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Approved Home Buyer™ Program Terms and Conditions

Our Approved Home Buyer™ Program is a mortgage pre-approval program (also known herein as the "offer" or "program") for persons wanting to buy a home and is for use in advance of their contracting to buy any specific, eligible 1-4 family residential property located within the licensed states of Local Mortgage, Inc. By participating in this program you (the "Applicant/s", "Borrower/s", etc. herein also known in the first person as "you" and "your") agree to the terms and conditions here as well as in any Approved Home Buyer™ Confirmation Letter we send to you.

To be eligible for participation you must apply for, become approved, accept and close a mortgage loan from Local Mortgage, Inc. to buy a home. Upon receiving your fully-completed application as well as all supporting documentation we request from you to document your income, employment, assets and other mortgage eligibility criteria, we will obtain further third-party verifications of your qualifications such as credit reports and other information.  Your loan application will then be underwritten as to your qualifications as a borrower for a defined loan program, amount, interest rate range and terms and a decision will be communicated to you in writing as to whether you are approved or not. 

If you are approved, that decision will be communicated to you in writing exclusively via an "Approved Home Buyer™ Confirmation Letter" countersigned by an authorized representative of Local Mortgage, Inc. which will be valid for one hundred-twenty days (120 days) from the date of such confirmation letter. This Confirmation Letter will detail the terms you are approved for which may not be changed except upon written approval by an authorized representative of Local Mortgage, Inc. No other form of approval either verbally or electronically communicated is valid. Interest rates are not guaranteed and may change at any time without notice unless locked in. Please contact us to lock in your interest rate if you do not want interest rates to fluctuate until your loan closes. If you are denied, you will receive a denial letter known as a "Notice of Adverse Action" as prescribed by applicable law and lending regulations.

Within the eligibility period, when you agree to buy a specific property, documentation for the terms of sale as well as for the property will be requested from you, other parties such as real estate agents and an appraisal report will be ordered the expense of which you agree to pay. You will be responsible to provide us with (or direct other parties to provide us with) a fully-executed purchase and sale agreement along with any addendums thereto, a binder of homeowner's insurance from an acceptable insurer, pest inspection and other property-specific documentation we may request. We will further obtain other third-party documentation about the property you are purchasing such as title insurance commitments, flood hazard determination and then determine whether the property and sale transaction qualify for financing based on the loan terms you were previously pre-approved for. If the property qualifies based on your pre-approved loan terms, we will issue a final approval and proceed to closing your loan transaction.

While participating in this program, time is of the essence in your delivery of requested documentation to Local Mortgage, Inc. You agree submit requested documentation as quickly as possible and to electronic communication (email and/or SMS text) and to electronic submission of documentation via file upload or email. Local Mortgage, Inc. will not confirm delivery or your receipt of any communications.

This offer is void where prohibited by applicable law and in states where Local Mortgage, Inc. does not currently maintain a mortgage lender license. Pre-approval is not a commitment to lend until property is also underwritten and a final approval is issued. If applicable, guidelines and requirements of private mortgage insurers, governmental guarantors, government sponsored enterprises and other mortgage investors will also apply  to any mortgage loan. Any dispute arising from this program will be adjudicated under Tennessee law and all parties submit to the exclusive jurisdiction of the State and Federal Courts located in Shelby County, Tennessee. To verify status of any Approved Home Buyer™ Confirmation, please call or write:

Local Mortgage, Inc.

Attn: Underwriting Department

5350 Poplar Avenue, Suite 850

Memphis, TN 38119

Telephone: (901) 504-4663

Additional Offers Which May Apply

In combination with participation in the Approved Home Buyer™ program, you may also be offered, at our election, additional features which, while separate offers, may combine with and compliment this offer. Terms and conditions for these offers are linked below:

"Close-on-time Guarantee" - Terms and Conditions

"Seller's Closing Guarantee" - Terms and Conditions