North Shore Bank has a family of ARM loans options designed to help you purchase or build your new home. Over the years, we've added new products unique to North Shore Bank to meet the needs of families like the ones we've helped. Choose the one that is right for you.
| |
103% ARM Loan Program |
100% Construction Loan Program |
97% Five Year ARM Loan Program |
90% ARM Cash Out - Refinance Loan Program |
Relative E-Z Special ARM Loan Program |
| Loan Purpose |
Purchase |
New Construction |
Purchase or Construction |
Refinance |
Purchase or Construction |
| Eligible Properties |
Single family owner-occupied properties. No second homes. |
Single family owner-occupied properties |
Single family owner-occupied properties |
Single family owner-occupied properties |
Single family owner-occupied properties |
| Available Loan Programs |
All North Shore Bank ARM (1, 2, 3 & 5 year) programs |
All North Shore Bank ARM (1, 2, 3 & 5 year) programs |
Five year ARM program |
N/A |
100% Construction Loan Program & 97% Five Year ARM Loan Program |
| Minimum Down Payment |
$0 down (based on 100% Loan to Value) |
$0 down (based on 100% Loan to Value) |
3% of borrower's own cash (cannot be borrowed funds) |
10% equity required¹ |
10% from the buyer, immediate family member, a grant or the seller² or any combination thereof. |
| Maximum Loan Amount |
$240,000 |
$250,000³ |
$240,000 |
$250,000 |
Depends upon which ARM loan program you select. |
| Qualifying Ratios |
28% - housing payment
36% - all debts (including new house payment)
|
30% - housing payment
40% - all debts
(including new house payment)
|
30% - housing payment
40% all debts (including new house payment)
|
30% - housing payment
40% - all debts
|
30% - housing payment
40% all debts (including new house payment)
|
| Credit Score |
Requires a minimum score of 700, with no previous bankruptcies or foreclosures |
Requires a minimum score of 660. |
N/A |
Requires a minimum score of 660. |
Please refer to #7 at the bottom of this table. |
| Fixed Rate Conversion Options |
N/A |
N/A |
N/A |
N/A |
N/A |
| Closing Costs |
Standard costs can be financed up to 103% of your purchase price. No seller contributions are allowed. |
A builder will be allowed to pay up to 2% of the 1st mortgage loan amount, but cannot exceed your actual closing costs. |
Builder allowed to pay up to 2% of approved loan amount towards your closing costs (may not exceed actual costs).4 |
N/A |
Please refer to #7 at the bottom of this table. |
| Cash Reserves |
N/A |
N/A |
A reserve equal to one month's payment is required. |
N/A |
N/A |
| Age of Existing Mortgage |
N/A |
N/A |
N/A |
Please refer to #5 at the bottom of this table. |
N/A |
| Maximum Cash Out Allowed |
N/A |
N/A |
N/A |
Please refer to #6 at the bottom of this table. |
N/A |
| 1) |
The maximum loan-to-value is 90% of the property's current value. |
| 2) |
The seller is limited to 3% of the loan. |
| 3) |
The maximum loan amount is $225,000 for the 1st mortgage and $25,000 for the 2nd mortgage from North Shore Bank. |
| 4) |
No seller subsidies or sweat equity are allowed. |
| 5) |
The existing mortgage being refinanced must be at least 12 months old, with no payments 30 days or more late OR have a pattern of late charges assessed during the past 12 months. |
| 6) |
The maximum cash out allowed is $50,000 above the payoff of all mortgage liens and closing costs. (Note: Any second mortgage lien that is less than 12 months old will be included in the $50,000 maximum limit.) |
| 7) |
For more details on these items, please contact one of our mortgage loan originators or send us an
e-mail
. |
