The 30 Day Closing Guarantee offers assurance to customers purchasing a home with a Forcht Bank mortgage that the loan will close on or before 30 business days with the first day beginning after the bank has received a completed mortgage application, supporting documents and financial forms, and a fully-executed purchase contract; or the customer will receive monetary compensation in the form of a check, 10 business days post-closing, in the amount of $500.
Eligibility: To be eligible for the 30 Day Closing Guarantee, the customer must (1) Complete a mortgage application online, by telephone, or face-to-face. (2) Provide all requested supporting documentation including income/asset documents needed to make a loan decision and signed disclosures. (3) Provide a fully-executed purchase contract which must include all pages, addendums, and required signatures, (4) Signed rate lock agreement within 10 days of closing date for Secondary Market loans, and (5) Borrowers remittance of the appraisal fees by check, ACH or transfer.
Applies to the following: (1) purchase transactions with first-lien mortgage on single family primary residence within Forcht Bank’s market area, and (2) Mortgage purchase applications received between April 11, 2022 and August 31, 2022. The 30 days for the promotion begins once items (1), (2) and (3) above have been fully met.
Ineligibility: The 30 Day Closing Guarantee will not apply in any of the following cases: (1) Refinances. (2) FHA, KHC, VA, Rural Housing, or other non-conventional mortgage products. (3) Customer or seller-initiated changes to the original application or purchase agreement. (4) Delays due to imperfection in property ownership, chain of title, boundaries, legal description, or ability to pledge property as collateral. (5) Delays due to property located in a designated flood area. (6) Changes in customer(s) financial condition after application, including but not limited to job changes. (7) The following customer or seller-initiated changes within 10 days of closing: interest rate and initial rate locks. (8) Closing date extensions due to a delay in completion of new construction, improvements, or repairs being made to the subject property. (9) Failure by either party to meet contract terms and requirements, including seller-related delays. (10) Transactions involving Cooperative projects (Co-ops), Consolidation, Extension and Modification Agreements (CEMAs), or loan amounts $2M or greater requiring two or more appraisals. (11) Delays due to force majeure events, including weather or natural disaster. (12) Delays caused by third parties other than Forcht Bank required service providers. (13) Delays due to customer’s failure to respond to Forcht Bank requests within 2 business days. (14) Delays due to non-arm’s length transactions (a purchase transaction in which a direct personal, financial or business relationship exists among any of the parties to the transaction). Forcht Bank reserves the right to amend, terminate, or withdraw the 30 Day Closing Guarantee at any time without prior notice.
Any awards transferred at or outside closing in excess of the value of the underwriting fees may be considered miscellaneous income received from Forcht Bank and we may be required to send you, and file with the IRS, a Form 1099-MISC (Miscellaneous Information) or Form 1042-S (Foreign Person’s U.S. Source Income Subject to Withholding) for the year in which you participate and are awarded the benefits of the program. You are responsible for any tax liability related to participating in the program. Please consult your tax advisor if you have any questions about your personal tax situation.
Home lending and deposit products offered by Forcht Bank, N.A. Member FDIC. Equal Housing Lender
