Residential Loan Guidelines

LOAN TO VALUE
Up to 75% on single family owner occupied homes
Up to 75% on mobile homes of any age (including pre-1976), improved land, and mixed use
Up to 65% on vacant land

TERM
Up to 360 months for single family owner occupied
Up to 240 months for mobile homes, improved or vacant land, non-owner occupied and mixed use properties
(Loans may be subject to 5 yr. call option/balloon and a 2% prepayment penalty for 3 years)

FNBA FEES
Typical minimum fee of $900 or 2% (whichever is higher) - will vary based on creditworthiness and overall risk of the loan

STATED INCOME LOANS
FNBA will use the borrower(s) "stated income" as indicated on page 2 of the loan application. State program guidelines are:
*Minimum empirica score of 600 for owner occupied properties,
No minimum credit score on other property types
*Self employed
*Loan must reduce monthly debt
*Provide 2 years tax returns including Schedule C
*No Section 32 on Stated Income Loans

DTI LIMITS
Monthly Income....................Max Debt-to-Income Ratio
Under $2000..........................................35%
$2001 - $2500........................................40%
$2501 - $4000........................................45%
Over $4000...........................................50%