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Closing Cash™ Lender Credit Offer -  Terms and Conditions

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Our Closing Cash Lender Credit offer (also known herein as "Closing Cash™",  the "offer" or "program") is for borrowers obtaining a conventional mortgage loan to purchase an eligible 1-4 family residential property from Local Mortgage, Inc. (known herein as "LMI" or "Lender") located within the licensed states of Local Mortgage, Inc. FHA insured mortgage loans ARE NOT ELIGIBLE for this offer. 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 documentation about the program we send to you.

To be eligible for participation you must meet these eligibility requirements: 

1. You must apply for a Purchase Mortgage Loan from Local Mortgage, Inc., become approved for said loan, lock in your interest rate ten (10) or more days prior to closing and close the mortgage on the same program, loan type, amount, interest rate and other terms as locked in. 

2. Your property must qualify for financing based on the guidelines of the applicable loan program including type and location restrictions based on Conventional Mortgage Lending guidelines, if applicable.

3. Your loan must close with LMI within 60 days of your application. 

The Lender Credit:

LMI will, at the closing of your eligible loan, issue a credit on your behalf equivalent to one percent (1%) or the principal amount of your mortgage loan up to a maximum of five thousand dollars ($5,000). In no case can the Lender Credit exceed the maximum outside contributions allowed for your loan program and in no case may Lender Credit funds be used as part of your down payment.

Acceptable Use of Lender Credit Funds:

All funds from aforesaid Lender Credit must be used as part of your proceeds for closing costs and/or discount points in the closing of your mortgage and home purchase transaction. In no case may funds be disbursed directly to you. You may elect to use the credit funds to pay closing costs otherwise your responsibility to pay or, you may use the credit funds to pay discount points to reduce your interest rate. You will be sent a Closing Cash™ Confirmation and use Selection form prior to closing and must indicate how you wish to use the Lender Credit before we can issue closing documents.


While participating in this program you agree 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. 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.

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