Loan must be a primary residence or second home. Ineligible products are listed below. Loan application must have a pre pre-approval signed and issued by a LendSmart Mortgage underwriter prior to the date of purchase agreement. approval Pre Approvals Approvals signed by Loan Originators or Managers are not eligible. In order to issue a signed Pre Approval, a complete loan application, all application, all income and all asset documentation must be provided to underwriting for review. Acceptable title and appraisal must appraisal must be provided to Lend Smart Mortgage at least 10 business days prior to closing. Borrower must disclose disclose any and all any and all relevant information regarding their financial position and/or marital status. There can be no negative change to negative change to information contained within the application used to pre approve the borrower’s loan. Borrower must continue to must continue to provide updated documentation to LendSmart Mortgage within 48 hours of the request throughout the loan proce throughout the loan process. Borrower must close on the same lending product as originally underwritten to remain eligible fo ss. eligible for r Pre Approval Pre Closing Guarantee. If Lend Smart Mortgage fails to close the loan after issuing a preapproval certificate signed by our underwriting department, and approval certificate signed all of the conditions listed in this document have been met, we will been met, we will pay the seller $10,000 within 10 business days after full cancellation of the Purchase Agreement.
Ineligible Products
The following products are ineligible for the Pre Approval Closing Guarantee, Investment Properties, Short Sales, Down Payment Down Payment Assistance Programs, Brokered Loans, Loans with Subordinate Financing. Non Arms-length Transactions, Condos, Transactions, Condos, Manufactured Homes and all construction, rehabilitation or similar products.
Final underwriting of the property appraisal, title report, and applicable trusts or powers of attorney, as well as reverification of borrower(s) credit application, including employment, income, assets, and any other documentation or information deemed necessary by the underwriter will be performed prior to closing. Any material and/or negative changes may cause the Closing Guarantee to be canceled or withdrawn. All applications must be submitted in writing and are subject to credit underwriting approval, and not all applications will be approved.
