PROGRAM DESCRIPTION
-
LOAN AMOUNTS $400,000 Maximum
-
MAXIMUM TERM 30 Years
-
MAXIMUM LOAN TO VALUE 95% LTV $203,150.00
-
90% LTV 350,000.00
-
80% LTV 500,000.00
-
70% LTV 600,000.00
-
INDEX Weekly average yield on US Treasury Securities
adjusted to the constant maturity of one year.
-
MARGIN 2.75 (unless individual program dictates
otherwise)
-
QUALIFYING RATIOS 28%/36% above 90% LTV
-
28%/38% at or below 90% LTV
-
-MINIMUM BORROWER INVESTMENT 5%
-
SELLER CONTRIBUTION 3% above 90% LTV
-
6% above 75% to 90% LTV
-
9% at or below 75% LTV
-
PMI Required, on all loans above 95%. Premiums are
generally higher than on fixed rate loans
-
ESCROWS Required on all loans.
|
