Financing the Buyer



Most often financing is the key to a successful real estate transaction. Bankruptcies, credit counseling programs, self-employment, and fixed incomes are examples of specific problems that require specific solutions. Nothing is worse than a seller receiving a call 2 days before closing to learn that the buyer’s financing has failed.

BenchMark Mortgage, LLC can qualify a prospective buyer for your home without cost or obligation. We can review credit, income, funds required to close, and employment issues prior to accepting a contract. If the buyer has qualified with another mortgage company we follow up on their progress because we know the right questions to ask.

Our agents can assist a buyer in evaluating a wide variety of financing options. Through our broker agreements with wholesale lenders we can provide financing for the buyer directly through our agents. Our involvement with the buyer in their financing decisions builds a stronger relationship, avoids miscommunication, and moves the transaction process towards closing.

Buyers are not required to take advantage of our financing options, although many choose to do so. We cooperate fully with all local lenders to assist in securing qualified buyers for our listings.

Some of the most common types of financing include:

• FHA. The FHA loan limit in our area is $271,050. Buyers are required to put in 3.5% of the sales price as a down payment. It is typical for the seller to contribute to the buyer’s closing costs not to exceed 3% of the sales price.

• Conventional. 100% loans are no longer available and our market now requires a 10% down payment. The loan limit is $417,000 and the seller can contribute utp to 6% of the sales price towards the buyer’s closing costs.

• VA. Veterans administration loans for active and inactive service personnel can be used for 100% of the sales price and the seller can pay the buyer’s closing expenses.

• Jumbo. Any loan amount above $417,000 is considered a jumbo product. Terms vary widely from lender to lender but typically require higher down payments and interest rates.

BenchMark Mortgage, LLC offers financing for our listings and guarantees to be competitive with all local lenders. Our financing expertise and products can give your home a competitive advantage to sell that you can’t find with any other firm.




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