Special Lot Financing Available! offered by TowneBank
The fundamental terms of the package are as follows:
Have a credit score of 700+
95% loan to acquisition cost financing
Term up to three years
Interest-only monthly payments
5% Interest Rate (If prime rate exceeds 5.15%, rate will be prime minus .15%)
No Fees
Obtain lender's title insurance through one of TowneBank's affiliated title companies
Bank will use a master lot appraisal for all waterfront lots at no cost to buyer
Borrower to establish and maintain a $5,000 balance in a non-interest checking account with TowneBank
TowneBank has the right of last refusal on all construction and permanent mortgage financing
Bank to receive a current personal financial statement on borrower not older than 6 months and the last 2 years federal income tax returns, including all K-1s
Final approval is subject to Bank's underwriting standards for residential lot loan
To apply, please contact Dennis W. Napier at TowneBank at 757-249-7608
Special Construction Financing Available! offered by TowneBank
In partnership with Prudential Towne Realty, we are pleased to offer special Construction to Permanent mortgage financing through the Preferred Builder's Program in River's Bend at Uncle's Neck.
4.75% fixed rate.
30 year term.
1% origination fee with no discount points.
Maximum 80% loan to value ratio.
No "soft seconds" or subordinate financing.
For owner-occupied or secondary residences only. No investor property.
Minimum Beacon score of 700 required.
Maximum debt to income ratio of 45%.
All other normal/customary Fannie/Freddie requirements must be met.
- All loans and terms are subject to underwriting and credit approval. - Terms are subject to change without notice. - This offer may be suspended or cancelled without further notice.
