This Lot Loans is:
A 3/1 ARM. The initial interest rate is fixed 3 years. The payment is calculated using 30 year amortization.
5.0% @ 1 point.
3.874% 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. If adjusting today, this loan would adjust substantially downward.
5 acre standard maximum. Residential zoning only.
80% to $300,000, 75% to $400,000, 70% to $500,000, 65% loan-to-value to loan amount of $750,000. Loan amounts above $750,000 on an exception basis (we’ve done $975,000).
24 eligible states. No structures on property. Slab foundation already completed OK. No Refinances.
Adjustments to Pricing:
Add .500 to points for loan amount $80,000 to $100,000.
Minimum loan amount $80,000. Lower loan-to-value maximums 5% if well and/or septic to be used versus city water and sewer.
Minimum credit score 720 and 45% debt ratios for >70% loan-to-value. 700 middle score and 50% debt ratios possible if <70%.
APR calculated using a loan amount of $300,000.