| CONFORMING 15 YEAR FIXED DESCRIPTION: A conventional long-term, fixed-rate, level-payment loan that
meets the loan limit and property and borrower guidelines of FNMA and FHLMC. The loan is
not assumable and no penalty is assessed for prepayment.
REQUIREMENTS: Minimum Loan Amount: $50,000 Maximum Loan
Amount: $240,000
Term: Fully amortizing over 15 or 10 year terms.
Eligible Properties: Single family one-unit residences (call for
information on 2-4 unit properties), including FNMA-approved condominiums and dwellings in
Planned Unit Developments (PUDs) and townhouse projects.
MAXIMUM LOAN-TO-VALUE:
| TRANSACTION |
OCCUPANCY |
MAX. LTV |
| |
OWNER-OCCUPIED |
95% |
| PURCHASE |
SECOND HOME |
80% |
| |
INVESTMENT |
70% |
| |
OWNER-OCCUPIED |
90% |
| RATE/TERM REFINANCE |
SECOND HOME |
75% |
| |
INVESTMENT |
70% |
| |
OWNER-OCCUPIED |
75% |
| CASH-OUT REFINANCE |
SECOND HOME |
65% |
| |
INVESTMENT |
N/A |
NOTES: (1) The program guidelines presented here are general.
(2) LTV value is defined as the relationship between the loan amount and
sales price or appraised value, whichever is less. Appraised value should be used for
refinance transactions with more that one year’s seasoning.
(3) New subordinate debt is not permitted; existing subordinate debt
must be resubordinated to the new first mortgage.
(4) Private Mortgage Insurance rates are based on monthly premiums for
fixed-rate loans. Other plans are available and different rates apply to loans with
temporary buy-downs or adjustable rate features. Monthly premium plans require no premium
in advance and are collected each month. Annual premium plans require 1 year’s
premium at settlement and the monthly amount with each subsequent payment.
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