Being a First Mid Certified Borrower puts you steps closer to your new home! Our borrowers have a head start on securing funding. You’ve found your dream home, now let’s get it under contract!
Top 3 Reasons to Get Certified
1. Makes you a more powerful buyer
Sellers and real estate agents will see you as a reliable buyer when you have a pre-approval letter in hand that is NOT subject to your lender’s review of your income and asset information. This gives both you and the seller peace of mind during the loan process.
2. Saves you valuable time
Doing the bulk of the legwork up front makes the homebuying process quicker and you will be able to close faster.
3. Reduces unwanted surprises
Becoming a Certified Homebuyer can help catch unforeseen concerns with income or asset documentation. An underwriter will review your documents to identify any issues PRIOR to finding your dream home and before you enter into a contractual agreement. This may prevent you from spending money on a home inspection that may not be warranted.
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Being a Pre-Approved Borrower is good, but being a CERTIFIED Pre-Approved Borrower is BEST!
The certification is subject to the financial status and credit report(s) of everyone on the application remaining substantially the same until closing, an acceptable contract of sale on a suitable property, collateral (things like the appraisal, title, survey, condition, and insurance) that satisfies the requirements of the Lender, and loan selected is still available in the market. All closing conditions of Lender must be satisfied including the clear transfer of the title, acceptable and adequate title and hazard insurance, flood certification, and any inspections that are required by the real estate contract.
The First Mid Certified Homebuyer program is not a commitment to lend funds and has not been approved, but it is a conditional approval subject to your acceptance of the terms and conditions being fully satisfied prior to closing. This loan commitment is based on verification of your current credit, income, and assets. Borrowers will be required to submit satisfactory evidence that no substantial change in the financial situation has occurred since the commitment date. Should anything change, including but not limited to income, credit, employment, assets, job history, payment history, debts, changes in savings patterns, and public liens of record, your credit approval could be jeopardized. All loans are subject to final review and approval by an underwriter prior to closing.