With low home inventory and a high cash offer market, delayed financing may be a great strategy for you.
Northpointe Bank's delayed financing provides eligible borrowers a competitive advantage of buying a home with cash reserves and then replenishing your funds by refinancing after closing.
- Take cash out immediately with a refinance
- The purchase transaction must be between two independent parties in which both parties are acting in their own self-interest (cannot be family members, friends, business partners, etc.)
- The total amount of the home loan cannot exceed the purchase price plus closing costs, prepaid fees, and points.
- Documentation must be provided for the initial source of cash used for purchase
- Gift letter declaring no repayment required if funds provided by a third party
- Eligible property must be free of liens