AC Star Funding - Construction 30 Year

Construction-To-Permanent Single-Close Ground-Up Construction And Purchase/Rehab Or Refinance/Remodel

A first mortgage loan for construction and permanent financing of a primary or secondary residence. Borrowers will have one escrow closing and will sign one set of loan documents for both the construction and the permanent loan phase. The following programs are available: 30- and 15-year fixed rate, 3/1 Treasury ARM, and one-year Treasury ARM.

Purchase/Rehab or Refinance/Remodel
Under the single rate program, the interest is fixed throughout the life of the loan, including both the construction and the permanent loan phases (except the 3/1 ARM program, which becomes a one-year Treasury adjustable rate loan after the first three years of the permanent loan). Roll down and floating rate options are also available.

Minimum Loan Amount
$50,000

Term
Construction term varies between 6, 9, or 12 months; permanent loan fully amortizing over 30- or 15- year term after construction.

Eligible Properties
Single family one-unit detached residences; detached dwellings in Planned Unit Developments (PUDs); and manufactured homes permanently affixed to the property.

Maximum Loan-To-Value
The lower of 90% of construction cost or the LTV guidelines below, based on appraised value:

Ground- Up Construction Only
Owner Occupied

	Maximum LTV	Maximum Loan Amount
Primary Residence	90%	$400,000
	80%	$500,000
	75%	$650,000
	70%	$1,000,000
Second Home	80%	$400,000
	80%	$500,000
	75%	$650,000
	60%	$1,000,000

Mortgage Insurance Premiums
The premiums below are the total amount you'll pay in any year. You'll pay the amount on a monthly basis, and the payment will be collected along with your monthly principal and interest, taxes and insurance. Please note that the amounts below are quoted for a fixed rate loan on a property which would be your primary residence. Somewhat different rates may apply if your loan is on a second home or has a temporary buy-down or adjustable rate.

LTV	Annual Premiums
80.01- 85.00%	0.32%
85.01- 90.00%	0.52%
90.01- 95.00%	0.78%

Subordinate Financing
You may be able to obtain a loan with secondary financing (other loans on the property which have a subordinate lien position) if the maximum loan to value for the first mortgage does not exceed 75%, and the total loan to value of all loans does not exceed 90%. Certain restrictions apply.

Please Note:
The program guidelines presented here are general; AC Star Funding offers a variety of loans that allow for exceptions to these guidelines on a case-by-case basis.