90% loan-to-value on a vacant lot for the first time since 2007:
25/10. 25 year amortization. Balloon payment in 10 years. Priced for 680+ middle credit score.
7.50% @ 2 points.
7.863% APR (Annual Percentage Rate)
Acceptable Property:
No acreage limit. Must be zoned such that a single family home could be built. City water and sewer not required. No structures.
90% to $750,000, 85% to $1,000,000, 80% to $3,000,000. Rate and Term refinances and cash out refinances Ok. Not for land where the highest and best use is to subdivide, and appraised value is higher for that reason. Not for non-residential zoning.
50 states. No structures on property. Slab foundation already completed OK.
Adjustments to Pricing:
Add .25 to the rate for loan amounts over $1M. Call for middle credit scores 650-679.
Minimum loan amount $80,000.
APR calculated using a loan amount of $300,000.