Ready to buy a home in just 10 days?
When to Use it:
- Multiple offer situations – beat the competition with a quick close.
- Aggressive Offer Price – treat it like cash & negotiate a better deal.
- Back Up Offer – Miss out on that dream home? Put in a back-up offer & get a great second chance.
- Financing Fail – Hit a snag? 10-day your way out of a jam.
How to make it happen!
Signed Application, Disclosures and Contract
W-2’s for most recent two years
Property located in qualifying area
Payment of appraisal fee
Authorization to order verification of assets
Authorization to order your appraisal
Property Requirements
- Purchase Transactions Only
- Primary & second homes only
- Singly Family Homes Only (no Condos)
- Located in an area capable of 84 hour appraisals.
Borrower Requirements:
- Must be fully underwritten approved prior to submitting offers
- Must provide all documentation requested within 12 hours of request
- Any changes in income, assets or credit post pre-approval is voids the guarantee
- Borrower agrees to pay for appraisal rush fee
- Must use the homeowners insurance brokerage policy for closing
Eligible Programs:
- Conventional Loans
- VA Loans
- FHA Loans
The 10-Day Timeline
Day 1
Fully executed purchase agreement received, initial disclosures signed, and appraisal ordered.
Day 2
Loan fully submitted to underwriting department.
Day 4
Underwritten approval is issued & appraisal is received.
Day 5
Conditions submitted back to UW. CD is sent to the client.
Day 6
Updated underwritten approval received.
Day 7
Final conditions set up for underwriter review.
Day 8
Clear to Close is issued & final loan docs sent to escrow company.
Day 9
Final loan docs signed & closing funds wired to title company.
Day 10
Closing Day!
The 10 days start once (1) the fully executed purchase agreement has been received by PGS
Home Loans, (2) the loan application and initial disclosures have been signed by all
borrowers, and (3) the appraisal has been ordered with a rush request.
Property Requirements
The 10 business days start once all preliminary documentation has been received, the loan application and required disclosures are signed and returned, the appraisal is paid, and confirmation to order the appraisal has been obtained from the borrower. Holidays and weekends do not count as a business day.
The 10-day guarantee
The 10-day guarantee does not apply if events occur beyond the control of PGS Home Loans, Inc, including but not limited to: appraised value not met, escrow or title company delays, 2nd lien holder approval, short sale approval or lender conditions that can’t be met by any party.
Ineligible for the Closing Guarantee:
The 10-day guarantee does not apply if events occur beyond the control of PGS Home Loans, Inc, including but not limited to: appraised value not met, escrow or title company delays, 2nd lien holder approval, short sale approval, or lender conditions that can’t be met by any party.
- Delays in Appraisals / Value Issues
- Delayed Payoffs
- Subordination Agreements
- Title issues
- Condominiums do not qualify
- Filed for extension with the IRS
- Delays in obtaining Mortgage Insurance
- HOA Delays
- Short Sales / Foreclosures
- Gift Funds
- Investment Properties
If the property / borrowers do NOT qualify for the 10 Day Close, we will make every effort to close the loan in the shortest time possible!
(Typically 14 to 17 Days)