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: Contigent upon satisfactory underwritting approval.
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.