Mortgage Rates
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Construction/Permanent Mortgage - Adjustable
Owner Occupied 1 - 4 Family
Effective as of
5/15/2013
Rates for loans less than or equal to $500,000.
With 1 point and a 20% down payment, a 3/3 ARM at 2.625% for 30 years would be repayable in 24 monthly payments of $4.11, followed by 324 monthly payments of $4.36 per $1,000 borrowed.
Construction/Permanent Mortgage - Jumbo Adjustable
Effective as of
5/15/2013
Rates for loans greater than $500,000.
With 1 point and a 20% down payment, a 3/3 ARM at 3.250% for 30 years would be repayable in 24 monthly payments of $4.44, followed 324 monthly payments of $4.77 per $1,000 borrowed.
All Interest Rates and program guidelines may change without prior notice. ARM indices based on the weekly average yield U.S. Treasury Securities. Rate may increase after consummation on all Adjustable Rate Mortgages.
1 All above APRs are composite APRs. ARM Composite APR includes prepaid finance charges such as $83.00 Tax Service Fee, $80.00 Hazard Tracking Fee, $300.00 Processing Fee and $14.50 Flood Certificate Fee.
PARAMETERS:
- Interest only on the funds advanced during construction period of up to 12 months
- Up to 80% financing based on a completed value
- Appraisal fee: $400.00 single family, $575.00 2-4 family
- Credit Report fee: $36.00 Joint, $18.00 Individual
- Flood Certification Fee: $14.50
- Maximum loan amount: $1,000,000.00
- 60 Day Rate Lock - other Rate Lock options available
REQUIRED DOCUMENTATION:
- Complete Mortgage Application Package
- Plans and Specs
- Signed Construction Contract with a Licensed General Contractor
- Copy of General Contractor's License
- Copy of General Contractor's Liability Insurance Policy
- Septic System Plans, if applicable
- Building Permit
- Signed Purchase and Sale Agreement or Deed
Home for the Brave
Effective as of 5/15/2013
A 30 Year Fixed Rate Mortgage at 3.375% with no points would be repayable in 360 monthly payments of $4.42 per $1,000 borrowed. A 10/1 ARM at 3.250% would be repayable in 120 monthly payments of $4.35, followed by 240 payments of $4.21 per $1,000 borrowed.
Program Parameters:
- This loan program is made possible through a partnership between MassHousing and The Savings Bank. All loan program parameters are established by MassHousing.
- Available to US Armed Services veterans as defined by Massachusetts General Laws and Active-Duty Military personnel and spouses of military personnel killed while on active duty.
- Loans may be used to purchase or refinance a home; you do not have to be a first time homebuyer to qualify. No cash out on refinance loans.
- Maximum Loan Limits: Single Family: $417,000; 2 Family: $533,850; 3 Family: $645,300; 4 Family: $801,950
- Property must be owner occupied, primary residence.
- Borrowers’ income may be up to 135% of the median income for the city or town in which they are purchasing or refinancing a home. Maximum income limit is $123,660.
- Up to $1500 in closing costs grant money may be available from MassHousing for purchase transactions.
- Private Mortgage Insurance (
- Borrowers must have a minimum credit score of 720 for 100% financing, 680 for 97% financing, 660 for 95% and less.
- Total monthly debt may not exceed 45% of gross income at 95% and lesser financing; total monthly debt may not exceed 41% of gross income at 100% or 97% financing.
- Homebuyer Counseling is required for all first time homebuyers and for any purchaser of a multi-family home.
Financing Available:
- 100% for single family and condominiums
- 97% for single family and condominiums
- 95% for 2 - 4-family property
60 Day Rate Lock:
- Other Rate Lock options may be available
Reduced Closing costs:
- Reduced Closing Costs of $990 include attorney fee, plot plan, MLC and recording fees
- Reduced Title Insurance premium ($2.00 per $1000) for Lenders Coverage only; Owners policy will be additional cost
- NO appraisal fee, NO credit report fee, NO application fee, NO points
- Prepaid Finance Charges:Tax Service Fee ($83.00), Hazard Tracking Fee ($80.00), Flood Certificate Fee ($14.50), Real Estate Tax Escrow and PMI
1 Fixed APR includes PMI Premium and prepaid finance charges such as Tax Service Fee, Hazard Fee, Flood Certificate Fee.
2 APR is a composite APR and includes PMI Premium and prepaid finance charges such as Tax Service Fee, Hazard Fee, Flood Certificate Fee.
ARM index is based on the weekly average yield on 1-year U.S. Treasury Security. Interest Rate may increase after consummation on Adjustable Rate Loan.
Mortgage Center
For more information about this product or other real estate loan products we offer, please call our Mortgage Specialists at (800) 246-2009.
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