Saint Cloud Mortgage

Loan Terms

• First lien on single family rural home-owner occupied primary residence.
• 80% max LTV (95% with private mortgage insurance).
• Cash out to 90% LTV.
• Contributory value of dwelling should represent 35% or more of Loan Amount.
• Escrow for taxes or insurance.
• Competitively priced 15 and 30 year fixed and adjustable rate loans.
• No full time farming allowed.
• 620 fico or D.U. Approval.
• FNMA (1004) on full acreage.
• Comps must be of like acreage (ex. 50 acre property comps to be 40 to 60 acres).
• Appraisal: No more than 12 months old, updated to 4 months can be 30 miles and no more than 2 years old at time of funding.
• Maximum dwelling $247,000.
• Maximum loan $417,000.
• Stated 75% LTV and below with a Mid FICO of 680; 75-90% Mid FICO 700