AC Star Funding - Conforming 15 Year Fixed

Conforming Loan - 15 Year Fixed

A conventional long-term, fixed-rate, level-payment loan that meets the loan limit and property and borrower guidelines of FNMA and FHLMC. The loan is not assumable and no penalty is assessed for prepayment.

Minimum Loan Amount
$50,000

Maximum Loan Amount
$214,600

Term
Fully amortizing over 15 or 10 year terms.

Eligible Properties
Single family one-unit residences (call for information on 2-4 unit properties), including FNMA-approved condominiums, dwellings in Planned Unit Developments, and townhouse projects.

Maximum Loan-To-Value
Loan-to-Value is computed as the loan amount divided by the purchase price or the appraised value, whichever is less. If you're refinancing a loan which has been in effect for more than a year, the appraised value must be used.

	Owner-Occupied	Second Home	Investment
Purchase	95%	90%	70%
Refinance	90%	75%	70%
Cash-Out Refinance	75%	65%	N/A

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, and may not apply to your particular situation. Program costs and requirements may be different based on down payment, loan amount, occupancy, property location and other factors. Please contact a mortgage consultant for a customized analysis. Exceptions to these guidelines may also be available on a case by case basis.