- Up to 30 year amortization
- Interest only payments available
- Up to 90% financing (based on appraisal or contract)(*land size restrictions)
- Mortgages modified for construction loan (reducing costs for construction loans)
| Plan | 1 & 1 ARM | 3 & 1 ARM | 5-Year Fixed Amort. |
| Min. Cash Down Payment | 25% 10% | 25% 10% | 25% 10% |
| Maximum LTV | 75% 90% | 75% 90% | 75% 90% |
| Start Rate | 6.95% 7.25% | 7.50% 7.75% | 7.95% 8.25% |
| Total Points | 0 1/2 | 0 1/2 | 0 1/2 |
| Amortization | Interest Only | Interest Only | 15-Year(**20/30 Year) |
| Maturity | 5 Years | 5 Years | 5 Years |
| Caps | 2% Annual - 5% Life | 2% Annual - 5% Life | N/A |
| Index | 1 Year T-Bill | 1 Year T-Bill | N/A |
| Margin | 3.50% 3.75% | 3.50% 3.75% | N/A |
| Adjustment Frequency | Annually | Annually beginning year 4 | N/A |
(Note this program is only available in platted/recorded subdivisions and good sales histories. Areas that do not qualify, lower LTV and higher interest rates may apply.)
- A minimum of 25% down required on purchases of $500,000+.
- Investor loans - minimum 25% down, 75% LTC/LTV; increase above rate by a minimum of 1% and get a 1% origination fee.
- Non-purchase (refinance, renewal, cash out) add a minimum of .50% to above rate.
- Non-platted, rural, and without deed restrictions which limit homes to site built add a minimum of 1% to above rate. Minimum 25% down, 75% LTV.
- Add .50% to rate for loans qualifying for stated income program (purchased for primary residence only).
- Foreign National Program - minimum 25% down, 75%LTC/LTV: increase above rate by a minimum of 1% and get a 1% origination fee and a 6 month reserve account.
- All loans are subject to qualification.
* Maximum lot size 3 acres (10 acre if in platted subdivision).
** 20 year available on loans above $35,000, 30 year on loans above $100,000.
Rates and terms subject to change. For informational purposes only.
Call Rena Gilpatrick of Peoples First at 850-609-3941 for more information. Thanks again Rena for the information.
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