*To be eligible for the SCCU Closing Guarantee, the customer must:
- Complete a mortgage application online, by telephone, or face-to-face.
- Provide all requested supporting documentation including income/asset documents needed to make a loan decision and signed disclosures.
- Provide a fully executed purchase contract which must include all pages, addendums, and required signatures.
- Closing Date: This offer is only available for new, residential first-lien loan applications submitted directly to SCCU. If obtaining conventional financing, the contract closing date must be at least 21 calendar days after receipt of a completed mortgage application, supporting documents, and a fully executed purchase contract.
- Conventional Final Inspection for New Construction: For any property that receives an initial appraisal subject to repairs/completion, a final inspection will be required. SCCU guarantees closing within 3 business days of receipt of a satisfactory final inspection.
- Conventional Purchase applications with a property address received on or after April 1, 2022, are eligible for the SCCU Closing Guarantee.
The following are not eligible for the Closing Guarantee:
*The SCCU Closing Guarantee will not apply in any of the following cases:
- Refinances or investment properties
- Customer or seller-initiated changes to the original closing date documented in the purchase agreement.
- The following customer or seller-initiated changes within 10 days of closing: loan amount, product, contract terms, interest rate and initial rate locks.
- Closing date extensions due to a delay in completion of new construction, improvements, or repairs being made to the subject property.
- Failure by either party to meet contract terms and requirements, including seller-related delays.
- Transactions involving Cooperative projects (Co-ops), Consolidation, Extension and Modification Agreements (CEMAs), or loan amounts $2M or greater requiring two or more appraisals.
- Delays due to force majeure events, including weather or natural disaster.
- Delays caused by third parties other than SCCU required service providers.
- Delays due to customer’s failure to respond to SCCU requests within 2 business days.
- Delays due to non-arm’s length transactions (a purchase transaction in which a direct personal, financial or business relationship exists among any of the parties to the transaction). SCCU reserves the right to amend, terminate, or withdraw the SCCU Closing Guarantee at any time without prior notice.
*Credit Card Point awards, grants, cash back, closing guarantees, and other awards (“awards”) transferred to you under the terms of the program will be considered by SCCU a discount of underwriting fees paid at mortgage closing. Any awards transferred at or outside closing in excess of the value of the underwriting fees may be considered miscellaneous income received from SCCU and we may be required to send you, and file with the IRS, a Form 1099-MISC (Miscellaneous Information) or Form 1042-S (Foreign Person’s U.S. Source Income Subject to Withholding) for the year in which you participate and are awarded the benefits of the program. You are responsible for any tax liability related to participating in the program. You are responsible for any tax liability related to participating in the program. Please consult your tax advisor if you have any questions about your personal tax situation.
*Closing guarantee to be paid within 30 days of closing if all conditions are met. All home lending products except IRRRL are subject to credit and property approval. Rates, program terms and conditions are subject to change without notice. Not all products are available in all states or for all amounts. Other restrictions and limitations apply.