Silverton Secure+

*On-Time Closing Guarantee Conditions: The up to $2,000 On-Time Closing Guarantee (the “Guarantee”) available from Silverton Mortgage (“Silverton Mortgage”) for loans financing the purchase of a home. If Silverton Mortgage fails to meet the Guarantee scheduled closing date, the $2,000 Guarantee will be in the form of up to a $1,000 closing cost credit to the buyer, which are otherwise required to be paid by buyer/applicant, and $1,000 payable to the seller in the form of a check payable to the seller of record on the purchase agreement. The Guarantee scheduled closing date is determined by mutual agreement of the buyer/applicant, Silverton Mortgage and seller and must be a date on which there will be an unexpired Silverton Secure+ Pre-Approval Letter. Silverton Mortgage will communicate the agreed upon scheduled closing date to the applicant by email. To be eligible for the Guarantee, all applicant(s)s must provide any information requested by Silverton Mortgage within twenty-four (24) hours of Silverton’s request and must meet all of the following eligibility requirements: All information on the loan application must be accurate and must not contain fraudulent information or material misrepresentations. The appraised value for the property must be equal to or greater than the purchase price listed on the purchase agreement. No contract changes or addendums allowed less than five (5) business days before the agreed upon closing date. Applicant(s) must lock the Silverton Mortgage loan rate and satisfy all loan requirements and conditions, including payment of all advance fee deposits, at least seven (7) business days prior to the Guarantee scheduled closing date. No loan or program changes are permitted less than seven (7) business days prior to the Guarantee scheduled closing date. For FHA loans, the property purchase being financed by Silverton Mortgage must qualify for FHA financing. The following loan programs/applicants are not eligible for the Guarantee: Loans requiring a subordination of a prior loan; Loan applicants who have disputed credit accounts; loans to be secured by properties requiring repairs or re-inspection; loans to be secured by properties purchased through a “short-sale” or as a bank owned property; USDA loans; Mortgage Revenue Bond Programs; Construction or Renovation Loan Transactions; Jumbo Loans; Non-warrantable condominiums; Manufactured homes; Refinance Transactions. Silverton Mortgage is not responsible for the performance of third parties, such as Appraisers, Attorneys, Title Companies, Governmental Agencies or anyone not under direct control of Silverton, that may delay the closing. Certain financing programs may limit the total amount that Silverton Mortgage may credit the applicant at closing if the Guarantee credit is awarded and applicant closing costs are less than $1,000. Therefore, not all Guarantee closing credit buyer/applicant awards will be $1,000, some may be less. Silverton Mortgage is not responsible for an applicant losing any earnest money deposit or other funds resulting from a closing date not occurring as scheduled. Guarantee is void if prohibited by law.