- 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.|
|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|
(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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