PA LAND LOAN. BUILDING LOT LOAN -- 3/1 ARM -- 30 YEAR TERM NO BALLOON
Pennsylvania Lot Loan - Program 1.  Lowest rate program.
Pennsylvania Land, Lot Loan Program 1.  Pennsylvania Building Lot loans.  Purchase a lot to later build a home on.

Other lot loan programs

PA Lot Loan Product 1 Rate: 5.625% fixed.  Add .375 to rate for 2nd home

• TERM: 15 or 30 years
• No Balloon
• MINIMUM MORTGAGE: $60,000.
• MAXIMUM MORTGAGE & LTV’S: Purchase OR Rate/Term Refinance (No Cash-Out Refinance)
      Primary Homes –  80% max LTV  - $500,000 Max Loan
      Second Homes –  75%  max LTV - $650,000 Max Loan
• MAXIMUM LOT SIZE: 5 acres
• RESTRICTIONS:
  • Not available in PA Pocono area ( Monroe, Pike, Wayne, or Carbon Counties)  Pocono Lot Loan programs.
  • PA Lot loans may not be used to purchase lots that will be adjoined to another owned property.  Lot loan must be for new primary residence or new second home.
  • Good credit required (680 score above $417,000 loan amount, 620 score to $417,000)
  • Lot must contain NO STRUCTURES OF ANY TYPE

ARM PARAMETERS:
RATE ADJUSTMENT: Annually after initial 36 months.
ANNUAL CAP: Maximum 2% increase/decrease
LIFE CEILING: 6% over start rate
LIFE FLOOR: Margin
MARGIN: 2.95%
INDEX: The weekly average yield on U.S. Treasury Securities adjusted to a constant maturity of one year.
PAYMENT ADJUSTMENT: Annually after initial 36 months.
ASSUMABLE: No
CONVERSION OPTION: Not available
ESCROWS: N/A
SELLER ASSISTANCE: 6% maximum
PROGRAM NOTES:
1. Designed for future primary residences or second homes (no builders/developers,etc.). In addition to all required normal disclosures, a Statement of Intent form for lot loans must be fully executed by the applicants. This document certifies applicant’s intention to build a home on the subject lot, which will become their primary residence or second home.
2. Income used for qualifying must be likely to continue at lot location to qualify as a primary residence.

 

STATEMENT OF INTENT FORM
3/1 ARM Lot Loan

Borrower(s): ____________________________
Property address: ________________________________________________________
To Whom It May Concern:
This is to certify that it is our intention to build a home, which will become our: (choose
one) _____ Primary residence or _____ Second home on the building lot located at the above
address.
It is our understanding that the mortgaged property cannot be subdivided during the term of the Note and Mortgage. If the subject property is subdivided without the Lender’s consent, the Note will be immediately due and payable.
I/We do certify to the Lender, ISAOA, that the above information is correct. I/We understand that this Statement of Intent shall be relied upon by the Lender, and others, in the decision to grant a mortgage loan; and that any untrue statement may be grounds for rescission of the mortgage loan and/or constitute a default under the mortgage and my/our mortgage commitment.

___________________________________ 
Borrower/ Date
___________________________________
Borrower/ Date
 

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