Better Offer Terms & Conditions

11/9/2017

Borrower Eligibility

To be eligible for the Better Offer, all borrowers who will be obligated on the mortgage note must be verified by Better Mortgage in advance of the purchase contract date by obtaining a verified pre-approval letter. Borrowers must also timely and truthfully comply with all documentation and information requests from Better Mortgage.

Property Eligibility

To be eligible, purchase properties must be verified in advance of the contract date and meet all of the following criteria:

  • One (1)-unit
  • Existing Construction
  • Eligible properties include single family residence (SFR), detached PUD, and Townhouses without homeowners association
  • Arm’s length sales only
  • No damage, adverse conditions, or ongoing repairs that adversely impact marketability
  • Is not located in current (active) FEMA disaster area

Loan Term Eligibility

To be eligible for the Better Offer, the mortgage product selected must meet all of the following criteria:

  • 80% or less LTV/CLTV (No Appraisal Required)
  • Maximum 95% LTV/CLTV (Requires Pre-Appraisal)
  • Up to conforming high-balance loan limit
  • Loan amount must be equal to or less than the verified pre-approval amount

The Better Offer

If you, your property, and your loan meet the eligibility requirements and you have an accepted and fully executed purchase contract on that property, but, through no fault of your own, your purchase transaction does not close and the Seller keeps your earnest money deposit (“EMD”), Better Mortgage will reimburse you the EMD amount contained in the fully executed and accepted purchase contract up to a maximum equal to the lesser of $50,000 or 7% of the contracted sales price.

  • Terms:

a. Better Mortgage will refund your EMD if you:
      i. Are an eligible borrower(s) who have obtained a verified pre-approval and have chosen to fund your home purchase with an eligible fixed rate loan from Better Mortgage;
      ii. Have submitted a fully executed and accepted purchase contract on the eligible property specifying the amount of the EMD;
      iii. Have paid your EMD; and:

b. The Seller retains your EMD because:
      i. Your funding does not occur by the closing date agreed to by the parties due to a Better Mortgage error; or
      ii. Better Mortgage cannot fund your loan due to a non-curable credit, underwriting or appraisal issue that occurs after underwriting is complete, but prior to closing.

c. Better Mortgage will NOT refund your EMD if:
      i. The Seller retains your EMD because:
            1. Your funding does not come through due to an action you take, a misrepresentation you make or a job loss during the application process;
            2. Better Mortgage is precluded from funding your loan by operation of law;
            3. The Seller believes you breached the terms of the purchase contract; or
            4.You change your mind and decide not to purchase the home.

d. To obtain the allowable EMD reimbursement, within 30 days of your receipt of notice that the Seller is retaining your EMD, you must:
      i. Submit written proof of the amount of EMD you paid in the form of a cancelled check or wire transfer of funds receipt; and
      ii. Submit written proof from the Seller or Seller’s counsel that she is retaining your EMD and articulating the reason for the retention.

  • If you purchase the property that is the subject of the submitted purchase contract within one (1) year of EMD reimbursement, you agree that the amount reimbursed is immediately due and owing to Better Mortgage and reducible to judgement in State Court in the jurisdiction where the property is located.

  • Each borrower may only take advantage of this offer once every three (3) years.

  • Offer is only available to borrowers who meet our underwriting criteria.

  • Offer is only valid in states where Better Mortgage is originating loans at the time of application.

  • Better Mortgage reserves the right to rescind or modify the terms of this offer without prior notice.

  • Offer is valid for 60 days from the date of the most recent hard credit inquiry.