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SUN Mortgage
The Sun Mortgage Program offers benefits over and above
“conventional type” mortgages. Enjoy perks such as 95%
financing with no Private Mortgage Insurance, which can save
some customers up to $100 or more in their monthly payment! This
is an all-in-1 loan verses an 80/15 1st and 2nd mortgage, often
at a variable rate. This program helps not just first time
buyers, but is available to previous owners as well, possibly
allowing them to use proceeds of a previous home to payoff
personal debt. And the best part is that all loans are serviced
locally in Sun Prairie. So you get great customer service with a
real person, not a stranger on a toll-free phone line.
Special Characteristics:
√ Minimum 720
credit score with 3 verifiable credit sources minimum
(this can include other sources such as insurance payments,
phone bills, etc.)
√ Purchase Price
Limit $204,432. Maximum loan amount $194,210.
√ 95%
financing (Down payment assistance programs can be used)
√ No PMI
requirement
√ Minimum 2
years in same employment field and/or college equivalent
√ No cash back
to clients at closing
√ 1-4 Owner
occupied properties only
√ Loan
Prospector “accept” required
(an automated underwriting program-call us for details)
√ Properties to require no immediate major
repairs/improvements that could not be funded or corrected at or
before closing
√ Escrow
required for property tax
√ Clients are required to open a deposit relationship with
Bank of Sun Prairie and required to have an automatic payment
transfer for mortgage payments
√ No farm or
land loans.
√ Non-assumable
The following down payment assistance programs can be used:
■
Dane County Housing Authority
■
Down Payment Plus-FHLB
■
City of Madison Home Buy
■
South Central Wisconsin Housing Foundation
■
Movin’ Out
Interest Rate:
1.0 basis points over FHLMC’s posted 30 year rate.
*Credit
scores between 720-740 will have an additional .25% fee, 740 or
higher waived.
Term:
7 year balloon/30 year amortization
Based on a maximum loan amount of $194,210. for a 7 year term,
at a recently used rate of 6.125%, the annual percentage rate
would be 6.177%. Principal and interest payment $1,180.04 plus
1/12 annual property tax required monthly.
Rates can change daily, please contact us for a current rate.
Loans to close by June 30, 2010
Promotion may end at any time.
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