Conventional Mortgage Program
|
|
Modular or Site Built Homes (FnMa or FHLMC) |
| Term |
Rate |
LTV |
Discount Points |
| 30 yrs |
6.250% |
(>/=95%) |
0 |
| 20 yrs |
6.125% |
(>/=95%) |
0 |
| 15 yrs |
6.000% |
(>/=95%) |
0 |
|
|
|
|
|
Multi-Sectional Land/Homes
|
| Term |
Rate |
LTV |
Discount Points |
| 30 YRS |
6.375% |
(>/=90%) |
0 |
| 20 YRS |
6.250% |
(>/=95%) |
0 |
| 15 YRS |
6.125% |
|
0 |
Construction loans available at 8.99%, published fixed rate at modification.
Minimum Loan Amount for Construction Program is $75,000
- A minimum 5% down payment (either cash or land equity) will be required.
- Closing costs, prepaids and discount points must be paid at closing by buyer OR seller. (Estimated $3000-$4500)
- If down payment is < 10%, seller can pay up to 3% of sales price in Closing Costs
- If down payment is => 10%, seller can pay up to 6% of sales price in Closing Costs
- Rates may be adjusted at any time based on current market conditions.
- 2.00% manufactured home adjustment fee added to closing costs.
Mortgage lending available in the following states: AL, AR, CO, FL, GA, IN, LA, MS, MO, NC,SC,OK,OH,TN,TX
Advance Land/Home Program
(For Single Section or Multi-Sectional Land-Homes) |
| Down Payment |
Multi Section-Terms
Up to 360 months |
Single Section-Terms
Up to 180 months |
|
|
|
|
|
| Platinum Customer Rates-New Homes |
| 20% |
7.50% |
8.50% |
| 10% |
7.75% |
8.75% |
| 5% |
7.99% |
8.99% |
| Preferred Customer Rates-New Homes |
| 20% |
7.75% |
8.75% |
| 10% |
7.99% |
8.99% |
| 5% |
8.25% |
9.25% |
|
|
|
|
|
| Standard Customer Rates-New Homes |
| 20% |
8.25% |
9.25% |
| 10% |
8.50% |
9.50% |
| 5% |
8.75% |
9.75% |
|
|
|
|
|
| FHA Title I-Land/Home |
| Credit Score |
600-720 |
600 and below |
| Rate |
9.50% |
10.00% |
Beacon scores 660 and above
- New Homes are 18 months or newer or previously untitled.
- Used home are considered 10 years or newer. Used terms are 60 months less than new terms.
- For used Homes add .50% to above rates.
- FHA max term is 300 months for new homes. 5% down required. Max to finance $64,800.00
- Construction loans available.
FHA (Title II - Government) Land Home Program |
| Term |
Rate |
Discount Points |
(Due to Market Volatility-Please call for Current Rates) |
| 30 yrs |
*** |
0 |
| 15 yrs |
*** |
0 |
- Rates only apply to multi-sectioned homes.
- FHA loans require minimum 3% down payment plus additional closing costs.
- Closing costs and prepaids (Est. $2500-$4500) are not financeable, but may be paid by seller.
**Seller can pay up to 6% of the sales price in closing costs for the buyer.
- FHA loans are currently only offered in AL, MS, TN, GA, FL, LA, AR, NC, SC, OK and TX
***American Family Funds Down Payment Gift Program available, upon request.
- Construction loans available.
**** Refinance programs available.
