Owner Financing Plans Available
- With a down payment of: 10%; The interest rate is 13.00%
- With a down payment of: 15%; The interest rate is 12.00%
- With a down payment of: 20%; The interest rate is 11.00%
- With a down payment of: 30%; The interest rate is 10.00%
- With a down payment of: 40%; The interest rate is 09.50%
- With a down payment of: 50%; The interest rate is 09.00%
Additional Conditions
- Owner’s Transaction fees: 2.0% of the amount to finance (One time only).
- No prepayment penalties.
- All loans will be calculated based on 30 years. The contract will include an adjustable rate mortgage fixed for the first five (5) years and will be adjusted each following year.
Mortgage Product
ARM 5/5, Pinned to WSJ Prime Rate (Wall Street Journal)
Caps
Decrease = 0 pts
Increase = (future WSJ prime rate – WSJ prime rate at closing)
Example
Decrease = interest rate 9.00% + (2.00% – 3.00%) = 9.00%
Increase = interest rate 9.00% + (5.00% – 3.00%) = 11.00%
**Final Approval Subject to income verification and screening.**
**Requirements: Borrower must document last 2 Years Income Taxes**
**Buyer must purchase and maintain property insurance for the closing (if no insurance coverage by HOA)**
Requirements
Monthly payment plus property taxes plus insurance, plus HOA Fee should not exceed 40% of Borrower’s monthly income.
I.E: $1,200.00 ÷ 40.00% = $3,000.00 Minimum Joint Monthly Income.
Documents
Proof of income.
Last two years income Taxes.