PrimeLending, A PlainsCapital Company (“PrimeLending”) offers a competitive edge to customers bidding on single-family property for their primary residence in New York up to $1,000,000 in sales price: a guarantee to the seller backing borrower’s financing. Once PrimeLending provides borrower an AdvantEDGE Approval, which is full credit approval, and borrower contracts for an eligible home, if PrimeLending does not close on that financing, PrimeLending will pay the seller $10,000, or, at the seller’s election, will purchase the seller’s property for the lesser of the home’s appraised value or contracted sales price. Conditions and restrictions apply, see full Terms & Conditions.

Terms and Conditions

  • Offer available for primary residence, single family properties located in the state of New York with a contracted sales price of up to $1,000,000.
  • Guarantee only applies to FHA, VA, Conventional, or High Balance Conforming loans.
  • All borrowers must be completely underwritten and have an unexpired PrimeLending Buyers AdvantEDGE Approval at the time of the Sales Contract and closing date.
  • The approved loan must have a locked rate at the time of final loan approval which does not expire prior to the date of funding and disbursement of the loan.
  • PrimeLending must have received a valid purchase and sale agreement (the “Sales Contract”) between Seller and Buyer. The offer is valid only as to the Sellers and the Property identified in the Sales Contract. There are no third-party beneficiaries.
    • Sales Contract must be fully executed with a closing date at least 21 days from date of receipt and which is not beyond the expiration date of either the approved loan or the rate lock. Lender does not guarantee a certain closing date or time.
  • Subject to property conditions and the terms and conditions set forth herein, PrimeLending guarantees to the Seller, as identified in the Sales Contract, that the borrower’s credit is approved and PrimeLending will finance the loan.
    • To be eligible, the property must satisfy inspection and appraisal conditions. The appraisal must support the sales price with no property condition concerns, have a valid title policy, and meet insurability requirements.
    • The guarantee pertains only to financing. The guarantee does not apply to the sale not closing for any other reason, including, but not limited to, if seller decides not to sell the home or buyer decides not to purchase the home..
  • Should PrimeLending not meet the terms of this guarantee, PrimeLending shall, at Seller’s election, either (1) purchase the home from the seller for the lesser of the appraised value or Sales Contract price; or (2) pay the Seller $10,000 if they relist the property. Election shall be made by written request by the Seller and will require verification that the terms and conditions herein were satisfied. For the $10,000 payment election, Seller must also provide necessary W-9 information such that Lender may process the payment. In circumstances with more than one seller, all sellers must sign the written request and supply their W-9s, and the payment will be made jointly.
  • Should PrimeLending be required to purchase the home:
    • Seller and PrimeLending shall enter into a Purchase and Sale Agreement with a closing date not to exceed 30 days. There will be no lease backs.
    • The home shall belong to PrimeLending, and not the borrower. The borrower shall have no claim, interest or title to the home, and the purchase by PrimeLending does not inure to the benefit of the borrower in any way. PrimeLending is not obligated to sell the property to the Borrower.
    • Within the closing process, seller is responsible for all Seller paid closing costs, including, but not limited to, real estate agent/broker fees per the terms of the Seller’s agreement with brokers/agents.
    • Seller is responsible for any tax liabilities incurred in connection with this program.
  • The following will void/nullify the guarantee:
    • Changes to loan program, due to property issues, e.g., house not being able to qualify FHA or Conventional due to inspection issues.
    • Material changes to the borrower’s credit worthiness or financial profile.
    • Material changes to the Sales Contract.
    • Contingencies added to the original Sales Contract that affect eligibility.
    • Fraud or misrepresentations (including by omission)
    • The breach of the Sales Contract, or the Sales Contract becoming null, void, or unenforceable.
    • Void where prohibited by law.
  • PrimeLending is excused from Guarantee for unforeseen circumstances beyond its control, including, but not limited to, events that cannot be reasonably anticipated or controlled, including, but not limited to, fire, flood, storm, pandemic, earthquake, government orders, or terrorist attack.
  • Limited liability. Lender's responsibility for failure to meet the terms of the guarantee is limited to the $10,000 payment or purchase election to Seller; PrimeLending is not guaranteeing to cover consequential or other damages for any party.

Limited time offer, subject to cancellation at any time.

This offer may not be combined with PrimeLending’s Close on Time Cash Guarantee.

Exclusions: The following are excluded from the Guarantee Program: Jumbo loans, Refinance, Bond, Down payment assistance programs, Renovation or Construction loans, loans with Escrow Holdbacks, Brokered Out loans, non-warrantable condominiums, USDA, second homes, investment, and unique properties (e.g., earth berms, manufactured homes).