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Residential lot loan program - 08/18/2007
Up to 30 year amortization
Interest only payments available
Up to 90% financing (based on appraisal or contract)(*land size restrictions)
Mortgages modified for construction loan (reducing costs for construction loans)
Plan
1 & 1 ARM
3 & 1 ARM
5-Year Fixed Amort.
Min. CashDown Payment
25% 10%
25% 10%
25% 10%
Maximum LTV
75% 90%
75% 90%
75% 90%
Start Rate
6.95% 7.25%
7.50% 7.75%
7.95% 8.25%
Total Points
0 1/2
0 1/2
0 1/2
Amortization
Interest Only
Interest Only
15-Year(**20/30 Year)
Maturity
5 Years
5 Years
5 Years
Caps
2% Annual - 5% Life
2% Annual - 5% Life
N/A
Index
1 Year T-Bill
1 Year T-Bill
N/A
Margin
3.50% 3.75%
3.50% 3.75%
N/A
AdjustmentFrequency
Annually
Annually beginningyear 4
N/A(Note this program is only available in platted/recorded subdivisions and good sales histories.
Areas that do not qualify, lower LTV and higher interest rates may apply.)
A minimum of 25% down required on purchases of $500,000+.
Investor loans - minimum 25% down, 75% LTC/LTV; increase above rate by a minimum of 1% and get a 1% origination fee.
Non-purchase (refinance, renewal, cash out) add a minimum of .50% to above rate.
Non-platted, rural, and without deed restrictions which limit homes to site built add a minimum of 1% to above rate. Minimum 25% down, 75% LTV.
Add .50% to rate for loans qualifying for stated income program (purchased for primary residence only).
Foreign National Program - minimum 25% down, 75%LTC/LTV: increase above rate by a minimum of 1% and get a 1% origination fee and a 6 month reserve account.
All loans are subject to qualification.* Maximum lot size 3 acres
(10 acre if in platted subdivision).
** 20 year available on loans above $35,000, 30 year on loans above $100,000.Rates and terms subject to change. For informational purposes only.
Call Rena Gilpatrick of Peoples First at 850-609-3941 for more information. Thanks again Rena for the information.
Northwest Florida Local Lenders - 08/18/2007
Access Bank and Mortgage 1-888-908-1994
www.accessthebank.com
AmSouth 1-800-374-5791
www.amsouth.com
Army Aviation Center Federal Credit Union
1-800-448-4096
www.aacfcu.com
Bank of America
1-800-432-1000
www.bankofamerica.com
BankTrust
1-800-689-7929
www.banktrustonline.com
Colonial Bank
1-877-502-2265
www.colonialbank.com
Compass Bank
1-800-239-4357
www.compassbank.com
Eglin Federal Credit Union
1-800-367-6159
www.eglinfcu.org
First City Bank
1-888-244-5151
www.firstcitybank.com
First National Bank of Florida
1-800-277-0995
www.fnbfl.com
First National Bank & Trust
1-866-395-0051
www.fnbt.com
Okaloosa County Teachers' Credit Union
850-863-7041
www.okaloosafcu.org
Peoples' First Community Bank
1-800-982-4940
www.peoplesfirst.com
Peoples' National Bank
1-800-303-7010
www.pnbon.com
Regions
1-800-REGIONS
www.regions.com
SunTrust
1-800-786-8787
www.suntrust.com
TrustMark
1-800-844-2000
www.trustmark.com
Tyndall Federal Credit Union
1-877-747-4321
www.tyndallfcu.org
Vanguard Bank
1-800-840-8440
www.vanguardbank.com
Wachovia
1-800-922-4684
www.wachovia.com
Free Credit Report - 08/18/2007
Free Credit Report I have tried it and it is truly free: no charge!Have you ever been denied credit for a purchase even though you thought your credit was great? Have you ever wondered if you were a victim of identity theft? The answer could be in your credit report. Until now you could not access this information without a fee. However, with the passage of the Fair and Accurate Credit Transaction Act, consumers can now get a free credit report annually from each of the three credit reporting bureaus that supply businesses with information on customers -- Equifax, Experian and TransUnion.The address is https://www.annualcreditreport.com/.Thanks to John Flournoy at People's First Community Bank for faxing over the information some time back and for reminding me of this information. If you are thinking of buying property John would be happy to talk with you about all the lending programs that are available. Tell him you are working with Brandon Jordan of ERA American Realty and he will give you $250.00 off your closing costs.You can reach him at his office at (850)651-5252 or email him at johnflournoy@peoplesfirst.com.
First post on Northwest Florida Realtor - 08/18/2007
Are you looking to buy or sell a home or real estate in Northwest Florida? We work in Crestview, Fort Walton Beach, Destin, Niceville, DeFuniak Springs, Eglin Air Force Base, South Walton Beaches, and surrounding areas. Give us a call; we can help with it all! Team Sold.
