Lot Loan #1

This Lot Loans is:

A 3/1 ARM.  The initial interest rate is fixed 3 years. The payment is calculated using 30 year amortization.

5.125% @ 1.5 point.

4.291% APR (Annual Percentage Rate)

After the first 3 years this loan will adjust annually the next 27 years to 3.25% over the 1 Year Treasury Weekly Average.  The 1st adjustment cap is 2%, the annual cap is 2%, and the life cap is 6% above the start rate.

Acceptable Property:
10 acre standard maximum. Residential zoning only.

20 acres possible if common for the area as shown and supported by similar acreage comparable sales on the appraisal.

70% Loan-to-value to loan amount of $500,000.  

24 eligible states.  No structures on property.  Slab foundation already completed OK.  Refinances are 70% to $300,000, 65% to $500,000.

Adjustments to Pricing: 
Add 1 point for refinance (no cashout).  Add .500 to points for loan amount $60,000 to $100,000. 

Minimum loan amount $60,000.   Add .25 to points for middle credit score 700-730.

APR calculated using loan amount of $300,000, and middle credit score 730+.

Minimum credit score 700.  50% debt ratio possible.