Hayden Rowe Properties

In today’s tight housing market, it is very important to make your offer standout above the rest. This can be accomplished in a few ways:

1. Offer to Pay Cash – Great chance of getting the house, but limited to very few buyers.

2. Getting a pre-qualification letter- This is where you call a lender and tell them about your income and assets and debt obligations and tell them how your credit is. They may then tell you that you can afford XXX. However, they have not verified your information and very often the deal will not close.

3. Getting a Pre-approval Letter – A lender gets your application and all income and asset documents, runs your credit and determines that your total housing and debt obligations will fall within guidelines. The industry has mostly moved to this model. This is much better than a pre-qualification letter, but still must be sent to underwriting for a full approval. As a result, if all offers are pre-approvals, then you are competing mostly on price and down payment. There is a bias against low down payment offers even though the chances of getting a full approval for a low down payment loan and one with 20% down are similar.

4. Using Fairway’s Fast Lane Program – This program gets you a fully underwritten TBD property address approval prior to going house hunting. We collect your income and asset statements and send to our underwriting team. You are fully approved pending appraisal, Purchase and Sale Agreement and Acceptable Title. Once you have our Fast Lane Approval, we can close in as little as 2 weeks. What does this mean to you? Your Fast Lane Approval is better than Pre-approvals, as you are already approved to buy with as little as 0% down! You could even waive your Mortgage Contingency. This program is available for many types of mortgage programs, including Conventional, Jumbo, VA, FHA and others. For more information please contact me at 508-254-2645 or send me an email at dgaffin@fairwaymc.com .