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| 30-Year Fixed Rate Mortgage - Full Doc |
| 20 Year Fixed Rate Mortgage Full Doc |
| 15-Year Fixed Rate Mortgage - Full Doc |
| 5/1 LIBOR ARM |
| 3/1 LIBOR ARM |
| Part Time Farm 30 Year Fixed |
| Part Time Farm 15 Year Fixed |
| Bare Land/Lot Loan |
| Full Time Farm |
Rates last updated on Friday, June 27, 2008
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30-Year Fixed Rate Mortgage - Full Doc
The 30-Year Fixed Rate Mortgage product has an interest rate that is fixed over the term of the Loan. It is a fully amortized loan with an original term of thirty (30) years.
Term: 30 years
Maximum Amount: $417,000
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| Rates | Points | APR |
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| 6.125% | 1% | 6.463% |
| 6.375% | 0% | 6.618% |
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A Full Doc Mortgage requires the Borrower to verify employment, along with all assets and income used to qualify for the loan. The best interest rates are generally associated with a fully verified loan. |
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20 Year Fixed Rate Mortgage Full Doc
The 20-Year Fixed Rate Mortgage product has an interest rate that is fixed over the term of the Loan. It is a fully amortized loan with an original term of twenty (20) years.
Term: 20 years
Maximum Amount: $417,000
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| Rates | Points | APR |
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| 6.125% | 1% | 6.574% |
| 6.375% | 0% | 6.696% |
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15-Year Fixed Rate Mortgage - Full Doc
The 15-Year Fixed Rate Mortgage is a product where the interest rate is fixed over the term of the Loan. It is a fully amortized loan with an original term of fifteen (15) years.
Term: 15 years
Maximum Amount: $417,000
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| Rates | Points | APR |
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| 5.75% | 1% | 6.307% |
| 6% | 0% | 6.398% |
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5/1 LIBOR ARM
The 5/1 Libor ARM is a fully amortized loan with an original term of thirty (30) years. The interest rate is fixed for the first 5 years, then becomes a variable rate on an annual basis. In the event of an interest rate change, the outstanding principal balance will be re-amortized over the remaining term of the loan.
Interest Rate Change Date:
The date of the first interest rate change may occur no earlier than 61 months after the date of the Note. Subsequent interest rate changes may occur annually on each anniversary of the first interest rate change-date.
Adjustment Period:
The interest rate may not change more than once every 12 months based on the movement of the Libor index.
Term: 30 years
Maximum Amount: $417,000
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| Rates | Points | APR |
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| 5.875% | 1% | 7.202% |
| 6.25% | 0% | 7.254% |
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3/1 LIBOR ARM
The 3/1 Libor ARM is fully amortized loan with an original term of thirty (30) years. The interest rate is fixed for the first 3 years, then becomes a variable rate on an annual basis. In the event of an interest rate change, the outstanding principal balance will be re-amortized over the remaining term of the loan.
Interest Rate Change Date:
The date of the first interest rate change may occur no earlier than 37 months after the date of the Note. Subsequent interest rate changes may occur annually on each anniversary of the first interest rate change-date.
Adjustment Period:
The interest rate may not change more than once every 12 months based on the movement of the Libor index.
Payment:
The payment will change on the first day of the month following an interest rate change-date.
Term: 30 years
Maximum Amount: $417,000
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| Rates | Points | APR |
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| 5.625% | 1% | 7.101% |
| 6.125% | 0% | 7.203% |
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Part Time Farm 30 Year Fixed
The program is for homeowners who conduct or plan to conduct a small farming operation on property that also includes their primary or secondary residences.
Typical borrowers receive the large majority of their income from "non-farm" sources, i.e., W-2, commission, Schedule C, etc. Schedule F filing is not necessary to qualify for this program; nor would a full-time farmer be excluded if the majority of his income were derived from a tract of land other than the subject property.
They may have a large number of acers with their home. The number of acers does not matter as long as the Dwelling Value contributes at least 25% of the total property's value.
Term: 30 years
Maximum Amount: $2,900,000
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| Rates | Points | APR |
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| 6.625% | 1% | 6.974% |
| 6.875% | 0% | 7.126% |
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Loan amounts exceed the maximum allowable under the conventional, Rural Home Loan Program.
The value of the dwelling itself ("Dwelling Value") can represent a lower percentage of the total appraised value than is allowed under the conventional, Rural Home Loan Program.
The value of the dwelling itself ("Dwelling Value") is not subject to the maximum moderate price limitation as are properties under the conventional, Rural Home Loan Program.
Documentation and underwriting is conducted much in the same way as those conforming lending practices utilized by Fannie Mae.
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Part Time Farm 15 Year Fixed
The program is for homeowners who conduct or plan to conduct a small farming operation on property that also includes their primary or secondary residences.
Typical borrowers receive the large majority of their income from "non-farm" sources, i.e., W-2, commission, Schedule C, etc. Schedule F filing is not necessary to qualify for this program; nor would a full-time farmer be excluded if the majority of his income were derived from a tract of land other than the subject property.
They may have a large number of acers with their home. The number of acers does not matter as long as the Dwelling Value contributes at least 25% of the total property's value.
Term: 15 years
Maximum Amount: $2,000,000
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| Rates | Points | APR |
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| 6.375% | 1% | 6.942% |
| 6.5% | 0% | 6.904% |
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Loan amounts exceed the maximum allowable under the conventional, Rural Home Loan Program.
The value of the dwelling itself ("Dwelling Value") can represent a lower percentage of the total appraised value than is allowed under the conventional, Rural Home Loan Program.
The value of the dwelling itself ("Dwelling Value") is not subject to the maximum moderate price limitation as are properties under the conventional, Rural Home Loan Program.
Documentation and underwriting is conducted much in the same way as those conforming lending practices utilized by Fannie Mae. |
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Bare Land/Lot Loan
Georgia Farm Bureau Mortgage Services has financing for bare land/lot purchases or rate and term refinances. If you’re thinking of building or retiring to your dream home away from the stressful city to the quiet country life, then this program is for you. There must be the intent to build a primary residence on the property at sometime in the future. When you’re ready to build on the property, Georgia Farm Bureau Mortgage Services has construction/permanent financing available.
Call us today at 1-800-898-1911 Ext. 6309
Term: 15 years
Maximum Amount: $300,000
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| Rates | Points | APR |
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| 7.55% | 1% | 8.137% |
| 7.75% | 0% | 8.169% |
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40 Acres or less we can go up 80% LTV
More than 40 Acres LTV is 75%. |
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Full Time Farm
Term: 30 years
Maximum Amount: $2,500,000
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| Rates | Points | APR |
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| 7.8% | 0% | 8.065% |
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Unless otherwise indicated, these APR calculations are based on the following: Conforming loans (whose maximum loan amount is below $417,000 for the contiguous states, District of Columbia, and Puerto Rico or below $625,500 for Alaska, Guam, Hawaii and the Virgin Islands) are calculated based on a loan amount of $417,000 with closing costs of $8,340. Jumbo Loans (whose maximum loan amount exceed $417,000 for the contiguous states, District of Columbia, and Puerto Rico or exceed $625,500 for Alaska, Guam, Hawaii and the Virgin Islands) are calculated based on a loan amount of $1,000,000 with closing costs of $20,000. Your actual APR may be different depending upon these factors.
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