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This loan is available to professional building contractors (rehabbers) to purchase and rehabilitate vacant housing stock in the
community investment area of Mutual Bank.
- Borrow up to 80% of the purchase price and identified
repairs and rehabbing cost
- Loan will never exceed 80% of “as completed”
appraisal
- Loan for a 1-4 family home
- Initial maturity will be six (6) months from the date
of the loan
- Two (2) 90-day extensions after the initial maturity
may be provided
- Interest rate is Prime +2% (floating) over the initial
6 month term. Rate will increase to Prime +2.25% for the
first 90-day extension and Prime +2.50% for the second
90-day extension period. There is a floor rate and a ceiling rate on all rehab loans
- $250 non-refundable application fee (due at submission)
- $250 processing fee (due at closing)
- Origination fee due at closing (equal to 1% of loan
amount)
Related Products and Services:
>> Checking
Accounts
>> Direct
Deposit
>> Certificates
of Deposit
>>
Phone Access Line
>>
Safe Deposit Boxes
For more complete information, contact
your loan officer or call 1-877-637-3111.
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