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:
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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
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Credit Score Minimum:
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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.
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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:
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These loans feature principal and interest payments that remain the same throughout the life of the loan.
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Adjustable Rate Mortgage:
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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
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Benefits to borrowers |
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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. |
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Benefits to lenders |
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ARM’s feature a variety of short- and long-term choices, allowing lenders to offer maximum flexibility to their borrowers. |
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Guaranteed Rural Housing:
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100% LTV with Guaranteed Rural Housing commitment |
| Low and Moderate income Borrowers in rural areas now have easier access to affordable housing finance options.
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| No LLPA for credit score rate adjustments or LTV caps! |
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Criteria: |
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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 |
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Eligible properties: |
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Single family, nonfarm, owner-occupied principal residences. |
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| 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) |
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Benefits to borrowers |
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Up to 102 percent financing! |
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| Guarantee Rural Housing have a one time 2.00% guarantee fee, which may be included in the loan! |
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No maximum Purchase Price |
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Benefits to lenders |
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Additional lending products are provided to help you assist low- and moderate-income applicants |
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 Copyright © 2003,
Community Banc Mortgage Corp.
An Equal Housing Lender BancMac is a registered
Service Mark of Community Banc Mortgage Corp.
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