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GOVERNMENT LOAN PROGRAM GUIDE

Name FHA FHA ARM VA
General Description Fixed Rate
FHA Insured
1 yr. Adjustable
FHA Insured
Fixed Rate
VA Guarantee
Maximum Loan
Amounts
Lake/Porter
1 unit $365,700
2 unit $468,150
3 unit $565,900
4 unit $703,250
LaPorte/Newton
$365,700
$468,150
$565,900
$703,250

$417,000
$417,000
$417,000
$417,000
Qualifying Ratios 31/43 Based upon
Gross Effective
Income
31/43 Based upon
Gross Effective
Income
43 – Based upon
Gross Effective
Income
Qualifying Rate
Note Rate
Note Rate
Note Rate
Loan Term
15 or 30 year
30 year only
30 year only
Caps
Margin
Index
Conversion Option
NA
NA
NA
NA
1% annual / 5% life
2.50
1 yr. treasury
No conversion option
1% annual / 5% life
2.50
1 yr. treasury
No conversion option
Assumability

Prior to 12-1-86
12-1-86 to 12-15-89
Credit approval
After 12-15-89
Credit approval
OWNER
yes
yes
12 mos.
yes
yes
INVESTOR
yes
yes
24 mos.
no
no
yes – limited
VA Approval necessary
Buydowns yes yes yes
Gifts All OK All OK All OK
Mortgage
Insurance
yes – UFMIP
+
monthly MIP
yes – UFMIP
+
monthly MIP
0-5% down – 2.15%
5-10% down – 1.50%
10% or more – 1.25%
Reservist – 2.40%
2nd time use – 3.30%
PROPERTY TYPE:
1 Family (attached)
1 Family (detached)
Condo
PUD
2-4 Family O/O
Manufactured Home
Investment
Second Home
yes
yes
yes
Call for details
yes
yes (after 6-15-76)-Call for details
no
no
yes
yes
yes (FHA approved)-Call for details
Call for details
yes
yes (after 6-15-76)-Call for details
no
no
yes
yes
yes (VA Approved)-Call for details
Call for details
yes
yes (after 6-15-76)-Call for details
no
no
Name FHA FHA ARM VA
Note: Guide subject to change at any time. Call for more details.
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