All loans are subject to approval.
* Income limits may apply. HomeReady is a registered trademark of Fannie Mae.
† Term loan – For a $75,000 loan amount, a term of 144 months with a 7.50% APR fixed, the monthly payment will be $793.87. Balloon payment – For a $125,000 loan amount, a term of 60 month balloon and a 15 year amortization with a 7.50% APR fixed, the monthly payment will be $1,162.41, with a final balloon payment of $97,964.05
1 - The information provided assumes the purpose of the loan is to improve a property, with a loan amount of $480,000 and an estimated property value of $800,000. The property is located in Raleigh, NC and is within Wake county. The property will be a single family home and will be used as a primary residence. An escrow (impound) account will not be established. The rate lock period is 60 days and the assumed credit score is 740.
At a 4.000% initial interest rate, the APR for this loan type is 4.383%, subject to increase. Based on current market conditions, the monthly payment schedule would be:
- 12 interest only payments of $960.00 at an interest rate of 4.000%
- 120 payments of $2,291.59 at an interest rate of 4.000%
- 239 payments of $2,495.71 at an interest rate of 5.000%
- 1 payment of $2,496.03 at an interest rate of 5.000%
If an escrow account is required or requested, the actual monthly payment will also include amounts for real estate taxes and homeowner's insurance premiums.