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10/1 Year Adjustable Rate
| Qualified Property - |
1 to 4 family residential owner-occupied purchase money, refinances or construction. |
| Max Loan to Value - |
Purchase - 1 & 2 family - 90% of sales price (3 to 4 family 80% of sale price)
Refinance - 70% of appraised value as "Cash Out". Pricing adjustments are:
70.01 - 79.99 LTV, .50 discount pts. added
80.00 - 90.00 LTV, .75 discount pts. added
1 & 2 Family - 90% of appraised value for "Limited Cash Out"
3 & 4 Family - 80% of appraised value for "Limited Cash Out"
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| Loan Amount - |
Minimum - $25,000
Maximum - $600,000 |
| Term - |
15, 20, 25, or 30 Years |
| Escrow Account - |
Required when LTV is 80.01% or higher.
If less than 80% LTV, is based on credit worthiness. |
| Payment Options - |
Weekly, Bi-Weekly, or Monthly |
| Interest Rate Change - |
Rate will remain Fixed for the first ten years, then will change to one year adjustable. |
| Annual Cap - |
Rate can not go up or down more than 2% after the loan converts to adjustable rate. |
| Floor Rate - |
Rate can never go below 6%. |
Mortgage Rates
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