Financing and Mortgage Lending
Generally a $3,000.00 limit or higher if approved by our loan committee
Property must be in the NTR service area
Loans will be secured by a promissory note and a recorded mortgage
No emergency loan will exceed sixty (60) months.
Loan interest rates are subject to market conditions
Mechanical systems must meet building code requirements or necessary improvements may be included
Loan purpose must be to immediately correct an emergency situation which threatens safety, sound or sanitary living conditions.
Property must be owner-occupied, single, double or up to four family residential property
Applicant must reside in property min 1 year
Loan must be secured by a first or second mortgage
Property must meet minimum code standards after rehab
No minimum loan amount, terms up to thirty years, financing up to 105% of total loan-to-value, no prepayment penalty, escrow provided for purchases loans over $3,000
Mortgage payment can not exceed 36% gross monthly income or 45% including other debt obligations
Applicants must demonstrate "sound" credit history
Information and Fees
Applicant must provide appraisal, credit report, and title insurance costs - other fees may be paid out of loan proceeds
Second Mortgage are for the purpose of owner-occupied rehabilitation only or to eliminate mortgage insurance premiums.
*All loans are presented to the Loan Committee for approval.