80% Lot loans available                                                                                                                              Page updated  07/21/2008

Current rates:
6.875% with 0 points
6.375% with 1 origination point
Add 1.125% to rates for loans under $150,000

Interest only or amortizing (27 year amortization) with balloon payment due in 3 years
680 minimum credit score
Maximum debt to income ratio is 45%
For future primary residence or second home
Size limited to that which is customary for the area
Not available for mobile home lots
Refinance of existing mortgage ok but not with cash back to borrower
Maximum loan amount is $300,000.
Certain areas considered declining markets may have loan to value ratio reduced by 10%

Construction financing available

Program available for both improved and unimproved lots that are less than or equal to 10 acres in size.  Improved lots in platted subdivisions must have maintained paved streets and public utilities.  Private utilities may be acceptable.  If subdivision has amenities such as swimming pools, golf courses or tennis courts, they must be completed prior to closing. 
Unimproved land, no more than 10 acres, on a publicly maintained road, must have access to public utilities or have completed a perk test for suitability for a septic tank.  In areas where a perk test is not required by local government, a statement to that effect on official stationary is required to waive the perk test requirement.

 

 

Program available in Alabama, Arizona, California, Colorado, Connecticut, Delaware, District of Columbia, Florida, Georgia, Illinois, Kansas, Maryland, Mississippi, New Jersey, Nevada, New York, North Carolina, Pennsylvania, South Carolina, Tennessee, Texas and Virginia.