Professional Real Estate Loan Program
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This program is specially designed to provide real estate purchase financing to individuals in the medical and other professional industries. A medical professional is defined as any highly trained individual who has acquired certifications or designations specific to medical services such as general practitioners, surgeons, urologists, psychologists, radiologists, dentists, optometrists, chiropractors, or hospital executives. This program also includes professionals such as business owners, attorneys, certified public accountants, and executive personnel as identified as Loft Advisor eligible.
The Loft Residential Real Estate program must be used for purchase financing of a single-family home to be used as the borrower’s primary residence. The loan program is not available for purpose of refinance. This loan must be the first and only mortgage lien and may not be used in conjunction with a subordinate purchase of mortgage.
Multiple conventional products may be used under this program. All products are adjustable rate mortgage loans tied to either the 3 or 5- Year Monthly Average Constant Maturity U.S Treasury (CMT) Index*. These loan products provide for an initial fixed-rate period of three or five years with subsequent interest rate and payment adjustments each three or five-year period thereafter. The products require monthly payments and are fully amortized during the period term to maturity. There is no balloon payment or negative amortization.
*The CMT index is based on yields published in the release titled “Selected Interest Rates—H- 15,” published monthly by the Federal Reserve Board. The index information is obtained from a website recommended for this purpose: http://www.mortgage-x.com (Mortgage-X Mortgage information Services).
The minimum loan amount is $300,000.00. The maximum loan amount is $1,000,000.00.
The minimum down payment requirement must be verified and come from your own funds. Unsecured loans or gifts are not eligible sources of funds for down payment. A sign on bonus is an eligible down payment source.
Your employment and income, as considered for qualification, must be verified.
The term to maturity is 15 or 30 years. All loans require regular monthly payments of principal and interest.
This loan is to be used by a 1 family residential real estate property. The home must be located within the City of Sioux Falls, Harrisburg or Brandon. The home may be detached or an attached townhouse or twin-home. Condo financing is not available through this program.
The maximum LTV ratio standard is either 90 or 95 dependent on product. An appraisal prepared on the Uniform Residential Appraisal Report form 1004 is required.
All loans originated under this program will be serviced by First Dakota Real Estate Services. An escrow for real estate taxes and hazard insurance is required.