This lot loan is designed as a purchase money loan for those borrowers who aren't ready to begin construction at this time, but will be ready in the near future. The lot must be normal for the area and at least on utility must be available from the street. (Septic tanks, propane tanks, etc. are acceptable if these features are normal for the neighborhood.)

We can fund this loan both as a Full/Alternate Doc and as a Reduced Doc (Stated Income) Loan.

For Full Doc loans we offer:

80% LTV/CLTV to a maximum loan amount of $500,000 for credit scores of 620+ with 6 months PIT reserves and a maximum back-end dept ratio of 42% and
90% LTV/CLTV to a maximum loan amount of $300,000 for credit scores of 700+ with 24 months PIT reserves and a maximum back-end dept ratio of 42% and
85% LTV/CLTV to a maximum loan amount of $300,000 for credit scores of 700+ with 24 months PIT reserves and a maximum back-end dept ratio of 42%

For Reduced Doc (stated income, verified assets) Loan we offer:
75% LTV/CLTV to a maximum loan amount of $300,000 for credit scores of 680+/- with 6 months PIT reserves  and
70% LTV/CLTV to a maximum loan amount of $500,000 for credit scores of 680+/- with 6 months PIT reserves and a maximum back-end dept ratio of 42% and
85% LTV/CLTV to a maximum loan amount of $300,000 for credit scores of 700+ with 24 months PIT reserves and a maximum back-end dept ratio of 42%

We offer two repayment options:
30/2 fixed rate loan. This is amortized over 30 years and all due and payable in two years.
and
30/5 adjustable rate loan. This program is amortized over 30 years and all due and payable in five years.

We offer two index plans for the 30/5:
12 MAT product with a start rate that is fixed for the first 3 months and then adjusts monthly;
6 month LIBOR with a start rate that is fixed for the first 6 months and then adjusts every 6 months thereafter. Best Rate!!