ARMs
JUMBO 3/6 LIBOR ARMS – LLHQ-01 (-02 w/prepay)
JUMBO 5/6 LIBOR ARMS – LLHQ-03 (-04 w/prepay)
- Full and Limited Documentation available
- Limited Docs not available in CA
- Rate is indexed to the 6 month London Interbank Offered Rate (LIBOR)
- Rate/payment adjusted every 6 months after initial fixed rate period
- Loan is assumable and may have a prepayment penalty
- After 180 days, no prepayment penalty charged when property is sold
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JUMBO 5/6 LIBOR ARMS – LLBR-04 (-05 w/prepay)
JUMBO 3/6 LIBOR ARMS – LLBR-06 (-07 w/prepay)
- Flexible Guidelines with limited documentation and higher LTV's allowed
- Rate/payment adjusted every 6 months after initial fixed rate period
- First rate adjustment maximum of 5% over the initial rate
- Subsequent adjustments restricted to 1%
- Rate is indexed to the 6 month London Interbank Offered Rate (LIBOR)
- After 180 days, no prepayment penalty charged when property is sold.
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5/6 LIBOR ARMS – Permanent Buydown Financing – LLBZ-02
- Max Buydown 6% can be financed into the mortgage
- Payment fixed for first 5 years and adjusted every 6 months thereafter
- Maximum LTV up to 90%
- First rate adjustment maximum 6% over the initial rate
- Subsequent adjustment restricted to 1%
- No prepayment penalty
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5/6 LIBOR ARMS – 90% LTV– LLBZ-03
- Maximum LTV of 90%. Loan proceeds > 80.01% LTV used to pay for MI premiums/closing costs
- Seller contribution of up to 3% is allowed
- Payment fixed for first 5 years and adjusted every 6 months thereafter
- First rate adjustment maximum 6% over the initial rate
- Subsequent adjustment restricted to 1%
- No prepayment penalty
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