Welcome to the Lake Mortgage web site. Merrillville, Indiana
Name |
CONV FIXED |
CONV ARM |
7 YR BALLOON |
|---|---|---|---|
General Description |
Fixed Rate Conforming Max. Loan 100% LTV |
1, 3, 5, 7 yr. Adjustable Conforming with Conversion to Fixed Rate Max. 97.0% LTV |
None |
Maximum Loan Amounts |
1 unit $359,650 2 unit $460,400 3 unit $556,500 4 unit $691,600 |
$359,650 $460,400 $556,500 $691,600 |
$359,650 $460,400 $556,500 $691,600 |
Qualifying Ratios |
28/38 Debt To Income Ratio |
28/38 Debt To Income Ratio |
28/38 Debt To Income Ratio |
Qualifying Rate |
Note Rate |
Over 70% LTV - 1 yr. Fully Adjusted Minimum 7% Less 70% LTV Note Rate |
Note Rate |
Loan Term |
10, 15, 20 or 30 yr. |
15 or 30 yr. |
30 yr. Only |
Caps Margin Index |
NA NA NA |
2% annual: 6% life 2.750 1 Year |
Can convert to fixed for 23 years if eligible call for details |
Assumability |
Not Permitted |
Not Permitted |
Not Permitted |
Buydowns |
2-1-0 &1-0 available |
Not Permitted |
Not Permitted |
Gifts |
OK |
OK |
OK |
Mortgage Insurance |
Required on LTV's over 80%, |
Required on LTV's over 80.00% |
Required on LTV's over 80.00% |
PROPERTY TYPE: 1 Family (attached) 1 Family (detached) Condo PUD 2-4 Family O/O Manufactured Home Investment Second Home |
yes yes yes yes yes Call For Details yes yes |
yes yes yes yes yes Call For Details yes yes |
yes yes yes yes no yes no no |
Name |
CONV FIXED |
CONV ARM |
7 YR BALLOON |
Note: Guide subject to change at any time. Call for more details.