TEXAS HOME IMPROVEMENT LOANS
Transcription
TEXAS HOME IMPROVEMENT LOANS
Please contact one of the following for more information! Karen Drewek, NMLS #1006967 Gretchen Rossington, NMLS #555982 DFW Senior Account Manager AUS/SAT Account Manager C: 972.786.6500 C: 512.484.1860 [email protected] [email protected] Rates Effective June 11, 2015 TEXAS HOME IMPROVEMENT LOANS 2nd LIEN POSITION ONLY – (Stand Alone Transactions) Rates based on Primary Wage Earner’s Mid-Credit Score <90.00%* CLTV – 15 Yr Term *Max CLTV = 90.00% minus $50.00 $20,000 to $75,000 <80% CLTV - 15 Yr Term $20,000 to $100,000 750+ 749-725 724-700 5.750% 6.000% 6.250% 750+ 749-725 724-700 5.500% 5.750% 6.000% Refer your Home Improvement Customers directly to Cadence Bank! Rate Adjustments 5-Year Term – minus .50% 10-Year Term – minus .25% 20-Year Term – add .25% Previous Bankruptcy – add 1.00% Auto-Debit Program - Auto-Debit – Subtract .125% Enrollment in auto-debit program from a Cadence Bank checking or savings account is required --to receive rate discount. - A Cadence Bank checking or savings account can be opened up at closing, but this must be communicated to us prior to ------loan documents being finalized to be eligible for rate discount. Closing Costs Cadence Bank prepares Good Faith Estimate and all required disclosures Title Fees $119.08 (approximately) Flood Fees $11.00 Courtesy Closing A Referral Source may elect to schedule a courtesy closing at a different title company and negotiate a smaller fee with the-title company (estimated $400.00) Recording Fees Varies by County (estimated $100.00) Administrative Fee $399.00 Referral Fees Referral Fees NOT permitted at this time. Cadence Bank does not pay compensation of any kind for referrals. Appraisal Guidelines Homes purchased <12-months: Sales Price or Value on Closing Statement or Copy of “as-is” Appraisal 1004 dated with-in the last 6-months or Cadence Bank must order new “as-is” Appraisal (1004) - See add-back guidelines below. If an Appraisal is required, fee must be collected in advance from borrower before setting appointment with Appraiser. Homes purchased >12-months: Copy of “as-is” Appraisal 1004 dated with-in last 6-months or Cadence Bank must order new “as-is” Appraisal (1004) - See add back guidelines below. 2nd Lien Restrictions No 2nd Lien behind a possible negative amortization Senior Lien No Senior Lien over 30-year term Lien Position 2nd Liens Only Acceptable Properties Owner-Occupied, Primary Residence Only: SFR’s, Townhomes, PUD’s Debt to Income Ratios 43% Owner Occupied 40% Applies to Property Values greater than $750,000 Cash Reserves 3-Months PITI Liquid Reserves Bankruptcy Guidelines 5-years from the discharge date, provided that credit has been reestablished and has been maintained perfect since discharge date. ADD-BACK FOR IMPROVEMENTS Amount of Improvements $20,000 to $75,000 $75,001 to $100,000 Certain restrictions apply. Rates, programs, guidelines subject to change without notice or at underwriter’s discretion. It is not intended to be distributed to or used by consumers. This material is informational in nature and has been distributed to business entities. Cadence Bank NMLS ID# 525022 Add-Back % 100% $50,000