgage. Shortly after the purchase is complete, the buyer will get a cash-out refinance, returning a large portion of the funds they used to obtain the property.
What Are the Benefits of Delayed Financing?
Delayed financing is another way for eligible MortgageDepot clients to accomplish their real estate goals. Here are a few of the benefits:
Cash offers are appealing to sellers.
In the Pennsylvania real estate market, cash offers get noticed. A cash offer might be all you need to win a bidding war on a prime property.
Cash transactions are becoming more common.
Cash transactions currently make up approximately one-quarter of home sales in the United States and are especially common in foreclosure sales. A cash offer is an asset if you are trying to secure a bank-owned property.
Delayed financing can help buyers secure a home that won’t qualify for a mortgage.
A property investor might use their own funds to purchase and rehabilitate a home, then obtain a cash-out refinance to restore their liquid assets.
To qualify for a delayed financing program with MortgageDepot, buyers must:
Prove the cash transaction.
Ensure that the refinance amount does not exceed the original purchase price.
Show proof that no liens exist on the property.
Fannie Mae outlines additional eligibility requirements. Contact MortgageDepot for expert guidance on your eligibility for this program.
Find Out More!
If you are interested in learning more about delayed financing options in Pennsylvania, connect with MortgageDepot today. Real estate is in reach with our financing options!