Details:
5/5 ARM Fixed 5 Years, vacant rural/agricultural land loan
6.58% at 1.5 points
6.872% APR (Annual Percentage Rate)
The initial interest rate is fixed 5 years, and then it adjusts every 5 years. 30 year amortization. No pre-payment penalty.
This loan is for essentially vacant rural/agricultural land. Barns and outbuildings OK, but no residences currently in place. No acreage limit.
We can do:
70% purchase, rate and term refinance, or cashout refinance if the amount of cashout is less than 25% of the loan amount. Full income documentation.
The property needs to have some agricultural use. Recreational properties OK if greater than 60 acres.
No minimum acreage on ag land, so smaller vineyard type properties OK, or acreage home sites with crops or fruit trees in production.
APR calculated using $500,000 loan amount.