Land Mortgage

Summary	This portfolio land loan program is designed for investment property purchases of vacant residential land located in Michigan and Florida and intended for the future building of a home.
Available Product Type	10-year Fixed or 5-, 7-, or 10-year Adjustable Rate Mortgage (ARM)
LTV & Loan Amount	Loan amounts range from $25,000 to $800,000. Maximum loan to value is 75% for purchases and rate and term refinances, and 50% for cash out refinances.
Prepayment Penalty	None
Loan Assumption	None
Eligible Properties	Vacant residential land intended for the future building of a home with a maximum parcel size of 20 acres. Financing is available only for properties located in Michigan or Florida.
Escrow	None
Underwriting	Minimum credit score of 680. Debt to income ratio is limited to 43%, with exceptions up to 50% permitted with sufficient compensating factors and management approval.
Servicing	Retained