Summary: Eave, Inc. dba HomeLight Home Loans ("HLHL") will close qualified, fully underwritten, pre-approved loans by the designated closing date as required by the purchase contract, in as few as 21 days from submission, or HomeLight Home Loans will reimburse any earnest money lost by the consumer, up to $100,000.
- Purchase transactions only.
- Must complete and execute a complete loan application via homelighthomeloans.com for a first lien mortgage loan on a residential property and receive a Fully Underwritten Pre-Approval.
- Borrower must qualify for a loan of 105% of the designated purchase amount of the subject property. (e.g. if the subject property has a negotiated sales price of $1,000,000, the borrower must qualify for a minimum $1,050,000)
- Must submit a valid, executed Purchase Contract for a specific residential real property located within a state where HomeLight Home Loans is licensed and originating mortgage loans. The fully executed purchase contract must identify a specific closing date that is 21 days or more from the completed RESPA application date, and this closing date must have been previously discussed and acknowledged by an HLHL representative.
- In order to qualify for a 21-day or less closing, the appraisal must be ordered and returned to HLHL within 12 days of the date a completed RESPA application is submitted. To accomplish this, the Intent to Proceed must be executed and returned within 24 hours of delivery and HLHL will then order an appraisal within the following 24 hours. Failure to return the Intent to Proceed in a timely manner or failure by the Appraisal Company to return the appraisal in a timely manner may disqualify the transaction from this guarantee.
- Closing Date cannot be prohibited by federal law, e.g. the 3-Day waiting period required by TRID.
- Borrower must acknowledge any outstanding conditions listed on the Conditional Approval and affirmatively acknowledge that failure to deliver the items on the conditional approval will void this guarantee.
- All required disclosures have been executed and returned to HLHL in a timely manner. (See Disclosure Policies for specific timelines)
- Loan must be locked no less than 10 calendar days prior to the specified closing date named in the purchase agreement.
- Offer not available for any ineligible property types, according to HLHL Guidelines.
- The guarantee is valid for the reimbursement of any amounts committed as an earnest money deposit, subject to a valid purchase contract, that are deemed forfeit to the Seller because of the failure of the loan to close in a timely manner due to acts, omissions, or events directly within the control of HLHL or its designated affiliates. All attempts to reasonably accommodate any delays must be attempted and the Seller must refuse to accommodate any such concessions and refuse to release the earnest money. The amount of this reimbursement is limited to the total amount of the earnest money deposit that is deemed actually forfeit or $100,000, whichever is less.
- The specific residential real property identified in the purchase agreement cannot be changed prior to the specific closing date.
- Once complete and signed, any loan qualifying information contained in the loan application cannot change. There cannot be a change in borrower's employment or any other change in borrower's qualifying eligibility, in HLHL's sole discretion.
- No assignment of the purchase agreement or substitute borrower is eligible for this offer.
- If more than one borrower, all of these terms and conditions relate separately to each borrower.
- The application and all supporting documentation, whether submitted with the application or at any other time, cannot contain any fraudulent or misleading information or representations.
- This closing guarantee will be deemed invalid should the borrower request any changes in the terms of the loan, including changes to the loan amount, interest rate, or other key term of the loan, after the loan has been locked with HLHL.
- Each borrower must completely satisfy all loan program requirements and conditions for final approval at least 8 days prior to the specified closing date in the fully executed purchase agreement.
- This offer of a closing guarantee is void if the closing is delayed beyond the specified closing date due to the acts or omissions of parties outside HLHLs control. This includes:
- the acts or omissions of the Seller, Borrower, any unaffiliated vendor selected by parties other than HLHL, including any appraisers or inspectors, or either parties' counsel or representatives;
- the acts, omissions, negligence, or malfeasance of a party other than the seller, borrower, or HLHL;
- any delay by a government agency in delivering any item or approval necessary for closing;
- or any natural disaster or extraordinary event or circumstance beyond the control of the parties (including, among others, inclement weather, acts of god, natural disaster, public emergency, or catastrophic event).
- This closing guarantee is void if a contingency for the sale of a borrower's primary residence is not clear prior to or at the closing specified in the purchase agreement.
- This closing guarantee is void if, at least 5 days prior to the specified closing date, the appraised value of the real property identified in the purchase agreement is more than 5% less than the price identified in the purchase agreement or any required repairs identified in the appraisal or inspection are not complete.
- Void where prohibited by law.
HomeLight Home Loans reserves the right to amend or terminate this Closing Guarantee at any time, with or without notice; however, a borrower remains eligible to receive the terms and conditions of this closing guarantee if it is still deemed active and available the day that HLHL has received both a fully executed purchase agreement for a specific real property in a state where HLHL is licensed and is conducting business and a complete, executed loan application.
This is not an offer to lend or extend credit, nor is this a guarantee of loan approval or a commitment to lend. The information herein may not be current and may no longer be accurate. Contact your HLHL Licensed Loan Officer for detailed, current information. Consumers are responsible for independently verifying the satisfaction of all terms and conditions of this guarantee. All of these terms and conditions are further subject to the borrower(s) satisfying all underwriting guidelines and loan approval conditions and providing an acceptable property, appraisal, and title report.