Products and Programs
Pricing & Loan Level Price Adjustments
Credit Score Minimum
Fixed Rate Mortgage
Adjustable Rate Mortgage
Guaranteed Rural Housing
Pricing & Loan Level Price Adjustments:
|
Adverse Market Delivery Charge: .25% is applicable to ALL mortgages delivered to Fannie Mae, including FHA, VA, Guaranteed Rural Housing. |
Representative Credit Score LLPA: is applicable for all mortgages with greater than 15 year terms and LTV’s greater than 60.00%, excluding the Affordable Housing Programs. |
Product LLPA’s: additional LLPA’s may apply to specific products, programs or property types. |
Cash-out LLPA: an additional Cash-out LLPA may apply on all loans and will be determined based on LTV and the representative credit score.
Lender Tools
|
|
top |
Credit Score Minimum:
|
Minimum requirements are for loans underwritten WITH DU. |
Loan meeting the minimum credit score requirements below may still be denied based on an overall credit underwriting decision.
|
Minimum credit scores and eligibility are determined by Investor and individual PMI Company guidelines; Eligibility based on market, property type, credit scores, LTV, DTI Ratios, and Reserves.
Investor (Fannie Mae/Freddie Mac) minimum credit score 620 |
USDA GRH minimum credit score 640 |
And for loans above 80% LTV:
Private Mortgage Insurance minimum credit score based on individual PMI Co. eligibility.
Fixed rate Mortgage:
|
These loans feature principal and interest payments that remain the same throughout the life of the loan.
|
|
top |
Adjustable Rate Mortgage:
|
ARM’s are mortgages in which the interest rate and payment adjust periodically based on pre-determined intervals, index and margin.
5/1 LIBOR ARM: Index 1 yr WJ Libor; caps 5/2/5
|
|
Benefits to borrowers |
|
|
Ideal for borrowers who intend to remain in their homes for a short period of time, with
Added security of NO balloon payment if their plans change.
Lower initial rate and monthly payments compared to fixed-rate product. |
|
|
Benefits to lenders |
|
|
ARM’s feature a variety of short- and long-term choices, allowing lenders to offer maximum flexibility to their borrowers. |
|
|
top |
Guaranteed Rural Housing:
|
100% LTV with Guaranteed Rural Housing commitment |
Low and Moderate income Borrowers in rural areas now have easier access to affordable housing finance options.
|
No LLPA for credit score rate adjustments or LTV caps! |
|
Criteria: |
|
|
Borrowers income must be at or below 115% of area median income. RHS makes available local income information, adjusted for family size. www.rurdev.usda.gov/il/grh.htm |
|
|
|
Eligible properties: |
|
|
Single family, nonfarm, owner-occupied principal residences. |
|
Limited to rural areas. Generally, “Rural Areas” include settled places having a population not in excess of 10,000 or not in excess of 20,000 if outside any Metropolitan Statistical Area (MSA) |
|
|
Benefits to borrowers |
|
|
Up to 102 percent financing! |
|
Guarantee Rural Housing have a one time 2.00% guarantee fee, which may be included in the loan! |
|
|
No maximum Purchase Price |
|
|
Benefits to lenders |
|
|
Additional lending products are provided to help you assist low- and moderate-income applicants |
|
|
top |
 Copyright © 2003,
Community Banc Mortgage Corp.
An Equal Housing Lender BancMac is a registered
Service Mark of Community Banc Mortgage Corp.
|