Homebuyer Protection Package

Lock and Shop Program

Guild will lock in the borrower’s interest rate for 90 days while they shop for the perfect home. If rates go up, the borrower’s won’t change. If rates go down, the borrower may be eligible for a one-time rate float down option. See terms and conditions below.

Terms, Conditions and Eligibility Requirements:

1) Lock and Shop Program (“Program”) will lock your initial interest rate for up to 90 days.  To be eligible for the Program, borrower must complete a loan application with Guild Mortgage (“Guild”).  No property address is required when completing the application.

2) Borrower must supply the fully executed purchase and sales contract within 45 days of participating in the Program.

3) This Program only applies to home purchases to be funded by Guild using conventional, FHA and VA conforming loan programs for one to four family dwelling units only and excludes high balance loans, second liens, investment properties, refinance loans, renovation loans, nonpurchase money home equity lines of credit, interim construction loans or other temporary financing, loans brokered to or by Guild, loans involving short sales, or any other purchase contract that requires the approval from a third party (e.g., a lender, relocation company, etc.).

4) Guild reserves the right to charge a fee for the Program.  The Program may be amended or terminated at any time except as to qualified home purchasers with submitted applications prior to the date of the amendment or termination.  The Program is not transferable or assignable.

5) Unforeseen circumstances adversely affecting the ability to perform will void Guild’s obligations under the Program (natural disasters, inclement weather, catastrophic event, or other major event beyond Guild’s control). Applicable law or investor requirements may impose a required waiting period prior to closing, including but not limited to a waiting period due to re-disclosure of updated loan, or TRID (TILA / RESPA Integrated Disclosure Rule) or Real Estate Settlement Procedures Act disclosure information, or delivery of an appraisal or appraisal addenda, and that waiting period may prohibit us from closing on the set closing date.

6) The Program is not a mortgage loan approval nor a commitment to lend and is subject to the customer satisfying all underwriting guidelines and loan approval conditions, including identifying a property that is acceptable collateral to Guild and satisfying all appraisal and title requirements.

7) This offer only apply to purchase loan applications received by Guild after April 15th, 2019.

Credit Approval Protection (“CAP”)

If Guild issued a preliminary underwriting credit approval, and is then unable to close on the borrower’s loan, we will pay the borrower up to $1,000 for inspections, appraisals and relocation expenses incurred. Guild will also reimburse the borrower for their lost earnest money deposit, up to $5,000. See terms and conditions below.

1) Credit Approval Protection covers the preapproval of the borrower’s credit package. Credit Approval Protection and/or Closing Costs Protection (collectively the “guarantee”) will apply only if there are no material changes in the borrower’s application or credit status from the date of preliminary credit approval through closing. A certificate of credit approval will be issued with the date of the preliminary credit approval. Material changes include changes in underwriting guidelines, the loan amount or loan product, loss or change of employment or income, undisclosed liabilities or increases in debt, fraud, misrepresentations or material omissions in the loan application and supporting documents.

2) The guarantee is not a mortgage loan approval nor a commitment to lend, and is subject to the customer satisfying all underwriting guidelines and loan approval conditions, including identifying a property that is acceptable collateral to Guild and satisfying all appraisal and title requirements.

3) This program only applies to loans to be funded  by Guild using conventional, high balance (non-jumbo), FHA and VA loan programs for one to four family dwelling units only and excludes second liens, investment properties, refinance loans, renovation loans, non-purchase money home equity lines of credit, interim construction loans or other temporary financing, loans brokered to or by Guild, loans involving short sales, or any other purchase contract that requires the approval from a third party (e.g., a lender, relocation company, etc.).

4) Unforeseen circumstances adversely affecting the ability to perform will void Guild’s obligations under the Program (natural disasters, inclement weather, catastrophic event, or other major event beyond Guild’s control).

5) If Guild does not perform and does not proactively provide any credits or payments required under the guarantee, you must request the funds within 90 days from closing. Any payment made under the guarantee will be reported to the IRS on Form 1099-MISC. Please consult your tax advisor regarding any tax implications.

6) Employees of Guild or its affiliates and their immediate family members are not eligible to participate in the program.

7) The guarantee is not transferable or assignable. Guild reserves the right to amend or terminate this program and the guarantee at any time except as to qualified home purchasers with submitted applications prior to the date of the amendment or termination.

8) All payments made under this guarantee shall be the only recourse and obligation of Guild under this program. Any other indirect, special or consequential damages due to Guild’s failure to timely close a loan are hereby disclaimed.

9) The guarantee and this program only apply to purchase loan applications received by Guild on or after April 15th, 2019.

Homebuyer Express (“HBE”) – 17 Day Closing Guarantee

Gives the borrower confidence that the loan will be closed timely or the borrower will be reimbursed $500 in closing costs. Home must be under contract at least 17 days prior to the scheduled closing. See terms and conditions.
Homebuyer Express Closing Guarantee not available in Oregon

Terms, Conditions and Eligibility Requirements:

1) To be eligible for HBE, Borrower must complete a loan application with Guild Mortgage (“Guild”) and receive Credit Approval prior to executing a purchase and sales contract.  Credit Approval must be obtained within 60 days of the date of the fully executed purchase and sales contract.

2) Borrower must supply the fully executed purchase and sales contract within 72 hours of the fully signed purchase and sales agreement; no later than fourteen days prior to closing.

3) All additional documentation, requested after the initial collection of data, must be provided within 48 hours of the request. You must lock your loan with Guild at least 15 days before the purchase and sale closing date. Any client, seller or third party delays, either through their actions or omissions, will void the guarantee (e.g., being out of town or otherwise unavailable, not providing requested documentation, change in the loan amount, program, down payment or terms, not timely signing of loan and closing documents, etc.)

4) Unforeseen circumstances adversely affecting the ability to perform will void Guild’s obligations under the guarantee (natural disasters, inclement weather, catastrophic event, or other major event beyond Guild’s control). Applicable law or investor requirements may impose a required waiting period prior to closing, including but not limited to a waiting period due to re-disclosure of updated loan, or TRID (TILA / RESPA Integrated Disclosure Rule) or Real Estate Settlement Procedures Act disclosure information, or delivery of an appraisal or appraisal addenda, and that waiting period may prohibit us from closing on the set closing date.

5) All payments are subject to maximum allowable lender credit and minimum contribution requirements under applicable loan programs (e.g., FHA, VA, Fannie Mae, Freddie Mac, etc., program guidelines). FHA and Rural Development regulations require a minimum cash investment by the borrower, which may limit the amount of any lender credits or payments by Guild under the guarantee.

6) The guarantee is not a mortgage loan approval nor a commitment to lend and is subject to the customer satisfying all underwriting guidelines and loan approval conditions, including identifying a property that is acceptable collateral to Guild and satisfying all appraisal and title requirements.

7) This program only applies to home purchases funded by Guild using conventional, high balance (non-jumbo), FHA and VA loan programs for one to four family dwelling units only and excludes second liens, investment properties, refinance loans, renovation loans, nonpurchase money home equity lines of credit, interim construction loans or other temporary financing, loans brokered to or by Guild, loans involving short sales, or any other purchase contract that requires the approval from a third party (e.g., a lender, relocation company, etc.).

8) The guarantee is not valid if applicable law imposes a required waiting period prior to closing, including a waiting period due to redisclosure to you of updated loan information, and that waiting period prevents Guild from closing on time.

9) If Guild does not perform by the closing date and does not proactively provide any credits or payments required under the guarantee, you must request the funds within 90 days from closing. Any payment made under the guarantee will be reported to the IRS on Form 1099-MISC. Please consult your tax advisor regarding any tax implications.

10) Employees of Guild or its affiliates and their immediate family members are not eligible to participate in the program.

11) You are still obligated to make each mortgage payment by the due date even if you are entitled to any credits or payments under the guarantee.

12) The guarantee is not transferable or assignable and Guild reserves the right to amend or terminate this program and the guarantee at any time except as to qualified home purchasers with submitted applications prior to the date of the amendment or termination.

13) The payments made under this guarantee shall be the only recourse and obligation of Guild under this program. Any other indirect, special or consequential damages due to Guild’s failure to close a loan in a timely manner are hereby disclaimed.

14) The guarantee and this program only apply to purchase loan applications received by Guild after April 15th, 2019.