Category: Uncategorized

PROGRAM ENHANCEMENT: We have increased our closing guarantee to $10,000. Homeseed’s Cash Committed Credit Approval™ program will guarantee the seller we close on time or we’ll issue $10,000 to them!

Homeseed’s goal is to reduce the stress of the mortgage process by helping our clients pre-pare early, and make our clients’ offers stand out in a competitive market. To do so, we’ve developed our Cash Committed Credit Approval™ program to help achieve this. We’ll provide you with a fully underwritten pre-approval for financing before you find your home so you can shop with confidence. Additionally, sellers will find your offer that much more attractive knowing that you’ll close on time or our Cash Committed Credit Approval™ program will issue a $10,000 credit to them. Please see rules for eligibility below.

TERMS & CONDITIONS (as of 3/27/2024)

ELIGIBILITY

• Transaction must be for a home purchase
• Borrower(s) must fully complete a loan application and request to enroll in Cash Committed Credit Approval™ with their Loan Advisor prior to making an offer
• Borrower(s) must provide a copy of the purchase contract and the closing date must be scheduled no sooner than 28 calendar days from the date of executed purchase and sales contract
  • VA loans will require 30 calendar days
  • Jumbo loans will require 35 calendar days
• Required disclosures must be executed and returned to Homeseed within two business days
• Initial loan documentation and information requested by Homeseed must be received within five business days
• Any additional documentation and information requests by Homeseed must be received within two business days
• Borrower(s) may not request loan term changes within ten business days from the scheduled closing date. Loan changes include, but not limited to, loan program, term of loan, or down payment amount.
• Borrower(s) must lock the loan rate and complete all loan requirements and conditions at least seven business days prior to the closing date
• The final appraisal, completion certificate, and/or all revisions must be received five business days prior to the closing date
• Loans with subordinate financing must have secondary loan approval five business days prior to closing
• Borrower must be available for the in person signing of final loan documents with the title company on a date requested by Homeseed
• The loan must close and fund with Homeseed in order for the Cash Committed Credit Approval™ credit to be paid

INELIGIBILITY

• Any delays attributable to the borrower(s) outlined in terms, a third party, or the seller that cause the missed closing date
• Information provided by the borrower(s) that could not be verified or was inaccurate
• The loan amount is $2,000,000 or greater
• The loan does not meet federal and state regulatory requirements and/or agency guidelines
• The closing date is missed due to acts outside the control of Homeseed. Acts include, but not limited to, inclement weather, natural disasters, catastrophic events, or other public emergencies.

Homeseed of Hope – Homestead Community Land Trust

In our community outreach effort for Homeseed of Hope, we are featuring Homestead Community Land Trust and the incredible work this non-profit organization is doing to address the housing affordability crisis in the Greater Seattle and King County area.  As this region has become a thriving tech sector, it has also become increasingly unaffordable for lower- and middle-income residents. In a city of Seattle housing affordability report published in 2018, data shows that the region has seen a 325% increase in the cost of housing while wages have only increased by 85% since 1997. Homestead Community Land Trust’s mission is to preserve and advance access to permanently affordable homeownership as a means to create thriving, equitable, and inclusive communities.

On October 29^th, Homestead Community Land Trust is hosting a Halloween Trivia Night and members of the Homeseed Team will be sponsoring, fundraising, and joining in on the trivia games. We encourage you to learn more about the great work this non-profit is doing to serve marginalized populations across this region and consider donating to the Homeseed Team’s fundraising goal in the links below. Together we can further the impact of Homestead Community Land Trust!

Donate to the Homeseed Team’s fundraiser

Learn more about Homestead Community Land Trust

About Homeseed of Hope

Community reciprocity and reinvestment have long been goals of Homeseed since we first launched in June of 2016. In addition to providing a uniquely empowering mortgage lending experience, Homeseed wanted to use its platform to support the individuals, businesses, and programs in the communities we serve. That desire remains true today and led to us creating Homeseed of Hope – an initiative to guide our community outreach efforts.

The Federal Housing Finance Agency (FHFA) announced today that it will be no longer be collecting a fee on refinance transactions that was known as the “Adverse Market Refinance Fee” effective August 1, 2021 for all qualified mortgages. The lending industry is welcoming the news as this change will help more families take advantage of the low-rate environment and save more money.

If you have considered refinancing this past year but the costs did not justify the savings, now is a perfect time to reconnect to reevaluate your scenario. This is also a great opportunity to leverage your home’s equity to consolidate debt or fund the remodel you have been wanting. It is an extremely inexpensive time in mortgage lending for consumers and you can save even more by acting before rates increase as projected.

Please share this news with your neighbors, families, and friends. I very much appreciate the opportunity to answer any questions and serve your community.

Source: https://www.fhfa.gov/Media/PublicAffairs/Pages/FHFA-Eliminates-Adverse-Market-Refinance-Fee.aspx