Summary: Each borrower's application will be evaluated and given a "Certainty assessment Ranking." Borrowers with a High Certainty Assessment will be eligible, should they choose, to waive certain contingencies with Eave's support (after being fully advised of the ramifications of such a waiver by their independent realtor or counsel), thus being able to compete with a cash buyer in the transaction. Eave is so confident they can close these "High Certainty" loans, they will reimburse any earnest money lost by the buyer, up to a maximum of $100,000, should the loan fail to close based on the actions of Eave or parties under its control. Additionally, due to the reduced risk of these extremely well-qualified borrowers, borrowers receiving a High Certainty Assessment will be eligible for a rate reduction off of the normal rate they would qualify for.Qualifications:
- Purchase transactions only.
- Must complete and execute a complete loan application for a first lien mortgage loan on a residential property and receive a complete Eave Conditional Approval.
- 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 certainty assessment.
- All required disclosures have been executed and returned to LO in a timely manner. (See Disclosure Policies for specific timelines)
- 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).
- Offer not available for any ineligible property types, according to Eave Guidelines.
- 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 Eave’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. Any discovery of misrepresentation voids this guarantee in its entirety.
- 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 Eave.
- Each borrower must completely satisfy all loan program requirements and conditions for approval at least 8 days prior to the specified closing date in the fully executed purchase agreement.
- This offer of a Certainty Assessment guarantee is void if the closing is delayed beyond the specified closing date or Eave is unable to close the mortgage loan due to the acts or omissions of parties outside Eave’s control. This includes:
- the acts or omissions of the Seller, Borrower, any unaffiliated vendor selected by parties other than Eave, or either parties’ counsel or representatives;
- the acts, omissions, negligence, or malfeasance of a party other than the seller, borrower, or Eave;
- 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 Certainty Assessment 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 Certainty Assessment 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.
Eave reserves the right to amend or terminate this Certainty Assessment Program at any time, with or without notice; however, a borrower remains eligible to receive the terms and conditions of Certainty Assessment guarantee if it is still deemed active and available the day that Eave has received both a fully executed purchase agreement for a specific real property in a state where Eave 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 guaranty of loan approval or a commitment to lend. The information herein may not be current and may no longer be accurate. Contact your Eave 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.