Construction Loans

You can lock your rate, 60 days to close and 12 months to complete construction.

Fixed rate option: lock a 15 year fixed or 30 year (due in 15 years balloon)

ARM rate option:  lock a 7/1 ARM or other ARM program, float down to current ARM rate or switch to 15 year or 30 year fixed rate at time of completion.

These programs protect you from rising rates during the construction period

Construction Loan Rates - ARMs 10/2/2003 Term Rate Points APR $100,000 to $322,700 7/1 ARM 5.500% 0.000 4.34% $323,000 to $650,000 7/1 ARM 5.750% 0.000 4.30% $651,000 to $1,000,000 7/1 ARM 6.000% 0.000 4.34% Construction Loan Rates - Fixed and balloon $100,000 to $650,000 30 yr due in 15 5.875% 0.000 6.13% 15 yr 5.375% 0.250 5.66% $651,000 to $1,000,000 30 yr due in 15 6.125% 0.000 6.17% 15 yr 5.625% 0.250 5.71%

Program Description 3/1, 5/1, 7/1 ARMs with option to convert to fixed upon completion Lock rate at application    (ONE-TIME CLOSING) GENERAL DESCRIPTION:  15 year fixed rate, 30 year due in 15 years, 3/1, 5/1, 7/1 Adjustable Rate Mortgage (ARM) on Construction/Permanent one-time close financing. Twelve (12) months for completion of construction. Construction completion will be monitored by the Construction Lending Department for modification from interest only during construction to principal and interest payments begin amortization of loan.  Lender will pay off construction loan at this time.  Modification must occur within 30 days of Final Completion.  At time of modification to permanent financing, borrower has the option to modify the (non-portfolio) ARM loans to a fixed rate product or applicable ARM

ANCILLARY FEES:   Revised: 5/1/03  (actual fees may be different).  Does not include title insurance, closing agent fees and government recording fees, document stamps and taxes

� Processing fee: $275
� Appraisal fee: $300
� Credit report:  $15
� Tax Service Fee: $85.00
� Underwriting Fee: $200.00
� Flood Certification: $14.00
� Construction Fee – conforming loan amount: $350.00
� Construction Fee – non-conforming loan amount: $500.00
� Modification Fee: $350.00
� Construction Extension Fee: $250.00
� Inspections (generally 5): **
� Recertification of Value: **
� Title Updates (generally 5): **
� Modification Recording: **
� Escrow Waiver: 0.250% fee or $250 whichever is higher (LTV < 80.00%)

**Fee dictated by individual providers and may vary by geographic location

HAZARD INSURANCE: Required with one year paid receipt

SURVEY: Required
Construction Lending will always require once footers are in and prior to next disbursement.
Additional surveys may be required (i.e., Lot Line and As-Built per Title

The above information is believed to be correct by may be different for your particular application.