2 Hour Approval and 2 Week Close

Provided courtesy of Craig Bohall, Academy Mortgage Corporation.
Use promotional code "RKW."

2 Hour Mortgage Loan Approvals

What do you need to do for a 2 hour approval?

• The 2 hours starts the moment you complete the online application.
• We provide a conditional loan approval based on the information you provided.
• You get an automated approval, suspension, or denial within 2 hours. This starts the mortgage lending process.

What if I start but don’t finish the application?

• We begin the 2 hour period once we receive a complete online application.

 
What if I fill out the application at 2 am on a Saturday - is it still 2 hours?

• Our business hours are M-F,  9-5. Any application received on an evening or weekend will begin the 2 hour time frame at 9 a.m. on the next business day.

 
Are all loan types eligible for this fast approval?

• No. This is for FHA, VA and Conventional only. USDA and any manual underwritten files are not eligible for the 2 hour approval.

2 Week Close

When does the 2 week clock start ticking?

• When we receive the seller signed contract in our possession and our manager has approved your file for this program (usually the same day or the next day).

 
How can you guarantee a 2 week close?

• Only with your help!  As Arizona mortgage lenders we have spent 5 months sharpening a back-end system that provides priority and extra staff to handle these files.
• All items requested from the borrower must be returned within 24 hours.
• Appraisal funds must be delivered to us the same day the seller signed contract is delivered to us.
• Underwriter's requested conditions must be provided within 24 hours.

Does that mean I will have my keys and move in within 2 weeks?

• NO. We guarantee that you will have mortgage loan documents at your title company to sign and “close” within 2 weeks. From that point it is usually 1-2 days to fund the loan. That is when you get your keys.

What if my tax returns or documents take me several days to provide?

• The 2 week close might be voided, but you still fall into our 30 day Guarantee!

 
What if the appraisal comes in low or I find major property issues?

• If there are major property issues or appraisal issues that require you to go back and renegotiate with the seller to repair the property, the 2 week close may be voided but you still fall into our 30 day Guarantee!

 
What about delays that are not my fault or your fault?

• Delays do happen at times such as the property needing repair, or termites were found, or the seller takes 10 days to sign an addendum etc? These may void the 2 week guarantee, but you still fall into our 30 day Guarantee!

 
What guarantee do I get?

• We will pay you (our client) $50 per business day when we miss our 2 hour approval. Example: Your application comes in on Saturday at midnight. The 2 hours starts on Monday at 9 am. You will have your approval, suspension or denial by Monday 11 am OR we will pay you $50 towards your closing costs. If you still do not have your approval, suspension or denial by Tuesday at 5 pm we pay you another $50 towards your closing costs.
• We will pay you (our client) $100 per business day when we don't have your mortgage loan documents at your title company in 14 calendar days from the day we get the completed seller signed contract in our possession and our manager approves the file for a 2 week close (Assuming all items have been accomplished according to the guidelines stated above).  Example: Your contract comes to us on Monday, the 1st of the month. 14 days later would be Tuesday the 15th. If loan documents arrive to title on Wednesday the 16th we pay $100 towards your closing costs. On Thursday the 17th we pay another $100 towards your closing costs.

NOTE: Any money will be applied directly to your closing costs. It is against state and federal banking regulations to pay cash directly to a client.
 

30 Day Guarantee

You get $150 credited to your closing costs for every business day that we do not have mortgage loan documents to the title company from the day the seller-signed contract arrived in our hands -- except in situations whereby the lender could not deliver documents due to the actions of another party in the transaction.
 
This can include, but not be limited to, the property not passing FHA inspection, renegotiations with the seller taking an extra several weeks, borrower not able to provide required documents, borrower not able to qualify due to job loss, a change in either income, assets, credit or employment, or a breach of contract by the seller or buyer, etc.

NOTE: This program was not conceived or guaranteed by Metro Phoenix homes LLC. We have no legal liabilities regarding any of these claims.  We simply decided to present this program to you, our valued clients, because of our knowledge of Craig Bohall and Academy Mortgage Corporation.