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5 Things You Should Know About Refinancing

Construction-to-Permanent One-Time Close Program

• Non-Conforming Construction-to-Permanent "One Time" Close 3/1 & 5/1 Full/Alt Doc Interest-Only LIBOR ARMs
• Non-Conforming Construction-to-Permanent "One Time" Close 3/1 & 5/1 Stated Income/Full Asset Interest-Only LIBOR ARMs

Program Eligibility

• Available for detached 1-2 unit Primary residence, detached PUDs, and second homes
• Maximum LTV

Full/Alt Doc—Maximum LTV for 1-unit, PUD detached primary residence:
          95% up to $359,650 (with a 660 credit score)
          90% up to $500,000 (with a 660 credit score)

Stated Income/Full Asset—Maximum LTV for 1-unit, PUD detached primary residence:
          80% up to $500,000 (with a credit score of 700)

Get Your Preapproval Now

• The maximum loan amount is $2.5M for the Full/Alt Doc program and $1.5M for the Stated Income/Full Asset; minimum loan amount is $60,000
• Rehabilitation loans available!
• Construction begins after the loan has closed
• 30-year term
• Interest rate for the construction period is the same as the note rate
• Mortgage insurance may be eliminated upon completion of construction if the loan amount does not exceed 90% of the cost of the project and does not exceed 80% of the appraised value
• AHM performs inspection throughout construction
• The requirement to use both the proposed housing payment and the current housing payment has been eliminated. The guidelines have been enhanced to allow for the borrower's current mortgage payment to be offset by using 75% of the average market rent
• Subordinate Financing is not permitted
• Administration fee of .50% of the loan amount will be charged at closing