Unique Properties/Smart Start
- The Smart Start Loan is for the Purchase, Refinance or Construction of a unique residential property.
- Available for owner-occupied family residences or second homes.
- Choose from any Adjustable Rate Program: 1/1, 3/1, 5/1 or 7/1 adjustment provisions with no prepayment penalty.
- Maximum loan term is 30 years for stick built homes; 20 years for manufactured homes.
- Maximum loan-to-value 95% for purchase and rate/term refinance; loan-to-value of 80% for construction and cash-out refinance.
- Maximum loan amount is $400,000.
- Secondary Financing is allowed under certain circumstances.
- Down payments and closing costs can be gifted.
- An excellent financing option for properties consisting of small living quarters attached to a garage, for cabin-type properties, geo-dome homes or when the improvements-to-land value is low.
- Program allows borrowers to initially live on-site in garage or quest quarters prior to construction of their permanent home.
- Adjustable rate index is established by the one year CMT as published weekly by the Federal Reserve. The rate adjustment margin is 3.0%. The rate is capped at 2.0% annually and 6.0% for lifetime on the 1/1 and 3/1 ARMs. The rate is capped at 2.0% annually and 5.0% for lifetime on the 5/1 ARM. The rate is capped at 5.0% annually and 5.0% for lifetime on the 7/1 ARM.
- The periodic rate cap 2.0%.
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