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| * Loans based upon 80% FMV/ARV (100% Financing Possible)
* Investors Allowed/Non-Owner Occupied
* Full Doc (for Mid FICO Score of 640) or 12 Months of Bank Statements
(for Mid Score of 681)
* No Money Down Possible; Loan is inclusive of both the purchase and
rehab costs (and possibly closing costs; see example below for further
details)
* 10% of the rehab costs will be disbursed at closing; the remainder
will be disbursed in three or four subsequent draws (dependant on loan
size)
* Loan is Based Upon A 1 YR ARM with a 25 year amortization schedule
with the following parameters:
- Note rate is based upon 5% + 1 YR T-Bill
- ARM adjusts every 12 months; Max. Annual Cap of 2% with a Max.
Lifetime Cap of 6%
* 3 YR Prepayment penalty of 1% for 3 years
* Principal and Interest Payments during the duration of the Loan
* Debt to Income Ratios as high as 50% Allowed
* 6% Seller Concession Allowed
* No Min./Max. Loan Size Requirements
* Can be used for SFR, Duplex, Triplex and Fourplex (Condos and
Townhouses financed at 70% FMV/ARV)
~ Example on How to Structure a 100% Financing Rehab Loan:
- Purchase Price: 50,000
- Rehab Costs: 25,000
- Closing Costs: 5,000
- FMV/ARV: 100,000
Max. Loan Amount Allowed: 80,000 = No Money Down/100% Financing
Feel free to contact me if you have any questions.
Regards,
H. Scott Miller
National Commercial and Residential Lender/Broker
Carteret Mortgage
TOLL FREE PHONE#: 1.877.716.6495, ext. 5
TOLL FREE FAX#: 1.877.578.2041
EMAIL: hugh.miller@carteretmortgage.com or EZMortgageLoanz@aol.com
Real Estate Help Desk (www.RealEstate-IQ.com)
Automated Loan Assistant (www.EZMortgageLoanz.com)
Reverse Mortgage Assistant (www.EZReverseMortgageLoanz.com)
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