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Products and Programs
BancMac - Your Community Bank Mortgage Partner
Products and Programs

Pricing & Loan Level Price Adjustments
Credit Score Minimum
Fixed Rate Mortgage
Adjustable Rate Mortgage
Guaranteed Rural Housing


Pricing & Loan Level Price Adjustments:

  Adverse Market Delivery Charge: .25% is applicable to ALL mortgages delivered to Fannie Mae, including FHA, VA, Guaranteed Rural Housing.
Representative Credit Score LLPA: is applicable for all mortgages with greater than 15 year terms and LTV’s greater than 60.00%, excluding the Affordable Housing Programs.
Product LLPA’s: additional LLPA’s may apply to specific products, programs or property types.
Cash-out LLPA: an additional Cash-out LLPA may apply on all loans and will be determined based on LTV and the representative credit score.

Lender Tools
 
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Credit Score Minimum:

  Minimum requirements are for loans underwritten WITH DU.
Loan meeting the minimum credit score requirements below may still be denied based on an overall credit underwriting decision.
Minimum credit scores and eligibility are determined by Investor and individual PMI Company guidelines; Eligibility based on market, property type, credit scores, LTV, DTI Ratios, and Reserves.

Investor (Fannie Mae/Freddie Mac) minimum credit score 620
USDA GRH minimum credit score 640

And for loans above 80% LTV:
Private Mortgage Insurance minimum credit score based on individual PMI Co. eligibility.
 
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Fixed rate Mortgage:

  These loans feature principal and interest payments that remain the same throughout the life of the loan.
 
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Adjustable Rate Mortgage:

  ARM’s are mortgages in which the interest rate and payment adjust periodically based on pre-determined intervals, index and margin.

5/1 LIBOR ARM: Index 1 yr WJ Libor; caps 5/2/5
 
Benefits to borrowers
  Ideal for borrowers who intend to remain in their homes for a short period of time, with Added security of NO balloon payment if their plans change.

Lower initial rate and monthly payments compared to fixed-rate product.
Benefits to lenders
  ARM’s feature a variety of short- and long-term choices, allowing lenders to offer maximum flexibility to their borrowers.
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Guaranteed Rural Housing:

  100% LTV with Guaranteed Rural Housing commitment
Low and Moderate income Borrowers in rural areas now have easier access to affordable housing finance options.
No LLPA for credit score rate adjustments or LTV caps!




 
Criteria:
  Borrowers income must be at or below 115% of area median income. RHS makes available local income information, adjusted for family size. www.rurdev.usda.gov/il/grh.htm

 
Eligible properties:
  Single family, nonfarm, owner-occupied principal residences.
Limited to rural areas. Generally, “Rural Areas” include settled places having a population not in excess of 10,000 or not in excess of 20,000 if outside any Metropolitan Statistical Area (MSA)
 
Benefits to borrowers
  Up to 102 percent financing!
Guarantee Rural Housing have a one time 2.00% guarantee fee, which may be included in the loan!
  No maximum Purchase Price
Benefits to lenders
  Additional lending products are provided to help you assist low- and moderate-income applicants
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