Guild Mortgage has introduced CashPass, a new program which helps homebuyers compete with all-cash offers.
In an increasingly competitive housing market, all-cash offers are how an increasing number of homes are being purchased, 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.
Guild’s CashPass program allows homebuyers to write a cash offer with no financing or appraisal contingency required.
“With less inventory, sellers are getting multiple strong offers and we want to help our clients compete and win,” Guild Mortgage CEO Mary Ann McGarry said in a release. “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 CashPass program is available for conventional financing options to homebuyers with credit scores of 680 and above.
The Guild Mortgage CashPass program is available in 11 states: Arizona, California, Colorado, Massachusetts, Missouri, Nevada, Oregon, Pennsylvania, South Carolina, Texas and Washington.