Initial rate is fixed for the initial period and then one-year adjustable thereafter. An applicant may be considered a 1st time homebuyer if they have not had any real estate ownership within the past 18 months. Initial rate is fixed for the initial period and then one-year adjustable thereafter. These loans have a variable rate feature.
Hazard insurance is required.
All funds must be collected prior to issuing any loan. All funds must be collected prior to issuing the loan. The borrower will be billed on a quarterly basis for interest only on the outstanding principal balance. Principal payments may be made in any amount at the option of the borrower. Rate subject to change after consummation.