Get the POWER you need to make a strong offer!
Cash deals are becoming more common in today’s competitive home-buying market, making it essential for buyers to submit strong offers that minimize contingencies and assure sellers of on-time closings.
If you don’t quite have the buying power to make a cash offer on your dream home, our Purchase Power Program can provide the necessary financial support to give you a competitive edge!
Here’s how it works …
Purchase Power Delivers Confidence
- Underwriter Pre-Approval: All qualified buyers* receive a fully underwritten pre-approval by an underwriter. This allows you to speed up the process by removing the financing contingency, making a strong offer that gets noticed.
- Cash Guarantee Availability: Eligible buyers can receive bridge financing (details below) approval for their current residence. This also helps to make a stronger offer by eliminating the risk of the sale falling through if the current home doesn’t sell quickly.
Other Benefits
- Apply for financing within 30 days after notification of your Purchase Power approval and receive $500 credit towards closing costs.
- Open a Five Star Checking account, set up an automatic monthly mortgage payment from this account, and receive an additional $500 credit towards closing costs.
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PLUS, receive $500 service guarantee credit at settlement if your loan does not close by your rate lock expiration date.*
Purchase Power Program Criteria
- Conventional, 1-unit financing only
- 20% down payment required
- Minimum 720 FICO score
- 2 months' reserves
- No gifts or secondary financing permitted
Bridge Loan Criteria for Your Current Home
- Primary residences only
- Minimum 720 FICO score
- Maximum loan-to-value (LTV) up to 90%
Geographic and other restrictions apply. Subject to credit and property approval. Program subject to change without notice.
*To be eligible, all borrowers must have a credit score of 720 or higher, be in position to put at least 20% down with all own monies and have at least 2 months' cash reserves. No gifts or secondary financing permitted. Conventional 1-unit financing only. Rate lock period must expire on or after targeted closing date and be no less than 60 days. To receive $500 service guarantee credit, closing delay must NOT be due to third-party services.
Contact a Five Star Mortgage Originator today to learn more about this offer and to determine your eligibility.
Ready to get started?
