PRODUCT DESCRIPTION - This product permits a homebuyer to obtain an unusually longer rate hold for your home that is being built.
IDEAL CLIENT - For borrowers who need a long rate hold due to the time it takes to build a home. We offer 6 month and 1 year rate holds on new construction mortgages. This rate is fixed and it is for 5 and 10 year terms.
MAXIMUM LOAN-TO-VALUE - The maximum Loan-to-Value for this product is 95% on a purchase.
DOWN PAYMENT SOURCES - The down payment can come from own resources, gifted down payment, and from borrowed funds. The down payment needs to be confirmed in your bank account.
INCOME DOCUMENTS REQUIRED
If Salaried Employee:
If Hourly Employee:
View the Document Checklist for mortgage purchases.