FCM Greenlight+ Program Terms & Conditions
First Community Mortgage, Inc. (“FCM” or “Lender”) offers a Greenlight+ Closing Guarantee (“Guarantee”) for pre-approved borrowers in the program.
FCM guarantees to close the loan no later than 21 days after receipt of valid purchase and sales agreement or Closing Date listed in sales agreement, whichever is later. Terms and conditions apply, see below for full program details. If FCM is unable to meet the Terms of this Guarantee, FCM shall pay the Seller $5,000.
Conditions
– Program applies only to loans submitted directly to FCM.
– Borrowers must have a fully underwritten Greenlight+ Program Pre-Approval prior to signing the Purchase and Sales Agreement. Program is only valid on the property identified in the Purchase and Sales Agreement.
– This Program only applies to first lien, single family, conventional loan, owner occupied, purchases, and FHA loans.
– Not applicable on manual underwrites, USDA, refinance, condos, down payment assistance programs, bond programs, new construction, broker or correspondent loans, jumbo loans, or unique properties.
– FCM must receive a fully executed purchase and sale agreement with all pages, addendums, and required signatures.
– All inspection and appraisal conditions must be satisfied. FCM is not liable for third party delays.
– Rate must be locked before Closing.
– If FCM does not meet the terms of Guarantee, FCM shall pay seller $5,000. $5,000 payable upon written request from seller. Only payable to Seller listed on the Purchase and Sales Agreement. Seller is responsible for supplying FCM with W-9 prior to payment. Seller is responsible for all taxes resulting from payment.
– FCM’s liability for failure to close by Guarantee date is limited to $5,000, payable to Seller, if all Program guidelines are met. FCM is not liable for consequential or other damages for any party to the transaction. There are no third party beneficiaries to the pre-approval or loan.
– This is not an offer to lend or to extend credit, nor is this a guaranty of loan approval or commitment to lend. The information here may not be up-to-date and may no longer be accurate. Consumers must independently verify the accuracy and currency of the on-time closing guarantee terms and conditions. All of the above terms and conditions are subject to the borrower(s) satisfying all underwriting guidelines and loan approval conditions and providing an acceptable property, appraisal and title report.
– This program is not applicable in VA or TX.
The Closing Guarantee is void if:
– Borrower changes loan product or terms
– Borrower’s credit, employment, or income changes
– Closing is delayed due to seller’s failure to close on time
– Borrower fails to meet contract requirements or supply FCM with required documentation in a timely manner (“3” business days”)
– Borrower related material changes occur
– Changes are made to the Purchase and Sales Agreement or Closing Date is not included in the contract
– Loan documentation or application contains fraudulent information, omissions, or material misrepresentations
– Closing is delayed due to a third-party requirement, including appraisal and inspection and title delays.
– FCM does not receive, at least five (5) days prior to the specified closing date in the fully executed purchase agreement, the appraised value of the real property identified in the purchase agreement does not equal or exceed the sales price identified in the purchase agreement, or any required repairs or other work identified in the appraisal is not complete
– Any natural disaster or an extraordinary event or circumstance beyond the control of the parties occurs (including, among others, weather or catastrophic event, war, strike, riot, crime, or act of terrorism)
– Void where applicable law or investor requirements have a mandatory waiting period beyond the Guarantee period.
– Void where prohibited by applicable law or investor requirements.
FCM reserves the right to amend, terminate, or withdraw any products, promotions, guarantees, and/or benefits at any time without notice. Terms are subject to state restrictions.