Residential Foreign National Program

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buy custom essayForeign National Program Overview

Product Offering Types: 3/1 ARMs  (Fully Amortizing)    5/1 ARMs  (Fully Amortizing) 7/1 ARMs  (Fully Amortizing)    10/1 ARMs  (Fully Amortizing)

Description: An adjustable rate mortgage based on the 1 year LIBOR defined as the average interbank offered rates for 1 year U.S. dollar-denominated deposits in the London market (“LIBOR”) as published in the Wall Street Journal.  Interest rate renewals will utilize the most recent Index figure available as of the first business day of the month immediately preceding the month in which the change date occurs.

Margin: The current margin is 3.25%.

Caps and Floor: The interest rate may not increase or decrease by more than 2 percent above or below the previous rate.  In addition, the interest rate has a life-of-loan cap of 6 percent above the initial interest rate. The initial rate is the floor rate.

Terms: 30 or 15 years

Late Charge Fee: 7% of overdue principal and interest payment if not paid within 10 calendar days of the due date

Occupancy: Primary/Second Homes/Investment Properties

Prepayment Penalties: Prepayment penalties are (3/2/1). 3% the first year; 2% the second year and 1% the third year. A principal reduction of 20% per annum is allowable with no penalty.   (2/1) penalty on primary res. loans.

Escrows: Escrow waivers are NOT allowed. No exceptions.

Lending Areas: Primary Lending Areas: Dade, Broward, Palm Beach and Monroe counties. Secondary Lending Areas: Naples, Marco Island, Bonita Beach, Bonita Springs, Stuart, Vero Beach, Jupiter Island, Sarasota and Bradenton (Secondary Lending Area Max LTV 65% and $200,000 minimum loan amount)

Multiple Loans To One Borrower: BAC will only make a maximum of two loans to any individual or family of individuals if the income is coming from the same business.  The second loan’s LTV may not exceed 60% and both loans will be cross-defaulted.

Acceptable Collateral Types: For the purpose of this program acceptable collateral includes: Single Family Homes, 2-4 Family Properties , Condominium,Townhouses

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