TruLoan Cash Advantage program fees are charged by Ribbon and offset via a lender subsidy/credit issued by TruLoan Mortgage at closing for eligible borrowers who contract with Ribbon for its Cash Upgrade program. Must be primary residence, min qual FICO score of 680, max DTI of 42%, with AUS underwriting approval, max purchase price $700k. Offered in select markets in NC, SC, GA, TN. Verify address eligibility prior to making an offer with the intent of using this program. Home eligibility must be approved in advance by Ribbon. Eligible loan types: Conventional, VA, or FHA. USDA loans and down payment assistance programs ineligible. Certain limitations may apply on FHA loans. Eligible property types: One-unit, Single Family homes w/<4 acres of land, Town Homes or Condominiums, built after 1974 or have been fully renovated. Short sales, foreclosures, manufactured and modular homes are ineligible.
On-time guarantee requires borrower to supply all documents within 24 hours of request or lender credit for Ribbon fees may be reduced or eliminated. If lender is at fault for closing delay causing Ribbon to purchase the house on borrower’s behalf, lender credit of 2% Ribbon fee is applied. Lender credit of 2% Ribbon fee does not apply for buyer or seller-caused delays, acts of god, FEMA declared states of emergency, settlement agent delays, unacceptable title search results, property inspection issues or repairs that cause closing delays. For eligible buyers who intend to use the Ribbon “Buy Before You Sell” program lender credit is limited to the 1% “Offer Upgrade” program cost. Borrower disqualifying events (such as, but not limited to, job loss, decline in income, negative credit event, etc.) disqualify borrower from program and no lender credit will be issued. Applicable Ribbon fee of 2% is 2.4% in GA and TN.
This offer may not be combined with other offers or specials. Buyer must close loan with TruLoan Mortgage to receive lender credit for this program. Buyer must specify this program at time of application to receive program guidance and applicable loan terms and rates.
This is a limited time offer good on applications through March 31, 2021.