Lot Financing Are you thinking about building a home? Start by speaking with a Centennial Mortgage Loan Originator. We offer Lot Financing up to 85% Loan to Value! Benefits of a Lot Loan • 1% Origination Fee • Purchase now, and build later • Loan is closed as a 5/1 ARM, with a 15yr amortization
Lot Loan Loan Amount $0 - $100,000 $100,001 - $250,000 $250,001 - $500,000 $500,001 - $1,000,000 $1,000,001 +
5 Acres or less 85% 75% 70% 65% 60%
5.01 - 10 acres 80% 70% 65% 60% 55%
Assuming a credit score of 700 or higher, 15% down payment, and a term of 180 months for a 9.125% interest rate and 9.219% Annual Percentage Rate (APR), as of 10/30/24. Actual terms may vary. For example, a $68,900 mortgage at these terms during Year 1-5 the payment would be $704. Year 6 the minimum payment could be $645 or the maximum payment could be $765. Year 7 the minimum payment could be $594 or the maximum payment could be $824. Years 8-15 the minimum payment could be $559 or the maximum payment could be $880. Not including taxes. This is an Adjustable Rate Mortgage loan with a 2% annual adjustment cap and a 6% life of the loan cap. After the first five years, the rate can increase or decrease annually by a maximum of 2% per year, bringing the rate up to 11.125% or down to 7.125%. Each year thereafter, the rate can increase or decrease by a maximum of 2%, but never to exceed a total increase of 6%. The maximum the rate could increase to over the life of the loan is 15.125%. The maximum the rate could decrease to over the life of the loan is 3.5%. The margin is 3.5%. Index as of 10/30/24 is 4.26%. All loans are subject to credit approval and property eligibility restrictions. This is not a commitment to lend. Programs, rates, terms, and conditions are subject to change without notice.
Ashley Newman Mortgage Originator | NMLS#1268524
Tel: 479.498.0638 | Cell: 479.721.6466 1302 E Harding St. | Morrilton, AR 72110 945 Salem Rd. | Conway, AR 72034
ANewman@my100bank.com Centennial Bank
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