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Program Terms |
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Term: 2/28 Adjustable
Mortgage.
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Interest only payments
during initial period
ranging from 25 months to 60
months.
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Index: six months LIBOR as
published in the Wall Street
Journal.
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Margin: The margin will
range from 5.50 to 6.50.
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Initial Cap: The initial
first change cap will be 3%.
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The initial first change is
at 24 months.
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Periodic Caps: Each
subsequent cap will be at
1%.
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Periodic Caps are each 6
months.
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Lifetime cap: The maximum
change will be 7%.
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Floor Rate: The floor rate
is the start rate.
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Prepayment Penalty: Ranges
from none to 3 years.
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Loan To Value Combined Loan To
Value |
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Loan Amounts |
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Minimum Loan Amount:
$100,000
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Maximum Loan Amount:
$1,500,000
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Cash-Out |
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Rates and Fees |
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Predatory Lending |
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This program will comply
with all State and Federal
rules regarding Predatory
Lending. No Section 32 loans
will be accepted. No high
cost loans!
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Benefit to Borrower |
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Loan must have a material
benefit to the borrower,
i.e. curing a default, cash
out, cut in payment, etc.
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Property Type
Excluded
Caution
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We loan on Residential 1 - 4
unit properties to include
SFR, Condo, Townhouse, PUD's
duplex, triplex, four-plex
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Mobile homes, manufactured.
"Own your own", Stock
co-ops, Dome Homes, Log
Cabins, Castles, and other
"Unique" properties.
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Properties that are
overbuilt or lacking permits
for additions and
alterations will be subject
to reduction of LTV.
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Property Location
Rural
Agricultural
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Property Locations are
considered as follows:
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Rural properties are subject
to a reduction in LTV.
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Agricultural properties are
not permitted on this
program.
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Property Condition |
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Property should be in good
condition with limited
repairs necessary
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Properties deemed in the
appraisal as being "fair"
condition are subject to a
reduction in LTV.
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Appraisal
Trainee's
Reviews |
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Full URAR with interior
photos required. The
appraisal must be completed
by a fully licensed
appraiser. Exceptions for
LTV's below 50%
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All outside appraisals are
subject to field review and
or a BPO will be ordered.
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Occupancy |
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Owner Occupied, Non-owner
occupied, investment
property, second home are
all ok.
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Credit |
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Credit Report |
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The credit report will
not be older than 60 days at
time of Loan Purchase.
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Mortgage History |
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Mortgage history is used to
price our loans. We accept
applicants with no mortgage
history; i.e., just
inherited, or gift equity.
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Foreclosure History |
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We do review a borrowers
history for pricing purposes
and for the overall picture
of the loan.
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