Flyhomes <\/a>to buy and sell, or who just need to buy a new house is a smart option with a seamless process. <\/p>\n\n\n\nFlyhomes is the leading provider of Buy Before You Sell solutions, offering them through a wholesale lending platform with innovative and customisable solutions that empower loan officers and agents to help their clients buy with confidence and move seamlessly. <\/p>\n\n\n\n
For home buyers, Flyhomes\u2019 Buy Before You Sell solutions are very flexible programs, with no prepayment or early payoff penalties.<\/p>\n\n\n\n
Why is Flyhomes Buy Before You Sell beneficial for home buyers?<\/strong><\/p>\n\n\n\n\n- Move once, stress less<\/strong><\/li>\n<\/ul>\n\n\n\n
Empower borrowers to purchase their next home before selling the departing residence, allowing them to move straight into their new home and avoid multiple moves.<\/p>\n\n\n\n
\n- Reduce DTI ratio<\/strong><\/li>\n<\/ul>\n\n\n\n
We place a backup offer on the departing residence, so your underwriter can exclude its debt from borrowers\u2019 DTI, helping them qualify for up to 40-50%* more.<\/p>\n\n\n\n
\n- Up to 105% LTV<\/strong><\/li>\n<\/ul>\n\n\n\n
Allow borrowers to leverage the equity in both their current and new homes\u2014potentially moving with no cash out of pocket.<\/p>\n\n\n\n
\n- Make a winning offer<\/strong><\/li>\n<\/ul>\n\n\n\n
\n- Remove sale contingencies
With our backup offer, borrowers can remove the home sale contingency, making their offers more competitive.<\/li>\n\n\n\n - Cash-like offers with 5% down
With our unique purchase bridge loan, borrowers can make a cash-like offer with as little as 5% down in a competitive market.<\/li>\n<\/ol>\n\n\n\n\n- Sell for top dollar<\/strong><\/li>\n<\/ul>\n\n\n\n
After moving in, borrowers can list and sell their departing residence at full market value\u2014no need to rush or accept less.<\/p>\n\n\n\n
Had a home buyer who\u2019s looking to buy before they sell? They\u2019ve got options!<\/p>\n\n\n\n
\n- Buy Before You Sell with Guaranteed Back Up Contract<\/li>\n\n\n\n
- Buy Before You Sell with Instant Equity<\/li>\n\n\n\n
- Buy Before You Sell with Flyhomes Cash Offer<\/li>\n<\/ol>\n\n\n\n
Buy Before You Sell with Guaranteed Back Up Contract<\/strong><\/p>\n\n\n\nFor every loan officer, this option is important because:<\/p>\n\n\n\n
\n- Lower DTI
Exclude the mortgage of the departing home to lower your borrower\u2019s debt-to-income ratio. This can help them get approved more easily or qualify for a bigger loan.<\/li>\n<\/ul>\n\n\n\nHow does it work?<\/strong><\/p>\n\n\n\nBorrowers have 180 days after closing on their new home to sell their old home for a better offer. If they don\u2019t, Flyhomes will buy it at the price agreed upon in the contract.<\/p>\n\n\n\n
For example, one of Flyhomes\u2019 home buyers was experiencing a particular challenge. His old home was under contract. But when his buyer backed out, he could no longer exclude that departing residence debt, making him unqualified for the new mortgage.<\/p>\n\n\n\n
With the Guaranteed Backup Contract, he had a backup offer on his old home, allowing his lender to ignore that mortgage and lower his DTI from 57% to 38%. <\/p>\n\n\n\n
The benefits out of this solution were:<\/p>\n\n\n\n
\n- The deal was saved by securing financing without delay to purchase the new home.<\/li>\n<\/ul>\n\n\n\n
Buy Before You Sell with Instant Equity<\/strong><\/p>\n\n\n\nFor every loan officer, this option is important because:<\/p>\n\n\n\n
\n- Access equity sooner
Let your borrowers use the equity in their current home before it sells, giving them more money for their next purchase.<\/li>\n<\/ul>\n\n\n\nHow does it work?<\/strong><\/p>\n\n\n\n\n- Once your borrower\u2019s offer is accepted, fund the Instant Equity loan first\u2014then close on their new home as soon as the next day.<\/li>\n\n\n\n
- If their current home isn\u2019t under contract yet, use the Flyhomes Guaranteed Backup Contract to keep things moving.<\/li>\n<\/ol>\n\n\n\n
For example, a couple needed funds for downpayment for their new home, but their equity was tied up in their existing home. <\/p>\n\n\n\n
With Flyhomes Instant Equity, they unlocked $116,100 in home equity, providing funds for the new home.<\/p>\n\n\n\n
The benefit of this solution for loan officers was:<\/p>\n\n\n\n
\n- Two loans were secured at the same time (equity loan and purchase loan)<\/li>\n<\/ul>\n\n\n\n
Buy Before You Sell with Flyhomes Cash Offer<\/strong><\/p>\n\n\n\nFor every loan officer, this option is important because:<\/p>\n\n\n\n