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Rate is variable. Down payments as low as 10%. Example: on a $150,000 1-year ARM (Adjustable Rate Mortgage) loan after 20% down, with a rate of 2.500% and 5.286% APR, monthly principal and interest payments are $602.90 based on a 12-month construction period. Interest-only payments available during construction period (9-12 months); after, the loan will be amortized over 351 months (9-month construction period) or 348 months (12-month construction period). Rate adjustment could occur after the initial term (1, 3, or 5 years) and annually thereafter based on 1-year LIBOR rate; loan rate is calculated by adding a margin of 2.75%. Rate will not increase more than 2% in any given year and more than 6% total over the loan term. No conversion option. Published rate may be adjusted based on credit score and down payment. Application Fee of $600 is required. Available on single family, detached homes, owner-occupied upon completion. Other restrictions may apply; rates and terms are subject to change.