This portfolio product, offered by C&F, provides the opportunity for homeowners to finance a higher-priced home at a lower rate for 7 years with a 30-year amortization. This allows the monthly payment to be lower than a 30-year fixed rate throughout the term of the loan and then the remaining balance may be refinanced at the end of the 7-year term (known as a balloon payment). This program is based on a 20% down payment with an initial period of 7 years amortized for 30 years. At the end of the balloon period, the balance is due and payable.
Program Highlights:
- Up to $1 million loan amount
- Single unit properties only
- Primary and second home options available
- VA and NC homes only
- 80% maximum loan-to-value on primary | 70% maximum loan-to-value on second home
- Ability to use qualifying assets for income qualification regardless of borrower’s age
- Streamlined application and approval process
- Fixed rate for 7 years with a balloon payment feature at the end of the 7-year term
- Extended lock options available