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Program Terms |
- Term: 2/28 Adjustable Mortgage
- Interest only payments during initial period ranging from 25 months to 60 months.
- Index: six months LIBOR as published in the Wall Street Journal.
- Margin: The margin will range from 5.50 to 6.50.
- Initial Cap: The initial first change cap will be 3%.
- The initial first change is at 24 months.
- Periodic Caps: Each subsequent cap will be at 1%.
- Periodic Caps are each 6 months.
- Lifetime cap: The maximum change will be 10%
- Floor Rate: The floor rate is the start rate.
- Prepayment Penalty: 1 year.
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Loan To Value Combined
Loan To Value |
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Loan Amounts |
- Minimum Loan Amount: $75,000
- Maximum Loan Amount: $1,000,000
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Cash-Out |
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Rates and Fees |
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Predatory Lending |
- 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 |
- 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 |
- Residential 1 - 4 unit properties
- SFR
- Condo
- Townhouse
- PUD's duplex, triplex, four-plex
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| Property Types Excluded |
- Mobile homes
- Manufactured
- "Own your own"
- Stock co-ops
- Dome Homes
- Log Cabins
- Castles
- And other "Unique" properties.
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| Property Type Caution |
- 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 |
- Property Locations are considered as follows:
- Rural properties are subject to a reduction in LTV.
- Agricultural properties are not permitted on this program.
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| Property Condition |
- Property should be in good condition with limited repairs necessary
- Properties deemed in the appraisal as being "fair" condition are subject to a reduction in LTV.
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| Appraisal Trainee's Reviews |
- Full URAR with interior photos required. The appraisal must be completed by a fully licensed
appraiser. Exceptions for LTV's below 50%
- Not allowed.
- All outside appraisals are subject to field review and or a BPO will be ordered.
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Occupancy |
- Owner Occupied
- Non-owner occupied
- Investment property
- Second home
...are all ok.
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Credit |
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Credit Report |
- The credit report will not be older than 60 days at time of Loan Purchase.
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Mortgage History |
- 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 |
- We do review a borrowers history for pricing purposes and for the overall picture of the loan.
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