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 guest 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%.
NOTE: All terms and conditions are subject to change without notice.
Need more information? Contact our Mortgage Loan Officers to discuss your options and let us help guide you through this process.