PORTFOLIO LENDER
Salem Co-operative Bank will portfolio your fixed rate mortgage loan. This means we would not sell your loan and you will make your monthly payments directly to us. We will be available in person or telephone for any questions or concerns you may have for the duration of your loan. See Best Rate in Process to learn more about our commitment to provide you with the best rate we can.
FIRST TIME HOME BUYER FIXED RATE
We offer a competitive first time home buyer mortgage
loan for the first-time buyer who had no prior home-ownership
interest. This loan features a .25% discount off our regularly published rates for qualified borrowers. The maximum loan-to-value is 97%, with 3%
of your own personal funds required if you have a
FICO (Fair Isaac Credit Opinion) score of 660-699.
If you have a credit score of 700 or above, the entire
3% down payment may be from gifts. We would expect
you to show job stability or proof of full time student
enrollment for the past two years. Maximum qualifying
ratios are 33/41 (see How to Figure Ratios)and a satisfactory
home inspection is required. Private mortgage insurance
(PMI) would be needed if you have less than 20% down
payment, however, if the loan amount requested is
less than $250,000.00, you may have another option
available to you. Please see 10%
DOWN NO PRIVATE MORTGAGE INSURANCE . Other
restrictions may also apply.
10% DOWN NO PRIVATE MORTGAGE INSURANCE (PMI)
This is a no PMI program without gimmicks and can
really save you money on your owner-occupied
home. To qualify, the loan amount must be $250,000.00
or less. If you have a good credit history with a
FICO (Fair Isaac Credit Opinion) score of 670 or higher,
and ratios of 30/38 (see
How to Figure Ratios), you may not be required to have private mortgage
insurance. Other restrictions may also apply.
NO INCOME / NO RATIO
This is perfect for the self-employed or commissioned borrower with a good credit history, a low loan-to-value ratio, and assets. The subject property must be owner-occupied and the borrower self-employed or commissioned for at least two years. The borrower's FICO (Fair Isaac Credit Opinion) score should be 720 or higher, maximum loan-to-value of 75%, and cash reserves totaling at least six months loan payments (principal, interest, taxes, and insurance). No ratios are used in qualifying for this loan. Add .50% to the rate and 1.00 to the points on our regular fixed rate products. Other restrictions may also apply.
STATED INCOME
Stated income is a product for the self-employed
or commissioned borrower with a minimum of two years
self- or commissioned employment, a FICO (Fair Isaac
Credit Opinion) score of 660 or higher, maximum loan
to value of 80%, cash reserves totaling at least two
months loan payments (principal, interest, taxes,
and insurance), and ratios of 30/38 (see
How to Figure Ratios)
. Add .50% to the rate and 1.00 to the points
on our regular fixed rate products. Other restrictions
may also apply.
B/C PROGRAM - BLEMISHED CREDIT
This product is for the "blemished" credit borrower that may not qualify for conventional financing. Maximum loan-to-value is 80%. The loan rate is determined by credit history and job stability and will be quoted on a case-by-case basis. Other restrictions may also apply.
CONSTRUCTION-TO-PERMANENT
Construction-to-permanent financing is a one-step construction loan. You close once at the rate and term you select for your "end' financing. Must be an owner-occupied, single family residence to be constructed by a builder approved by Salem Co-operative Bank. Loan-to-value must be no higher than 80%. Salem Co-operative Bank would hold the construction funds and disburse to the builder according to a building schedule. Plans, specifications, permits, and final construction contract are required to begin the loan process. Other restrictions may also apply.
BEST RATE IN PROCESS
Salem Co-operative Bank is committed to giving you the best rate we can. Once you apply for a mortgage and pay the application fee required, your rate is locked. If the mortgage rate at Salem Co-operative Bank goes down any time during the application process, we will automatically give you the lower rate. The rate will have a final lock 5 days prior to the scheduled closing date, since documents are being prepared at this time. Please note that these rate locks do expire. The rate can be locked for a maximum of 90 days, however 120 day locks may be available per loan request. Other restrictions may also apply. Lock a rate for 45 days at time of pre-approval.
SEASONAL PROPERTY
The subject seasonal property must be a true second home with complete utilities, that is, a full kitchen, bath, and heating system. Any rental income from the property may not be used to qualify the borrower. Maximum loan-to-value is 80%. Site assessment is required if it is waterfront property. Other restrictions may also apply.
CONDOMINIUM FINANCING
The condominium must be owner-occupied. Private mortgage insurance (PMI) may not be required. See our 10% DOWN NO PRIVATE MTG INSURANCE. Condominium documents are required. Other restrictions apply.
LOAN MODIFICATION
Loan modification is available for current mortgage customers in good standing who want to take advantage of falling interest rates, or for those who wish to advance available equity without incurring the expense of a full refinance. The rates and points for modifications are the same as posted on our current interest rates . If the zero point program is selected, the modification fee will equal 1/2 point. The original mortgage loan must be dated at least one year prior with no late payments. Maximum term or advanced amount cannot exceed the original term or original balance of the loan. Modifications may be requested as often as the borrower wishes as long as the loan remains in good standing. Borrowers must complete a loan application and supply updated income information. A current credit report is obtained as part of the qualification process. Other restrictions may also apply.
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