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Guild Mortgage Helps Homebuyers Compete with All-Cash Offers with New CashPass Program
Rhea-AI Impact
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Rhea-AI Sentiment
(Positive)
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Rhea-AI Summary
Guild Mortgage has launched CashPass, a new program designed to help homebuyers make competitive all-cash offers in the current housing market. Homebuyers using CashPass can write a cash offer without financing or appraisal contingencies, thus increasing their chances in bidding wars. This initiative aims to assist clients in overcoming the challenges posed by the ongoing seller's market, characterized by low inventory and high demand. Available in 11 states, the program targets homebuyers with credit scores of 680 and above, and can be paired with Guild's Bridge Loan and Lock and Shop options.
Positive
Launch of CashPass program to assist homebuyers with competitive all-cash offers.
Increases chances of winning bidding wars significantly.
Addresses competitive housing market challenges due to low inventory.
Available in 11 states, expanding access for homebuyers.
Targets homebuyers with credit scores of 680 and above, improving market inclusion.
Negative
None.
Homebuyers can write a cash offer with no financing or appraisal contingency; Guild Mortgage guarantees to pay cash for the home and provides conventional financing to make it happen
SAN DIEGO--(BUSINESS WIRE)--
Guild Mortgage (NYSE: GHLD), a growth-oriented mortgage company that has originated and serviced residential loans since 1960, introduced CashPass, a new program to help homebuyers compete with all-cash offers in today’s competitive housing market.
Guild’s CashPass program allows homebuyers to write a cash offer with no financing or appraisal contingency required.
In today’s increasingly competitive housing market, all-cash offers are how more and more homes are being acquired, making it difficult for prospective homebuyers who need financing to compete. Prospective homebuyers who offer all-cash nearly quadruple their chances of winning a bidding war, according to recent data from Redfin, making it the most effective strategy to win a home in a competitive situation.
The rise in all-cash home purchases comes during a continuing seller’s market. Historically, low supply has tipped the scales and increased demand among homebuyers.
“With less inventory, sellers are getting multiple strong offers and we want to help our clients compete and win,” said Mary Ann McGarry, CEO, Guild Mortgage. “In this competitive housing market, Guild recognizes the need to help level the playing field for our clients who aren’t able to make an all-cash offer on their own. Guild’s CashPass program helps homebuyers make a more competitive offer that can be vital to winning when a seller is faced with multiple bids from which to choose. It’s one more thing we are doing to help deliver on our promise of home.”
The Guild Mortgage CashPass program is available in 11 states: Arizona, California, Colorado, Massachusetts, Missouri, Nevada, Oregon, Pennsylvania, South Carolina, Texas, and Washington, with more states coming soon.
The CashPass program is available for Conventional financing options to homebuyers with credit scores of 680 and above. Qualified homebuyers needing to sell a departing residence for their down payment can combine Guild's proprietary Bridge Loan with CashPass. This allows Guild customers to buy before they sell. Guild's Lock and Shop program can also be combined with CashPass to protect the buyer's interest rate while they shop for the perfect home.
Headquartered in San Diego, Guild Mortgage is a leading national lender with an established history of offering a comprehensive array of loan products and partnering with government organizations to help deliver the promise of home in every neighborhood and community. Its loan professionals can serve the needs of any homebuyer, from helping first-time buyers achieve homeownership, often through government loan programs, to homebuyers looking for a jumbo loan. Guild also helps active duty and retired military personnel who qualify for VA loans with 100% financing and flexible qualifying standards. The company is consistently recognized for its impact in the communities it serves, commitment to customer service, strength in regulatory compliance, and workplace culture.
About Guild Mortgage
Founded in 1960 when the modern U.S. mortgage industry was just forming, Guild Mortgage Company is a nationally recognized independent mortgage lender providing residential mortgage products and local in-house origination and servicing. Guild’s collaborative culture and commitment to diversity and inclusion enable it to deliver a personalized experience for each customer. With more than 4,500 employees and over 260 retail branches, Guild has relationships with credit unions, community banks, and other financial institutions and services loans in 49 states and the District of Columbia. Guild’s highly trained loan professionals are experienced in government-sponsored programs such as FHA, VA, USDA, down payment assistance programs and other specialized loan programs. Guild Mortgage Company is a wholly owned subsidiary of Guild Holdings Company, whose shares of Class A common stock trade on the New York Stock Exchange under the symbol GHLD.
Melissa Rue Nuffer, Smith, Tucker
mkr@nstpr.com
(619) 296-0605 ext. 247
Source: Guild Mortgage
FAQ
What is Guild Mortgage's CashPass program?
CashPass is a new program by Guild Mortgage that enables homebuyers to make cash offers without financing or appraisal contingencies, aimed at competing with all-cash offers in the housing market.
How does the CashPass program help homebuyers?
The CashPass program significantly increases homebuyers' chances of winning bidding wars by allowing them to present all-cash offers, essential in today's competitive market.
In which states is the CashPass program available?
The CashPass program is available in 11 states including Arizona, California, Colorado, Massachusetts, Missouri, Nevada, Oregon, Pennsylvania, South Carolina, Texas, and Washington.
What are the eligibility requirements for the CashPass program?
Homebuyers must have a credit score of 680 and above to qualify for the CashPass program.
Can homebuyers combine CashPass with other financing options?
Yes, qualified homebuyers can combine CashPass with Guild's Bridge Loan and Lock and Shop programs to enhance their buying capabilities.
