New American Funding launches cash buyer program in response to bidding wars

New American Funding, in partnership with its real estate company affiliate, Buyer Accepted, has introduced a nationwide cash buyer program that will “turn traditional homebuyers into cash buyers.”

Through the program, Buyer Accepted will purchase the borrower’s chosen home upfront with cash and then sell it to the borrower, with financing provided by a New American Funding mortgage. The home lender said that this helps level the playing field for traditional homebuyers at a time when cash buyers make up more than 25% of all home purchases.

“As one of the nation’s largest mortgage lenders, New American Funding is uniquely familiar with how difficult it is to buy a home in today’s ultra-competitive housing market,” the company said in a statement. “Thanks to record low inventory and fierce competition from corporate interests and cash buyers, traditional homebuyers are being left behind. But that ends now.”