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Who's Eligible? Potenitial borrowers must qualify based on their income, credit score, liquid assets and property type. |
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ELIGIBLE APPLICANTS |
Primary applicant must reside in the home. Secondary applicant must be on the title. If not on title, must be able to provide 1 year's proof of residency or have the same legal address as the collateral property for at least 1 year. |
| EMPLOYEE DISCOUNTS | All employees of the bank are eligible for the employee discount (currently .50%) provided that they have at least 3 months of service with the corporation. This includes all full-time, part-time and retirees of the bank. Employees are not eligible for the discount if they are eligible for another promotional offer. The rate discount may not be combined with the introductory rates (on lines of credit). |
| PROPERTIES HELD IN TRUST | If the property is held in trust, the Underwriter will request a full copy of the trust. This will be sent to the corresponding legal counsel for review (based upon the state where the property is located). Sales advisors should ask and note in the history of the loan whether or not the property is held in trust. |
| PROPERTIES HELD IN TRUST IN CALIFORNIA | Trust applications are considered in California. A copy of the Trust will be requested, but legally cannot be required. However, a Trust Certificate is required if a copy of the trust is not provided. Additionally, many negative amortization mortgages exist in California; therefore required documentation (including a copy of the mortgage note) will be necessary before Final Underwriting. |
| PROPERTIES HELD IN TRUST IN FLORIDA | If held in trust, a copy of the trust MUST accompany the application. In addition, a copy of the mortgage note may also be requested for appropriate processing. |
