Jet Direct Funding Corp Closing Guarantee Eligibility

These requirements must be met:

(1) Apply for a first lien purchase home loan with Jet Direct Funding Corp; and
(2) Provide a complete application package, which includes all requested supporting documentation and signed disclosures, and a fully-executed purchase contract with all pages.
(3) Conventional Loans: Closing date must be at least 21 calendar days after receipt of a complete application package, except for a cooperative project (co-op) which requires 60 calendar days. For any new construction property that receives an initial appraisal subject to repairs/completion, a final inspection is required. Jet Direct Funding Corp guarantees closing within 3 business days of receipt of a satisfactory final inspection.
(4) FHA/VA Loans: Closing date must be at least 30 calendar days after receipt of a complete application package. When an FHA/VA final inspection is required for new construction or specific home repairs, Jet Direct Funding Corp guarantees closing within 5 business days from receipt of a satisfactory final inspection or satisfactory proof of final repairs. If the property is a condo, the condo must be FHA or VA (as applicable) approved at the time of submission of the home loan application.

Product Exclusions:
Refinances, transactions involving Consolidation, Extension and Modification Agreements (CEMAs), or loan amounts $2 million or greater.

Ineligibility:
The Jet Direct Funding Corp Closing Guarantee does not apply if the following occur: Customer or Seller initiates changes (1) to the original closing date documented in the purchase contract; or (2) within 10 calendar days of closing that impact loan amount, product type, contract terms, interest rate, or initial rate locks. The Closing Guarantee also does not apply if delays occur as a result of (1) completion of new construction, improvements or repairs being made to the subject property; (2) failure by the customer or seller to meet contract terms and requirements, including seller-related delays; (3) force majeure events, including weather or a natural disaster; (4) third parties other than Jet Direct-required service providers; or (5) customer’s failure to respond to Jet Direct Funding Corp requests in a timely manner (e.g., within 2 business days). Additionally, the Closing Guarantee does not apply for transactions in which a direct personal, financial, or business relationship exists among any of the parties to the transaction (non-arm’s length transactions). Jet Direct Funding Corp reserves the right to amend, terminate, or withdraw the Closing Guarantee at any time without prior notice.

Tax & Award Notice:
Closing guarantees and other awards (“awards”) transferred to you under the terms of the program will be considered by Jet Direct Funding Corp a discount of underwriting fees paid at mortgage closing. Any awards transferred at or outside closing in excess of the value of the underwriting fees may be considered miscellaneous income and may be reportable on Form 1099-MISC or Form 1042-S to you and the IRS for the year in which you participate and receive the awards. You are responsible for any tax liability related to participating in the program. Please consult your personal tax advisor for questions about the impact to your personal income tax returns.

Footnote
A preapproval is based on a review of income and asset information you provide, your credit report, and an automated underwriting system review. The issuance of a preapproval letter is not a loan commitment or a guarantee for loan approval. We may offer a loan commitment after you submit an application and we perform a final underwriting review, including verification of any information provided, property valuation and, if applicable, investor approval, which may result in a change to the terms of your preapproval. Preapprovals are not available on all products and may expire after 90 days. Contact a Jet Direct Funding Corp Mortgage Banker for details.

All home lending products are subject to credit and property approval. Rates, program terms and conditions are subject to change without notice. Not all products are available in all states or for all amounts. Other restrictions and limitations apply.

Licensed Mortgage Banker – NYS Department of Financial Services
NMLS #3542