Here are some Banner Bank Lot Loan program highlights & items need to get pre-qualified:
Banner Bank Lot loan program:
- 25% down payment required & 45% max DTI
- 680+ credit score required but will go down to 660 with exception.
- The rate is 5.75% on a 3/1 ARM with a 15 year term or 7.5% on a 15 year fixed loan.
- 1 point lender fee + Appraisal fee + title & recording fees (water cert & percolation test required if Lot is not serviced by municipal water district).
- Acreage is Ok as long as it is consistent with customs homes in the area.
- No cuts to LTV for rural properties as long as the Lot has road access, electricity at road, water cert for well & percolation test for septic.
- Note – a lot with an existing water meter, electric meter, an existing well, percolation test / septic system, an excavated pad for a foundation, etc. is more desirable than a lot without any of these items. You will save tens of thousand of dollars in construction costs if the lot you buy has at least one of these items.
Here is a list of items required to get pre-approved for a Lot Loan:
- 2020 & 2019 Federal 1040 tax returns (all pages and schedules).
- 2020 & 2019 Federal Business returns if applicable (1120, 1120S, 1065, K-1’s).
- 2020 & 2019 W2 / 1099 statements
- Current pay stubs covering the most recent 30 days.
- Current bank statement from the account(s) the down payment will be drawn (all pages of each statement).
- Valid photo ID (Driver’s license of Passport)
- Current Mortgage Statement(s) & Homeowner Ins. Declaration page on all properties owned.
If you would like to get an application started you can scan and email me the list of items above or if you click on the ‘Apply Online’ link next to my signature below and create an application and you can upload those items directly into your new loan file in the system.
Let me know if you have any questions.
Rich Molloy
NMLS# 3796
Residential Loan Officer | Team Towery
5508 Balboa Ave ● San Diego, CA 92111
Office: 858-625-8847 ● Cell: 619-807-7803
Email: rich.molloy@bannerbank.com
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