Go ahead. Pack those boxes.
Your closing date is guaranteed.
When closing on a new home, many pieces all come together at once. Moving trucks, school admissions, time off work, seller's schedules, etc. can all come to a grinding halt if the financing is not ready.
We understand how critical being able to close on time can be and decided to act boldly by guaranteeing a closing date for most purchase loans.
Simply put, we will issue a closing date guarantee certificate which states clearly when your loan can close. If we cannot deliver on that date, we will pay $1,000 toward your first monthly payment. (Subject to the conditions detailed below.)
So go ahead, get ready to move. We'll hold up our end and ensure your home loan is ready.
Closing Date Guarantee - Terms and Conditions
In connection with your mortgage loan for buying an owner-occupied principal single family residence, Triumph Bank will work to be ready to close your loan on the date specified in the Closing Date Guarantee Certificate that we send to you. In the event that we are not ready to close your loan by this date, an amount of $1,000 will be credited toward your first monthly payment.
This program is subject to change and may be discontinued at any time. The Closing Date Guarantee is not available for refinance loans (see below for other exclusions).
Eligibility: To qualify for the Closing Date Guarantee, you must meet these eligibility requirements:
1. You must apply for a conventional, FHA (203b only) or VA purchase loan on our website and provide requested documentation in support of your application via our online portal. Documents must be provided within THREE CALENDAR DAYS of the time of request. All requested responses and documentation must be received by Triumph Bank no later than TEN BUSINESS DAYS prior to the agreed upon closing date. A sample list of requested documents is provided below;
2. You must provide a copy of your fully-executed, original purchase contract, and Triumph Bank must agree in advance to the closing date on the purchase contract, or a date mutually agreed upon between you and Triumph Bank. Only the date listed on the Closing Date Guarantee Certificate will be considered. Changes in your purchase contract subsequent to the issue of a closing date guarantee certificate will void the closing date guarantee.
3. You must apply and qualify for a loan with Triumph Bank;
4. The information on your loan application must be accurate, complete and must not contain fraudulent information or material misrepresentations and/or omissions;
5.The actual appraised value must be equal to or greater than the purchase price listed on your purchase contract and no detrimental property conditions may be noted on the appraisal;
6. You may not request loan term changes, e.g. changes in loan program, term of loan, or down payment amount;
7. You must lock your loan rate and satisfy all loan requirements and conditions, including payment of all appraisal deposits, at least ten business days prior to the Closing Date Guarantee Certificate closing date; and
8. Your property must qualify for financing based on the guidelines of the applicable loan program including type and location restrictions based on FHA, VA or USDA Rural Development guidelines, if applicable.
9. All borrowers must be U.S. Citizens or permanent resident aliens with all sources of income and assets used for qualification from domestic sources and institutions denominated in U.S. Dollars.;
10. Your loan must close with Triumph Bank within 60 days of your application.
Exclusions: The Closing Date Guarantee is void if: The closing date is missed due to delays attributable to the customer, an unaffiliated third party vendor (including the appraiser, surveyor, tax transcript provider and/or title company) or the seller; The closing date is missed due to acts of God outside the control of Triumph Bank, including inclement weather, natural disaster, catastrophic event, act of terrorism or other public emergency beyond the control of Triumph Bank.
The following loan programs and/or characteristics are not eligible for the Guarantee:
1. Refinance loans;
2. Loans requiring a subordination of a prior loan and/or closing in combination with a second lien;
3. Loan applicants who have disputed credit accounts;
4. Properties requiring repairs or re-inspection;
5. Foreclosed properties owned by a bank or other lender or homes purchased through a "short sale";
6. Properties other than primary, owner-occupied residences;
7. Properties located in NY, CA, NV, NM, AZ, AK, HI, ID, MT, WA and OR; Properties outside of the contiguous United States;
8. Condominiums, Planned Unit Developments, Co-ops or leasehold-titled properties.;
9. Properties considered mixed-use, agricultural or commercial.;
10. Unusual property types for the area where located; e.g.: Log Homes, A-Frames, Geodesic domes, Earthen Homes, Mobile Homes, etc.
11. Loan conditions or characteristics resulting in loans ineligible for resale on the secondary market and or ineligible for mortgage insurance or guaranty (if applicable).
Sample List of Requested Documents: This is a sample list of documentation typically requested on mortgage applications. Your loan may require more or less documentation.;
1. Employee: Two years of W2's and 30 days of pay stubs;
2. Self-employed: Two years of tax returns;
3. Last 2 months' bank and other account statements;
4. Homeowner's Insurance binder or policy;
5. Documents requested as conditions of approval;
6. Form 4506T (Request for Transcript of Tax Return);
7. Borrower's Authorization to Release Information;
8. Appraisal Authorization;
9. Appraisal Appointment;
10. Lock Agreement (if applicable);
11. Any additional requests for client and/or property documentation.
Should the closing date not be met for eligible, un-excluded transactions where Triumph Bank has issued a Closing Date Guarantee Certificate, Triumph Bank will issue a credit or direct payment of $1,000 to the servicer of your home loan on or before the date your first payment is due. By participating in this guarantee program, you agree to limit the liability of Triumph Bank for delays in closing your loan past the agreed upon date on the closing date guarantee certificate to the $1,000 first payment credit exclusively and entirely.
* Other restrictions may apply. Program void where restricted by applicable law or regulation.