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Cash Buyer Program

Use our Cash as a cash-buyer and get the loan after. 

Compete and Win Against Cash Buyers

You know what they say: “If you can’t beat em, join em!” Be a Cash Buyer too.

How does it work?

Explore how you can become a cash-buyer today

To participate you will need to satisfy the following:

  1. Be able to Qualify for a traditional home loan.
  2. Have at least 10% of the home price available for a down payment.
  3. Other transaction specific items can apply.

Spire’s Cash Buyer program will buy the home with their own cash. Spire will then sell you the home immediately after with a traditional home mortgage on it.

Yes. After Spire buys the home for you they are going to sell it to you and you will get a loan just like a traditional home sale. 

You will need to be able to qualify for a home loan and the property will also need to meet traditional lending requirements.

There are two ways the transaction can occur and the costs are specific to each. 

If Spire buys the home in cash, then sells it to you (the buyer) after, there is an additional cost of 2% of the home price plus daily interest due for any days between when Spire buys it and when they sell it to the buyer with their loan. 

Just like with any loan, other costs and fees apply. Those are specific to the loan terms and are not listed here.

This is not a comprehensive list of closing costs or fees so please consult our team for a full loan estimate and breakdown as this does not constitute a quote.

However, most of the time we can avoid this additional cost completely. That’s because in most cases we have enough time to finish the loan piece before the closing date and instead of Spire buying it then selling to you, we can simply assign the contract to you at closing and you can close with the loan just like a traditional purchase.

The seller knows they get the benefits of a cash buyer which are fast closings and a guarantee of cash available with no loan or appraisal contingencies. You get to be competitive with other Cash Buyers because if the loan piece isn’t done in time Spire will buy the home in cash. A win-win.

This is an overview. For full details of costs associated with a home loan and this program, please contact us. We would love to give you a quote and see if you qualify!

What are the steps and process

When you reach out the process starts like any other home loan. We’ll take the exact same information on a loan application and review to see if you have the ability to get approved for a home loan and for how much. We’ll review with you what you loan options are and cover payments and down payments for the various options.

Next, we’ll get all of your documentation and run you through a full loan approval just as if you have already found a home and are under contract. Our underwriter will review your file and our team will take the normal steps to get a full loan approval. This is key as it will tell us exactly what you can afford so when we purchase your home, we know you can afford the loan when we sell it back to you.

We will then coach your real estate agent on the program and what they need to do to write the contracts when you put in home offers. 

Finally, you can do your home search and put in offers. We’re ready to go!

Keys to Successfully Qualifying for a Mortgage

  • Do you have stable income?
  • Do you have income that is two to three times more than the expected house payment?
  • What’s your credit rating?
  • Do you have any collections, judgments, or bankruptcies on your credit report?
  • Do you have a good credit score?
  • Where have you lived for the past 2 years?
  • Do you have money saved?

Have a few more questions?

Our Loan Experts Can Help

The first step is to fill out a loan application and talk to a lender. The lender can then pull your credit to see everything needed to guide you to the right loan program for you. Our pros are experts at finding the perfect fit for your financial needs and helping with a roadmap to home ownership today.

FHA loans are a wonderful product for someone buying a primary residence. Most people will need at least a 580 credit score, a steady income that can support the house payment and other monthly debts, as well as 3.5% down payment. Some people may qualify for down payment assistance that can help with the 3.5% down payment and other closing costs.

There are several eligibility guidelines. First, you must have served 90 consecutive days of active service during the war. Alternatively, you must have served 181 days of active service during peacetime. Having served six years of service in the national guard’s reserve is a valid option too. Further, spouses of service members who died in the line of duty qualify for this loan. VA loans don’t require a down payment and require the person to have enough income to support the house payment, other monthly debts, and still have a residual income remaining. The amount of residual income needed for qualification is based on VA’s residual income chart that is broken down by region.

If you meet the minimum service requirements for a VA home loan then getting qualified for a VA home loan is a breeze. We can help you with what documents you need to provide along with a loan application that will allow us to determine how much house you can afford and what your payment will be.

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