Maximum loan amount: $350,000
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Maximum loan to value ratio:
- 80%
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Term:
- 120 Months, minimum loan $10,000
- 121 to 180 months, minimum loan $20,000
- 181 to 240 months, minimm loan $30,000
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Closing Costs:
- No Closing Costs
-
Appraisal Fee:
- Equity Loans with loan to value greater than 60% and/or loan amount of $250,000 or greater will require an appraisal.
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Annual Adjustment CAP:
- 2%
- Rate can go up or down 2% each year
- Index = 1 Year T-Bill Plus
- Margin = 3.50
- Rounded to the nearest 1/8th
- Lifetime Adjustment CAP:
- 6%
- Rate will not be greater than 6% over the initial interest rate
