Fixed Rate Fully Amortizing Mortgages for Purchases
A Fixed Rate Fully Amortizing Mortgage is one where the rate is established at the begining and every monthly payment will be for the same amount. The payment is calculated so that during the life of the loan that set payment will pay all of the principal and interest by the time the final payment is made. There will be no changes to the rate, and there will be no changes in the monthly payment amount.
Maximum Loan to Value - Purchase Fixed Fully Amortizing |
|
| Property Type | Loan To Value |
Primary Residence |
|
| One or Two Family | 95% |
| Three or Four Family | 80% |
Second Home |
|
| One Family | 95% |
Investment Property |
|
| One or Two Family | 90% |
| Three or Four Family | 75% |
Fixed Rate Interest Only Mortgage
A Fixed Rate Interest Only Mortgage is one where the rate is established at the begining but the monthly payment is only paying the interest on the loan for the initial Interest Only period. Normally this is period is for ten years. Once the Interest Only period has expired, a new monthly payment is calculated that will pay off the principal and interest by the time the final payment is made. Once that new monthly payment amount is calculated, it will not change for the remainder of the term of the loan. There will be no changes to the interest rate during the period of this loan.
Maximum Loan to Value - Purchase Fixed Interest Only |
|
Primary Residence |
|
| One Family | 95% |
| Two Family | 90% |
| Three or Four Family | 80% |
Second Home |
|
| One Family | 95% |
Investment Property |
|
| One or Two Family | 90% |
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