• No results found

Southeast Texas Housing Finance Corporation 5 Star Texas Advantage Program Published October 15, 2012 Revised Revisions are shown on Page 3

N/A
N/A
Protected

Academic year: 2021

Share "Southeast Texas Housing Finance Corporation 5 Star Texas Advantage Program Published October 15, 2012 Revised Revisions are shown on Page 3"

Copied!
17
0
0

Loading.... (view fulltext now)

Full text

(1)

Administrator’s Guidelines

Southeast Texas

Housing Finance Corporation

5 Star Texas Advantage Program

Published October 15, 2012 Revised 3-25-15

Revisions are shown on Page 3

(2)

TABLE OF CONTENTS

REVISIONS TABLE 4

SOUTHEAST TEXAS HOUSING FINANCE CORPORATION TEAM 6

PROGRAM PRODUCTS 7

Option 1: Assisted Rate Loan with 6% Assistance Grant 7

Option 2: Assisted Rate Loan with 5% Assistance Grant 7

Option 3: Assisted Rate Loan Lower Rate Loan with 4% Assistance Grant 7

Option 4: Assisted Rate Loan Lower Rate Loan with 3% Assistance Grant 7

THE REQUIREMENTS 9

Eligible Borrowers 9

Homebuyer Education Rev 10-15–14 9

ELIGIBLE AREA 9

ABOUT THE PROPERTY 9

INCOME LIMITS 10

FHA-VA LOANS INCOME LIMITS - Effective for new reservations 3-23-15 10

ABOUT THE FINANCING 11

THE PROCESS SUMMARY 12

PROCESS GUIDELINES FOR REQUESTING 13

DOWN PAYMENT ASSISTANCE FUNDS 13

TIMING IS EVERYTHING 14

eHousingPlus WEB-BASED SYSTEM 15

PROGRAM FEES 16

(3)

REVISIONS TABLE

10-18-12 Page 15, clarified time line for processing, delivery and funding. 10-20-12 Corrected misspelled county names throughout

11-26-12 Pages 6 and 7, SETH provides Assistance funds for closing (see Red, Bolded

information; Page 8, “About the Property” changes to policy regarding 1-4 units and ManufacturedHousing (see Red, Bolded information)

12-17-12 Page 8, definition of Eligible Area revised (City of Grand Prairie not eligible) 12-21-12 NOT APPLICABLE - REMOVED ON JAN 4, 2013 Page 16, Discount Fees added for

certain HFC/Jurisdictions

12-31-12 Page 8, definition of Eligible Area revised (City of El Paso not eligible) 1-3-13 Pages 9-12, Income Limits revised

1-4-13 Removed reference to Discount Fees for certain HFC/Jurisdictions 1-4-13 Page 8, Purchase Price Limit included

1-31-13 Page 8, definition of Eligible Area revised (City of McKinney not eligible) 2-8-13 Page 7, wire transfer fee no longer deducted from Wire Request

2-28-13 Page 6, Option 2 DPA Amount increased to 4%

5-7-13 Page 8, definition of Eligible Area revised (Jefferson County not eligible)

7-1-13 PAGES 14, 18, 19 ADDED INFORMATION REGARDING DPA AWARD LETTER RE: 2013-14

7-19-13 Page 6, Option 2B added to program

8-12-13 Page 16, Change Underwriter Certification Deadline 8-14-13 Page 13, buydowns no longer permitted

1-10-14 Pages 9 - 12, revised income limits; 2-4-14 updated effective date to reflect 2014 2-18-14 Page 8, Homebuyer Education Link updated; Page 18, new US Bank Transfer fee

effective 3-1-14 for new reservations

2-24-14 Page 8, Eligible Area revised. Deleted Jefferson County. Loans may be made in Jefferson County effective Immediately.

2-25-14 Page 8, Formerly Transfer Fee now referred to as Funding Fee. Effective with increase 3-1-14

3-28-14 Page 11, Corrected the spelling of Rockwall County 5-7-14 Housekeeping throughout guide

5-22-14 Page 8, FICO 0f 660 allows borrower to have DTI of 50% or below. 6-9-14 Page 19, U.S. Bank Funding Fee Increases

(4)

10-15-14 Page 8, last paragraph, Underwriter Cert competed within 25 days of reservation, Page 9, Credit Score clarification; Homebuyer Education requirements updated; Added information re differences in manufactured, modular and mobile homes; Page 14, Use of MCC programs clarified; Page 15, page has many revisions; Page 16, three changes; Page 17, Timetable and Extension language revised; Page 18, reminder of use of the electronic 1003 to reserve funds; Page 19, Tax Service Fee deleted, Transfer Fee cut by 50%

11-7-14 Page 9, Eligible Area no longer includes Travis County.

3-2-15 Page 8, Now four rate options two apply to FHA only; Pages 11-14 FHA/VA Income Limits; FHA apply both FHA Maximum loan amount as well as program income and purchase price limits; Calculate income using 1003; Page 15, USDA:RD income limits for all USDA:Guaranteed Loans. Calculate income following Agency (USDA:RD) income; Page 20, clarified origination or discount may be charged but not both.

3-13-15 Page 10, Eligible Area differences cited between SETH Five Star and SETH MCC. You may use the SETH MCC with the SETH Five Star first mortgage BUT eligible areas for the two programs are different. Check out the MCC Eligible Area (very different from 5 Star) by using this link: http://sethfc.com/homebuyers-mortgage-credit-certificate/ If the loan is not in the SETH MCC Eligible area, please contact eHousing to be directed to another program.

3-23-15 Page 10, Effective 3-23-15 Link to New 2015 Income Limits

3-25-15 Page 10, changed format for clarity; Page 11 removed reference to Fannie Mae; Page 17, removed reference to Mortgagor’s Acknowledgment

4-6-15 Page 7, Renamed the Rate Options; Page 9, Eligible Program Areas (removed “Including the City of Austin” and all SETH MCC information and changed purchase price limit; Page 10 Under USDA income limits section removed “See Pages 11-14 for FHA-VA Income Limits”, Page 11 removed all SETH MCC information; Page 18, U.S. Bank HFA Division Hotline number added.

(5)

SOUTHEAST TEXAS HOUSING FINANCE CORPORATION TEAM

!

Southeast Texas Housing Finance Corporation (SETH) Create and sponsor a first mortgage program and the

down payment assistance program, solicit lender participation, conduct homebuyer education classes in portions of the state,

set the rate, term and points, and market the program Participating Lenders

Take applications, reserve in their own systems, process, underwrite,

approve, fund, close and sell qualified loans to the program. Lenders are responsible for servicing program loans in accordance with Agency requirements until they’re purchased by

the Master Servicer. US Bank

Master Servicer

Provides information on acceptable loan products, delivery and

funding, receives all first mortgage files, reviews first mortgage files, notifies lenders of first mortgage file exceptions, approves first mortgage files, purchases pools

and delivers loans, delivers certificate. eHousingPlus

Program Administration

Maintains the program reservation system, websites, and posts Administrator’s

guide, forms, training materials, provides program and system training, answers program and system questions, receives compliance files, reviews, posts and notifies of exceptions and

(6)

PROGRAM PRODUCTS

PLEASE NOTE THAT RATES AND ASSISTANCE GRANT AMOUNTS ARE SUBJECT TO CHANGE AT ANY TIME. With respect to reserved loans, the rate and assistance will not change as long as loans are delivered according to the timetable included in this Guide.

All loans in this program are Assisted Rate Loans.

Current rates are displayed within the eHousing Plus system. PLEASE RELY ON THE SYSTEM FOR THE MOST CURRENT INFORMATION.

Funds are available in a first-come, first-served pool that provides continuous funding.

Currently, borrowers may choose from among four Assisted Loan types Rev 3-2-15 — Option 1: Assisted Rate Loan with 6% Assistance Grant

FHA ONLY — The borrower receives a 30-year, fixed rate, fully amortizing first mortgage loan with 360 level monthly payments as well as an assistance payment equal to 6.00% of the note amount to apply toward down payment or closing costs. Current rates are available online within the system. Income limits apply.

Option 2: Assisted Rate Loan with 5% Assistance Grant

FHA ONLY — The borrower receives a 30-year, fixed rate, fully amortizing first mortgage loan with 360 level monthly payments as well as an assistance payment equal to 5.00% of the note amount to apply toward down payment or closing costs. Current rates are available online within the system. Income limits apply.

Option 3: Assisted Rate Loan Lower Rate Loan with 4% Assistance Grant

The borrower receives the second lowest rate — 30-year, fixed rate, fully amortizing first mortgage loan with 360 level monthly payments as well as an assistance payment equal to 4.00% of the note amount to apply toward down payment or closing costs. Current rates are available online within the system. Income limits apply. (Effective with new loan reservations 2-28-13)

Option 4: Assisted Rate Loan Lower Rate Loan with 3% Assistance Grant

The borrower receives the lowest rate — 30-year, fixed rate, fully amortizing first mortgage loan with 360 level monthly payments as well as an assistance payment equal to 3.00% of the note amount to apply toward down payment or closing costs. Current rates are available online within the system. Income limits apply.

More About the Assistance Revised 11-26-12

(7)

Lender No Longer Advances HFA Grant ADDED 11-26-12 Recently certain lenders have

reported HUD audit findings prohibiting Lenders from advancing any gifts or grants to the Borrower at closing on behalf of a government, instrumentality of government or housing finance agency. HFAs have historically relied on Lenders to advance the gift or grant to the Borrowers, to be reimbursed by the servicer when the loans are purchased, so this appears to be a new HUD policy. Effective immediately, the SETH Grant will be funded by SETH via electronic wire transfer from SETH’s Custodial Agent Bank of Texas. According to the HUD Manual (4155.1 Chapter 5, Section B, page 5-B-16):

“Lender must obtain and keep the documentation of the wire transfer in its mortgage loan application binder. While the document does not need to be provided in the insurance binder, it must be available for inspect by FHA’s QAD when that office conducts its onsite review“.

With a minimum 2 business days’ notice from the Loan Closing Date, Lenders will be asked to email to Bank of Texas, N.A. at pblack@bankoftexas.com, courtney.miller@bankoftexas.com, and

cmcdaniel@bankoftexas.com with the Wire Transfer Request Form. As a reference, please include the US Bank Loan Number assigned when the Loan Reservation was made through eHousing. There is no need to collect the $25 wire transfer fee from the Borrower or reduce the requested wire amount by $25. There is no charge for the wire transfer. (Rev 2/8/13)  

(8)

THE REQUIREMENTS Eligible Borrowers

✦ There is no first-time homebuyer requirement in this program. ✦ Follow Agency (FHA, etc) guidelines for non-citizens.

✦ Those with permanent asylum qualify and should provide an I-9. ✦ Buyers must occupy the property within 60 days of closing.

✦ Applicants must be considered irrespective of age, race, sex, color, religion, national origin

Buyers must have a minimum FICO credit score of 640, the mid score must be the minimum or above. If an Agency (FHA, etc) has a higher minimum, follow Agency guidelines. If a participating lender has a higher minimum for other loans and wishes to require a higher minimum for loans, then lenders must use the higher minimum. For home buyers with NO FICO score, manual underwriting shall be permitted. Underwriters must follow the manual underwriting guidelines for the product. The maximum DTI (debt to income) ratio is 45% for credit scores between 640-659. (Rev 10-15-14) Borrowers with credit scores of 660 or above may have a DTI ratio of 50% or below. Added 5-22-14

Homebuyer Education Rev 10-15–14

All borrowers (any person on the Note) must complete the SETH on-line homebuyer education course. Click here to be taken to the Homebuyer Education link on the SETH website: http:// sethfc.com/homebuyer-education/

ELIGIBLE AREA

ENTIRE STATE OF TEXAS but not within the City Limits of: Grand Prairie, El Paso or McKinney

or in Travis County.

PURCHASE PRICE LIMITS

Effective April 2015 - New or Existing Homes: $274,050

Rev 3-2-15 For FHA loans: Follow FHA maximum loan amounts as well as program purchase price limits.

ABOUT THE PROPERTY

Revised 11-26-12

 

• New or existing, one-four units, detached or attached, condos, town homes. Manufactured

homes** are permitted but see US Bank bulletins for further guidance.

• 2-4 units - must be at least 5 years old

• Properties purchased in the program must be residential units.

• Mobile homes**, recreational, seasonal or other types of vacation or non-permanent homes are

not permitted.

**Please note that there are differences between manufactured housing, modular homes and mobile

homes. Click on this link for definitions: http://www.nadaguides.com/Manufactured-Homes/

(9)

INCOME LIMITS

FHA-VA LOANS INCOME LIMITS - Effective for new reservations 3-23-15 Please use this link to connect to the 2015 income limits that are posted on the SETH website: http://sethfc.com/sethfc-content/uploads/2013/10/5-Star-Income-Limits-3.6.15.pdf

USDA INCOME LIMITS FOR USDA LOANS ONLY

INCOME LIMITS (Effective for new loan reservations 03/02/15) For USDA:RD loans, use the income limits provided by USDA:RD. eHousing posts these limits but lenders must follow USDA limits and are responsible for monitoring any changes that may occur during the course of the SETH program. Lenders should contact their underwriter. For program income calculation, follow USDA: RD income calculation requirements. Please use this link to connect to the 2015 income limits that are posted on the SETH website:

(10)

ABOUT THE FINANCING

The following mortgage products are offered in this program: FHA, VA, USDA:RD. US Bank provides the specific government loan product types permitted in the program.

It’s expected that lenders have reviewed some preliminary documentation and believe that

applicants will also qualify for credit. Excessive cancellations will be reviewed to assure that

program funds are not being utilized inappropriately.

Appraisal must indicate that the home has at least a 30 year remaining useful life.

Asset tests are not required to be used in this program.

Buydowns - NO LONGER PERMITTED. Revised 4-14-13

Cash Back to the borrower is not permitted. However, borrowers are permitted a reimbursement of prepaids and overage of earnest money deposit as permitted by Agency (FHA, VA, RD) guidelines and to the extent any minimum contribution, if any, has been satisfied.

Construction to perm is not permitted.

Cosigners or any type of non-occupying borrowers are not permitted in this program.

Minimum Loan Amount - There is no minimum loan amount in this program.

Prepayments - The first mortgage may be prepaid at any time without penalty. Recapture Tax - There is NO RECAPTURE TAX IN THIS PROGRAM.

Refinances - Refinances are not permitted in this program.

(11)

THE PROCESS SUMMARY TRAIN

Lender training provided by the Administrator for program and system training — Click http://www.ehousingplus.com/available-programs/texas/seth/ Click on the TRAINING tab in the row of tabs above the SETH logo. Rev 10-15-14

USERNAME AND PASSWORD

Following eHP (eHousingPlus) University Training, Lenders apply for username and password on the eHousingPlus website with instructions received in an email immediately following training. You will need information in the email to apply.

QUALIFY

Lenders qualify applicants for the program. Buyers must present an executed sales agreement before being entered into the program reservation system.

RESERVE

To reserve funds in program’s online system go to http://www.ehousingplus.com/available-programs/texas/seth/ and click LENDER PORTAL Rev 10-15-14

PROCESS

Lenders process the loan as they would normally keeping in mind the program timelines.

UNDERWRITE AND CERTIFY

Lenders underwrite and are responsible for credit decisions of the loans in the program. Servicer

does not re-underwrite loans. Prior to closing, Underwriter completes the online Underwriter

Certification Form.

DPA FUNDING ADDED

Request funds 2 business days prior to closing. Wire request form behind Lender Portal in “Loan

Forms”. Rev 10-15-14

CLOSE AND VERIFY

It’s important to provide accurate closing instructions to closing agents. AT CLOSING, BORROWERS MUST SIGN THE Notice of DPA 2013-14 LETTER. Distribution: Original - Lender; Copies, Borrower, FHA Case Bindsr, U.S. Bank Rev 10-15-14

SHIP / SUBMIT

Use the Compliance Checklist to assemble the compliance file. The compliance file is submitted to eHousingPlus. The first mortgage file and credit package are submitted to US Bank. Compliance File and mortgage file/credit. package must be delivered within 10 days of closing. US Bank provides

checklists on their website. Loans must be purchased (all exceptions cleared) within 70 days of

loan reservation.Rev 10-15-14

EXCEPTIONS

Lenders are notified by eHousingPlus and US Bank of exceptions. Exceptions for both eHousingPlus and U.S. Bank are available in the eHousingPlus web-based system. Rev 10-15-14

FINAL DOCUMENTS

(12)

PROCESS GUIDELINES FOR REQUESTING DOWN PAYMENT ASSISTANCE FUNDS

DPA funds MUST be provided directly to the Closing Agent by SETH. Lenders may not advance these funds. These requirements apply to all loan types.

1. Lender reserves first mortgage. This automatically reserves GRANT. Lender processes normally.

2. Once the loan has been approved internally, the Lender’s Underwriter will complete the online Underwriter’s Certification.

3. With a minimum 2 business day notice prior to the Loan Closing Date, Lenders will email to Bank of Texas, N.A. at pblack@bankoftexas.com, courtney.miller@bankoftexas.com, and

cmcdaniel@bankoftexas.com a Grant Funding/Wire Request Form. As a reference, please

include the US Bank Loan Number assigned when the Loan Reservation was made through eHousing.

4. Please make sure that the internal Processor/Closer and Title Company/Closing Agent receive instructions indicating that the HUD-1 Settlement Statement should reflect the grant as follows: “SETH HFC Grant”. Please remember, all the assistance must be used in the transaction. After all other permitted uses have been utilized, APPLY ADDITIONAL DOWN PAYMENT so that the buyer benefits from reduced monthly benefits.

(13)

TIMING IS EVERYTHING

Buyers MUST HAVE A FULLY- EXECUTED SALES CONTRACT FOR A SPECIFIC PROPERTY in order to have funds reserved. The contract may be dated prior to the date of the loan application. Buyers may be pre-qualified. However, if the buyer does not have a contract on a property, program funds cannot be reserved for the buyer until such time as the buyer presents a valid contract.

To assure that loans are purchased, please follow the Processing, Delivery and Purchase Timetable below. Please DO NOT reserve loans that cannot meet the timetable. This is particularly important with respect to new construction, foreclosures and short sales. Please wait to reserve funds. Loans not purchased within the time frame below, cannot be purchased.

The revolving pool of funds provides continuous funding. Fund availability makes it unnecessary to rush to reserve funds.

Loan Processing, Delivery and Purchase Timetable: (Rev - Effective 8/14/13)

PLEASE DO NOT RESERVE EARLY -- loans must be underwriter certified within 25 days of reservation Rev 10-15-14

Once a loan is reserved in the eHousingPlus system and is provided the Servicer’s Loan number, the loan must be

1. underwriter certified within 25 days of loan reservation Rev 10-15-14 2. compliance file delivered to eHousingPlus within 10 days of closing 3. purchased within 70 days of loan reservation. Rev 10-15-14

Any loan not purchased within 70 days is ineligible for purchase unless the lender chooses a one-time only 30-day extension. The extension must be requested BEFORE THE 70TH DAY. The cost of the extension will be detailed in the Interest Rate Notice. The extension fee is due whether or not loans are ultimately delivered and/or purchased. The extension fee will be netted by the Servicer when loans are purchased. If an extension is permitted, but the loan is not purchased, the originating lender will be billed for the extension fee.

If a Loan’s Rate Lock period (including extension) expires when the loan has not closed, a Rate Lock may not be made for the same Borrower at any property address, until 60 days after expiration of the prior Rate Lock period (including extensions).

Participating lenders with a high loan cancellation rate or other behavior inconsistent with program goals, may be suspended if not terminated even if the lender is in good standing with the Servicer

An extension request is available online. Click http://www.ehousingplus.com/available-programs/

(14)

eHousingPlus WEB-BASED SYSTEM

(Reserve, View Your Pipeline, View or Run Reports, Review Exceptions)

This represents a brief presentation of information available to lenders. The eHousingPlus website is located on the ehousingplus website. The online help feature is the easiest way to receive answers for your questions about the use of the system.

You do not need a username and password to access the program guidelines or training materials as links are available on the ehousingplus website, You do need a username and password to log in and reserve money for a borrower and to print forms that are auto-filled and printed ready for execution or to run a variety of reports. These reports offer an opportunity to truly manage your pipeline.

To apply for a username and password, make a reservation, check your pipeline, view allocation, information is behind security at http://www.ehousingplus.com/available-programs/texas/seth/. The system is live and available 24/7 with the exception of scheduled and unscheduled maintenance. When you reserve a loan, it is immediately reflected in the remaining available funds. When you cancel a loan, funds are immediately reflected and unavailable.

Program funds are locked for a buyer when a reservation is submitted on and accepted by the system and a loan number is obtained. All loans must be registered through the eHousingPlus Website. Remember that you may upload an electronic 1003 that will complete most of the information on the reservation screens. Rev 10-15-14 Or you may continue to complete all the reservation screens online and submit. Reservations submitted correctly receive a loan number that becomes the loan number for the life of the loan. If submitted incorrectly, there is instant online feedback identifying non-compliance and/or missing information issues.

(15)

PROGRAM FEES FIRST MORTGAGE FEES

A 1.00% fee to be retained by lender as Origination Fee or Discount Point but not both The fee may be paid by buyer or seller as allowable by Agency. (Effective 3-2-15)

The program includes a first mortgage Program Fee of $225. The fee is payable at closing and remitted to eHousingPlus with the Compliance File. The fee must be disclosed on the HUD-1 as being paid to eHousingPlus and can’t be financed.

Revised and Effective 10-15-14 US Bank $150 Funding Fee is payable at closing. It must be disclosed on the HUD-1 as being paid to US Bank. It will be netted at loan closing and can’t be financed. The U.S. Bank fees are decreased to the $150 Funding Fee because SETH is paying them.

Lenders are permitted to charge reasonable and customary charges for out of pocket expenses and costs. Other financing costs such as legal fees and underwriting fees may be charged and courier fees may be charged if such fees are normally charged. Lenders may charge the usual and reasonable settlement costs. Settlement costs include titling and transfer costs, title insurance, survey fees or other similar costs. Other allowable fees include doc prep fees, notary fees, hazard, mortgage and life insurance premiums, recording or registration charges, prepaid escrow deposits and other similar charges allowable by the insurer/guarantor. "Junk" fees are not a defined term and may not be charged. Excessive fees are not permitted in the program.

Lender SETH Program Compensation

In addition to the standard allowable charges noted above, on each loan the lender collects 1. the 1.00% origination as explained above from buyer or seller (follow Agency guidelines).

2. SRP for FHA and RD loans is 1.50% and for VA loans is 1.00%

(16)

PROGRAM DOCUMENTS REQUIRED FOR COMPLIANCE FILE Compliance File Checklist

Copies of the following in the Compliance File Final Typed Loan Application (1003)

The typed application signed and dated by all parties is required. Loan interviewer must complete and sign page 3 of 4 of the 1003. If this is not possible, then an Officer must sign in place of the interviewer.

HUD-1 Settlement Statement

Buyer, seller and closing agent must fully execute the HUD-1. Borrowers on the HUD-1 must be all persons taking title to the property and match the Affidavit and application. Persons not taking title to the property may not appear or sign the HUD-1. The Application Fee must be shown as being payable to eHousingPlus. Please do not bundle charges. Itemize all charges to the transaction. Payoffs of other debt must appear on Page 1 under Section 100 of the HUD-1 as part of "Settlement Costs".

Warranty Deed


A copy of the Warranty Deed is required.

Homebuyer Education Certificate

(17)

US BANK WEBSITE INFORMATION

Down Payment Assistance Funding Verification Form - USB002 and U.S. Bank Lending manuals, bulletins, delivery checklists and training materials may be found on the U.S. Bank All Regs site.

Lenders may reach the U.S. Bank HFA Division Hotline by calling: 1-800-562-5165 or by email at hfa.programs@usbank.com

—————————————————————————————————————

Click on this link: www.mrbp.usbank.com

Click on US Bank Lending Manuals Pop-up box will appear, click on Continue

Web page will be redirected to US Bank All Regs site. Click on Housing Finance Authority folder

References

Related documents

This Program Lender Agreement (this “Agreement”) is entered into as of ___________ __, 201_, by and among Southeast Texas Housing Finance Corporation (“SETH”) and the

This Program Lender Agreement (this “Agreement”) is entered into as of ___________ __, 201_, by and among Southeast Texas Housing Finance Corporation (“SETH”) and the

- Documentation such as a paystub, W-2, letter from the Borrower’s employer, or other documentation that provides comparable information evidencing the Borrower meets the

The fixed monthly payment is set to make the present value of the 30- year stream, discounted at the mortgage rate, equal to the principal amount of the loan. By convention, the

The effective apr lays out where he worked for your loan and how much of the university of each time, use our rate fixed mortgage monthly payment formula that goes into account

Enter the year of the loan maturity date, which will be the year of the final payment of this loan (360-month term of first mortgage, plus the number of months of this second

Adjustable Rate Amortizer This calculator calculates your monthly payment for an adjustable- rate mortgage (ARM) loan, given a loan amount and loan terms.. Payments on

Points are from the bankrate com mortgage lender fees paid for your monthly payment will take the borrower does not exposed to rate or monthly mortgage.. Corporation and