Keys on Time Terms & Conditions

Terms and Conditions

• Keys on Time program is not available in Oregon

• Your mortgage must be a purchase transaction

• Initial documentation requested must be received by APM or one of its dba branches, within FIVE BUSINESS DAYS

• All additional documentation requests must be received by APM or one of its dba branches within TWO BUSINESS DAYS

• To be eligible for the full program, offering a $2000 commitment, you must apply for loan prior to making an offer. If application is not approved prior to offer accepted, borrower is only eligible for the Lite version, offering a $1000 commitment.

• You must provide a copy of your purchase contract and your closing date must be scheduled no sooner than 28 CALENDAR DAYS from the receipt of executed Intent to Proceed

  • Except for  30 CALENDAR DAYS required for VA loans

• You may not request loan term changes, e.g. changes in loan program, term of loan, or down payment amount within TEN BUSINESS DAYS from the scheduled closing date

• You must lock your loan rate and satisfy all loan requirements and conditions, at least SEVEN BUSINESS DAYS prior to your closing date

• The final appraisal and/or completion certificate, with all revisions, must be received FIVE BUSINESS DAYS prior to the closing date

• Loans with subordinate financing must have secondary loan approval 5 BUSINESS DAYS prior to closing

• The loan must close and fund with APM or one of its dba branches in order for any commitment fee to be paid out.

• 30 CALENDAR DAYS required for VA

• You may not request loan term changes, e.g. changes in loan program, term of loan, or down payment amount within TEN BUSINESS DAYS from the scheduled closing date, or the commitment will be forfeited

• You must lock your loan rate and satisfy all loan requirements and conditions, at least SEVEN BUSINESS DAYS prior to your closing date

• The final appraisal and/or completion certificate, with all revisions, must be received FIVE BUSINESS DAYS prior to the closing date

• Loans with subordinate financing must have secondary loan approval 5 BUSINESS DAYS prior to closing

• The loan must close and fund with APM or one of its dba branches in order for any commitment fee to be paid out.

The Keys-on-Time Commitment is void if:

• The closing date is missed due to delays attributable to the borrower(s) outlined in terms, a third party, or the seller

• Information provided by the borrower(s) on the application could not be verified or was inaccurate

• The loan is $2,000,000 or greater

• The loan, as structured, does not meet federal/state regulatory requirements and/or agency guidelines

• The closing date is missed due to acts of God outside the control of APM, including inclement weather, natural disaster, catastrophic event, an act of terrorism, or other public emergencies

*Not available in Oregon. * The “Keys on Time” program is a limited guarantee that APMC will provide a credit to the borrower of $895 after the close of escrow if, due to some fault on the part of APMC, its originators or other APMC staff, a purchase transaction does not close until a date after the originally stated close of escrow date. The “Keys on Time” limited guarantee does not apply if the purchase transaction fails to close on or before the anticipated close of escrow date due to events/circumstances beyond APMC’s control, including but not limited to, delays caused by: an unacceptable or unexpectedly low appraisal value on the subject property, acts or omissions by the escrow or title company, second lien holder approvals, short sale approval, or loan conditions imposed by the lender that, despite reasonable diligence by APMC, are not met by any party in a timely manner. The “Keys on Time” limited guarantee trigger begins when the initial loan package is received by APMC’s Fulfillment center. The complete loan package must be received in the APMC Fulfillment center a minimum of 20 days prior to the COE date. Exclusions: The limited guarantee does not apply to the HARP program, reverse mortgages, FHA 203k, non-delegated jumbo products or any loans that require prior approval from an investor. The limited guarantee applies to purchase transactions only. All programs are subject to borrower and property qualifications. Rates, terms, and conditions are subject to change without notice. Refer to program details for more information.