Owner Builder Construction Loan Rates, Home Construction Financing, Mortgage


	Interest Rates & Loan Costs	18 Month Residential Construction Loan Interest Rates and Loan Costs effective No Prepayment Fee All terms subject to change without notice.

Owner Occupied/Owner Built, Single Family Residence, Rental, Second Home
Income	Minimum Credit Score	Maximum LTV / LTC	Variable Interest Rate	Maximum Loan Amount	Reserves	Maximum DTI
Full Doc	800	65% / 65%	Prime + 1	$415,000	6 months	45%
Full Doc	775	65% / 65%	Prime + 1.5	$415,000	6 months	45%
Full Doc	750	65% / 65%	Prime + 2	$415,000	6 months	45%
Full Doc	725	65% / 65%	Prime + 2.5	$415,000	6 months	45%
Full Doc	700	65% / 65%	Prime + 3	$415,000	6 months	45%
Full Doc	675	65% / 65%	Prime + 4	$415,000	6 months	45%

Income	Minimum Credit Score	Maximum LTV / LTC	Variable Interest Rate	Maximum Loan Amount	Reserves	Maximum DTI
Stated (SIVA)	800	50%/ 50%	Prime + 2	$415,000	6 months	45%
Stated (SIVA)	775	50% /50%	Prime + 2.5	$415,000	6 months	45%
Stated (SIVA)	750	50%/ 50%	Prime + 3	$415,000	6 months	45%
Stated (SIVA)	725	50% /50%	Prime + 3.5	$415,000	6 months	45%
Stated (SIVA)	700	50%/ 50%	Prime + 4	$415,000	6 months	45%
Stated (SIVA)	675	50% /50%	Prime + 5	$415,000	6 months	45%

Income: Income is verified with W2s, pay stubs and tax returns. Stated Income (SIVA) is based on stated income, credit history, and verified liquid assets. The verified assets
should be consistent with the income claimed.

Minimum Credit Score: The score used to determine the interest rate is the middle score of the three credit scores contained in the credit report that is in effect the day we issue the conditional approval.

Maximum Loan To Value (LTV): The maximum loan amount can be no greater than this percentage of the appraised value.

Maximum Loan To Cost (LTC): The maximum loan amount can be no greater than this percentage of the total sum of land costs plus construction costs.

Variable Interest Rate: The interest rate applied to each draw will be the sum total of the Wall Street Journal’s Prime Rate (currently 5%) plus the numbered amount that corresponds to your middle credit score. If, and when, the Prime Rate changes your interest rate will change accordingly. Monthly payments are interest only and only on the portion of funds disbursed.

Maximum Loan Amount: The maximum loan amount is the amount to the right of the credit score.

Reserves: The cash that the borrower must have on hand after closing cost. It is equal to 6 months of interest.

Maximum Debt to Income (DTI) Ratio: Borrower’s monthly debt payment obligation divided by monthly income

Loan Processing Fee: The Processing Fee for the first 6 months is 2 Points. A point is equal to 1% of the loan amount. For every three months thereafter, a processing fee of 1 point will be charged. The maximum term of the loan is 18 months and there is no prepayment penalty.

The following closing costs are paid from the construction loan at closing:
1. Origination Fee of 2 points.
2. Loan Processing Fee of 2 points.
3. $600.00 loan underwriting fee.
4. $100.00 document preparation fee.
5. Closing agent’s fees for but not limited to title insurance, closing and recording fees.


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