Details:
5/5 ARM, FIXED 5 YEARS
6.58% at 2 points
6.941% APR (Annual Percentage Rate)
MAX. 65% LOAN-TO-VALUE.
Purchase, rate and term refinance or Cashout. NO INCOME OR OTHER DOCS NEEDED IF 720+ CREDIT. BASED ON CREDIT AND APPRAISAL.
The initial interest rate is fixed 5 years, and then adjusts every 5 years.
No pre-payment penalty. Minimum loan $250,000.
This loan is for essentially rural/agricultural property with or without structures, where there is some current agricultural activity or use. No maximum acreage limit.
APR calculated using $500,000 loan amount.