Pulaski introduced a number of new portfolio products recently and I wanted to keep you informed of what we can offer. In addition to the normal stable of products (Conventional, Jumbo, FHA, VA, USDA) we now offer:
1) A 5/1 Low Cap ARM with a current start rate of 3.00% that has incredible low adjustment caps of 1% per adjustment (including the first adjustment in year 5) and a 4% life-time adjustment cap. Figure the weighted average rate over the first 9 or 10 years of this loan and the interest expense is actually lower than most fixed rates available now – even looking at worst case adjustment scenarios. Also we allow 5% down on this product while other ARMs typically require 10% down.
2) New Construction Extended Locks – 6 month and 9 month locks available. Paired with our portfolio Low Cap 5/1 ARM product described above to guarantee the rate and qualifying. Fees collected will be applied to your buyer’s closing costs at loan closing. When we get to within 30 to 45 days of closing we can re-evaluate the buyer’s needs and switch to another loan product if they desire and still apply the extended-lock fee to costs.
3) $417K Piggy – 5/1 ARM SECOND MORTGAGE that matches the rate and fully-amortized loan term of the $417,000 first mortgage. Avoids jumbo pricing with no rate differential. Typically limited to 80% combined LTV, some exceptions may be available.
4) Physician’s Loan – 100% (NO DOWN PAYMENT) up to $500,000 5/1 ARM with more normal adjustment caps of 2/2/6. Residency or employment must start within 60 days of closing. A 5% down payment is required from $500K to $1 million, 10% down required between $1 million and $1.5 million. This product is limited to MDs.
5) Bridge Loan – Standalone on buyer’s current home or made concurrently with a loan on the new home. Interest-only for up to 12 months (extensions available if needed). $100,000 minimum loan amount.
If you have questions about these new products or any other loan scenario please let me know.
I am looking forward to a GREAT 2014 and hope to be working with you soon.
Joe A. Morris | Vice President/Sr. Loan Officer
KC Magazine 5-Star Mortgage Professional 2011, 2012 & 2013
4550 W. 109th St. Suite 100 | Overland Park, KS 66211
913.234.8634 phone | 913.219.5433 mobile | 913.234.8635 e-fax