A. In a purchase transaction, all borrowers are first time homebuyers
= or =
The borrower(s) are refinancing a primary residence,
= and =
B. The loan is a mortgage that includes one or more of the following
1) The loan permits interest-only payments
2) The loan may result in negative amortization
3) The total points and fees payable by the borrower at or before closing will exceed 5%
4) The loan includes a prepayment penalty
5) The loan is an adjustable rate mortgage which allows adjustments of the interest rate in the first three years.
Info courtesy of my friend, Rick Williams Bancgroup Mortgage 10400 South Roberts Road, Palos Hills, IL 60465 708/ 369-6000
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