Opendoor Home Loans
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Promotions, Terms, and Conditions

No Lender Fees

Opendoor Home Loans does not charge any application, origination, or processing fees. If borrowers choose to buy down their interest rate, they will be assessed a discount points fee.

$1,000 Lender Credit Promotion

Borrowers that qualify for a home purchase loan will receive a $1,000 credit at loan closing. This amount may be prohibited or reduced on the basis of seller contributions, loan type, or law. Offer available only for purchases of property in Colorado, Florida, Texas, Georgia, Arizona, Tennessee, North Carolina and South Carolina for a limited time only, and void where prohibited by law.

Closing Guarantee for Purchase Loans

Subject to the following terms and conditions, Opendoor Home Loans will close borrowers’ loan on borrowers’ scheduled closing date or credit $100 per day towards borrowers’ closing costs for each day afterward, capped at the lesser of borrowers’ total loan closing costs or any applicable interested party contribution limits (as determined by Fannie Mae) (the “Guarantee”).

Eligibility conditions

  • The loan must be for the purchase of residential property. Refinance loans are not eligible.
  • The closing date in borrowers’ home purchase agreement (“Closing Date”) must be at least 25 days after Opendoor Home Loans receives borrowers’ complete loan application.
  • The Closing Date must not change.
  • The loan must close.
  • Borrowers must satisfy all loan requirements and conditions for full loan approval and must not make any material omissions or misrepresentations.
  • There must not be any delays caused by the seller or third parties or events outside of Opendoor Home Loans’ control.
  • Applicable law or investor requirements must not prohibit Opendoor Home Loans from closing on the Closing Date.

Deadline requirements

  • Within 24 hours after borrowers’ receive their Initial Disclosures:
    • Borrowers must electronically acknowledge receipt of their Initial Disclosures.
  • Within 5 days after Opendoor Home Loans receives a complete application from borrowers:
    • Borrowers must provide all documentation required for Opendoor Home Loans to issue an Initial Commitment letter.
  • At least 15 days before Closing Date:
    • Opendoor Home Loans must receive the complete preliminary title package.
    • Borrowers must inform Opendoor Home Loans if a “mail-away” closing is required.
  • During the final 15 days before Closing Date:
    • There must be no changes in the loan amount, product, or terms.
    • If Opendoor Home Loans requests any additional documentation/information from borrowers, the borrowers must provide the requested documentation/information within 24 hours after each request.
  • During the final 10 days before Closing Date:
    • Borrowers’ sources of income, assets, and other information previously validated by an underwriter must remain the same.
  • At least 10 days before Closing Date:
    • All title-related defects must be resolved.
  • Within 24 hours after receipt and at least 3 business days before Closing Date:
    • Borrowers must electronically open and review the Closing Disclosure.

Void where prohibited by law. Opendoor Home Loans reserves the right to amend or terminate the Guarantee at any time without prior notice. Even if you are not eligible for the Guarantee, Opendoor Home Loans will do everything in our power to close your loan on time.

To make a Guarantee claim or discuss it with our team, contact your Mortgage Consultant or email closingguarantee@opendoorhomeloans.com prior to your closing.

3300 Dallas Parkway Suite 200

Plano, Texas 75093 | NMLS 1574366

©2020 Opendoor Home Loans LLC. All rights reserved.

Lending services provided by Opendoor Home Loans LLC, a subsidiary of Opendoor Labs Inc