| Term: |
6 month, 1
Year; 3 Year; 5
Year; 7 Year; 10
Year |
| Maximum
Loan-To-Value: |
95% Owner
Occupied/Single
Family Unit |
| 90% 2 Unit
Owner Occupied |
| 80% 3 or 4
Unit Owner
Occupied |
| 80% Second
Homes |
| Qualification
Ratios: |
28.00% PI +
TI @ second year
interest rate* |
| 36.00% PI +
TI + Long Term
Debt @ second
year interest
rate* |
| * 28.00%
& 36.00% at
first year
interest rate
with 25% or more
down. |
| Maximum
Mortgage Limits: |
See Maximum
Mortgage Limits
page for details |
| Seller
Contribution: |
See Seller
Contribution
Chart |
| Refinances: |
90% L-T-V --
No Cash Out/Owner
Occupied/1 or 2
Unit |
| 80% L-T-V --
No Cash Out/3 or
4 Unit Owner
Occupied |
| 75% L-T-V
--No Cash
Out/Second Homes |
| 75% L-T-V
--Cash Out/Owner
Occupied |
| Private
Mortgage
Insurance: |
Required
with less than
20% down payment |
| Interest
Rate Caps: |
2% Yearly 6%
Life time cap |
| Margin: |
2.750% for
all programs
expect the 6
Month ARM which
is at 2.875% (See
All you need to
know about ARM's) |
| Program
Features: |
(A) On the 5
to 10 Year ARM
program, the loan
will convert to a
1 Year ARM at the
end of the
initial term. |
| (B) All
loans with
balances over
$50,000 (at time
of conversion)
will receive our
Life-Time
Conversion
Certificate. |
| Cash
Reserves: |
3 months PI
+ TI with 5% down |
| 2 months PI
+ TI with 10%
down |
| Geographic
Limits: |
United
States |
