PrimeLending, A PlainsCapital Company (“PrimeLending”) 1Day AdvantEDGE program provides eligible borrowers the tools to seek credit approval for conventional/conforming mortgages within 24 hours of online application and consent for automated credit pull and data verification. Plus, borrowers approved* with 1Day AdvantEDGE receive a $250 lender credit at closing.
All borrowers on the loan must meet the following eligibility criteria:
- W2 employee or verifiable fixed income (e.g., pension, social security, disability) who is not relying on any self-employment or rental income to qualify.
- Does not own and is not in the process of purchasing real estate other than their primary residence. Pending sale properties must be sold on or before new loan closing/funding date.
- Submit initial application and required documents via PrimeLending’s online application portal. Must complete the online application and forms/consents for automated verification of income, documents, and to pull credit (this will be a hard credit pull and will access your full credit report).
- Meet eligibility requirements for conventional/conforming home loan. A conventional/conforming loan is one that meets Fannie Mae and Freddie Mac guidelines and loan limits.
Additional conditions and restrictions:
- Product/Loan Type Eligibility: The application must be for the purchase of a primary residence using a conventional/conforming loan product with a 20% minimum down payment. The following transaction types are not eligible: refinance, investment, VA, FHA, USDA, jumbo, bond, down payment assistance programs, renovation, construction, and brokered out loans.
- 1Day AdvantEDGE approval indicates an underwriter has reviewed your application and has verified income, assets, and credit. The approval is subject to property meeting program collateral documentation and requirements. Changes to loan program or borrowers’ employment, credit, or financial condition may nullify approval.
- Borrower information will initially be run through an Automated Underwriting System which must result in approve/eligible or accept.
- PrimeLending uses integrated third-party PointServ Technologies for income/asset and document verification (e.g., paystubs, W2s, account statements, proof of down payment funds). If a source of borrowers’ information (e.g., employer, financial institution) is not available via PointServ, the application is ineligible for 1Day AdvantEDGE.
- Only business days count in the 24-hour clock. The clock starts when all applicants to the loan have completed all requisites and for whom required documents have been received by PrimeLending via its online portal and integrations. Eligible applications submitted after 1:00pm local time, on a weekend, or company holiday will be deemed submitted the next business day.
- The issuance of a 1Day AdvantEDGE approval does not mean that the customer will receive or close the loan on the date the approval is issued. Customer must satisfy all conditions and successfully complete the closing process.
- Specific property address is not required at time of application, however borrower will be asked to enter a zip code, estimated purchase price, and expected down payment.
- $250 lender credit will be applied at closing to offset lender closing costs. No cash value. May not be combined with any other offers.
- PrimeLending is excused from performance for unforeseen circumstances beyond its control, including, but not limited to, events that cannot be reasonably anticipated or controlled, including, but not limited to, system outages, fire, flood, storm, pandemic, earthquake, government orders, or terrorist attack.
- Void where the application or loan documents contain fraudulent information, omissions, or material misrepresentations.
- Offer applies to applications made after 7/11/23.
- PrimeLending shall determine, in its sole discretion, whether conditions for offer are met.
- PrimeLending reserves the right to modify or discontinue offer, rates, or terms at any time without notice. Offer is subject to state restrictions.
*Approval indicates an Underwriter has reviewed your application and has verified all necessary forms of income, assets, and credit; final approval is subject to property conditions (e.g., inspection, appraisal) and is voided by changes in borrowers’ credit, loan program, or unforeseen circumstances beyond lender’s control.