PA Land, Lot Loan.
Pennsylvania Building Lot loans.
Pennsylvania 10% Down
lot loan.
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PA Lot loan Program 2 & 3 shared guidelines:These lot loan programs eliminated by lender as of Feb. 2008. Please see our other lot loan programs |
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Number of acres>>> 10-20 20.1-30 30.1-40 40.1-50
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Maximum Loan-to-value (LTV) 90% (see table on right) 75% 70% 65% |
Loan amount >>>>>> Full documentation $400,000 $500,000 $650,000 $750,000 $1,000,000 Stated Income $400,000 $500,000 $650,000 $750,000 $1,000,000 |
Max. LTV>>>> 90% 85% 80% 75% 70% 90% 85% 80% 75% 70% |
Minimum credit score 660 660 660 700 700 680 680 680 700 700 |
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PA LOT PROGRAM 2: 30 Due in 5 LIBOR ARM (Residential Lots only) TIP: This is an adjustable and is best only for those who do not fit our other lot loan programs ( 1 or 4-6) because the other programs have better terms. Who is this program for? A 10% down lot loan with a credit score less than 700 or lots over 10 acres Term: Original term is 60 months with payment based on a 30-year amortization. Amortization: The amortization period is 30 years. After 5 years a balloon payment is due of the remaining principal balance and any interest or fees. Index: The average of the London Interbank Offered Rates (LIBOR) for 6-month U.S. dollar-denominated deposits, as published in the Wall Street Journal. Interest Rate: At the time of each interest rate change, the ARM interest rate will be the sum of the Note margin and the most recent index figure available as of the date 15 days prior to a scheduled interest rate change date, subject to the interest rate caps. First Interest Change Cap/Floor: 1% (Floor may not be less than margin) Periodic Interest Change Cap/Floor: 1% (Floor may not be less than margin) Lifetime Cap: 6% Lifetime Floor: Margin Interest Rate Change Date: The interest rate change date may occur when the 6th payment is due. Subsequent interest rate changes may occur 6 months after the first interest rate change date. Adjustment Period: The interest rate may not change more than once every 6 months based on the movement of the index. Qualifying Rate: For Loans with LTVs of 80% or less, the qualifying rate will be the initial Note rate. For Loans with LTVs greater than 80%, the qualifying rate will be the initial Note rate plus 2%.
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PA LOT LOAN PROGRAM 3: 30 Due in 5 12 MAT ARM (PA Residential Lots only) TIP: This is an adjustable and is best only for those who do not fit our other lot loan programs ( 1 or 4-6) because the other programs have better terms. Who is this program for? A 10% down lot loan with a credit score less than 700 or lots over 10 acres Term: Original term is 60 months with payment based on a 30-year amortization. Amortization: The amortization period is 30 years. After 5 years a balloon payment is due of the remaining principal balance and any interest or fees. Index: The 12-month average of the monthly yields on actively traded United States Treasury Securities adjusted to a constant maturity of one year as published by the Federal Reserve Board in Federal Reserve Statistical Release H.15. The 12-month average is determined by adding together the monthly yields as published on the 1st Monday of each month for the most recently available twelve months and dividing by 12. Interest Rate: At the time of each interest rate change, the ARM interest rate will be the sum of the Note margin and the most recent index figure available as of the date 15 days prior to a scheduled interest rate change date, subject to the interest rate caps. First Interest Change Cap/Floor: 5% (Floor may not be less than margin) Periodic Interest Change Cap/Floor: 1% (Floor may not be less than margin) Lifetime Cap: 6% Lifetime Floor: Margin Interest Rate Change Date: The interest rate change date may occur when the 3rd payment is due. Subsequent interest rate changes may occur each month thereafter. Adjustment Period: The interest rate may not change more than once every month based on the movement of the index. Qualifying Rate: Index Rate + Margin.
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