An overview of the Home Refinance Mortgage Loan Process
A Step-by-Step guide to refinancing your house
Now Offering Purchase and Rate & Term Refinance Lot Programs!
Do you have a client who is looking to build their custom dream home?
Are you in need of a flexible Lot Loan/Construction lender who is willing to get “outside” the box for your customer?
Then check out Basis Point Home Loans fantastic Lot Loan Program.
Available Loan Products:
- 30/5 LIBOR ARM – 5 year Interest Only period
- 30/5 12 MAT ARM – 5 year Interest Only period
- 30/2 Fixed Rate – 2 year Interest Only period
- 30/5 12 MAT P & I ARM Balloon
- 30/5 6-Month LIBOR ARM Balloon
- 30/2 Fixed Rate Balloon
Features:
- Loan amounts up to $1,000,0001
- LTV’s up to 90%
- Full and Stated Income Document Types2
- Decision credit scores as low as 660
- For future construction of Primary residence or Second homes
- As little as 6 months PITI reserves1
- DTI ratio up to 45%
- Up to 50 acres
- Investment use is prohibited
Lot Loan Rate & Term Refinance – Additional Guidelines
- Prepayment penalties can be rolled into the loan amount
- Loans with any delinquency in the last 12 months do not qualify
- A new appraisal for the subject property is required
- The maximum new loan amount is determined by the new appraised value
- Property must not have been listed for sale by the borrower in the last 12 months (verified by appraiser)
- If the new appraisal is lower than the amount due to payoff the loan, the borrower must contribute enough equity at closing to meet the standard guidelines
1 Exceptions are available on a case-by-case basis. Credit package must be sent traditionally and pricing adjustments may apply.
2 Borrowers should be advised that use of full documentation may improve their loan terms.