MMCT Investor Loan Special Rate
Amortization | ||||
Rate Lock | 10 -Years | 15 - Years | 20 - Years | |
20 - Years | 7.95% | |||
15 - Years | 7.25% | |||
10 - Years | 6.75% | |||
5 - Years | 6.25% | 6.75% | 7.25% | |
Rate Adjustments on 5 - Year Option
Rate must change to Wall Street Journal Prime floating annually after initial fixed period.
Other Conditions:
- Collateral Property MUST be located in a Majority Minority Census Tract ("MMCT")
- No more than one collateral property per loan (multiple loans must be used if multiple tracts)
- 1 - 4 Family Residential Investor properties only. Not for owner-occupied residences
- Maximum Loan-To-Value ("LTV") on Purchase and Refinance Loans of 90%
- Maximum LTV on Cash-Out Refinance Loans of 75%
- Maximus LTV on Modular/Manufactured home of 80% on Purchase and Refinance and 70% on cash out
- LTV calculation would include all fees
- Minimum FICO of 700 on individual borrowers/ Guarantors
- Prepayment refinance penalty 5, 4, 3, 2, 1 required on all loans over 5 - year rate lock
- 1% origination fee required on all loans
- First Financial Bank Deposit account is required
- Rate subject to change periodically
- Rate can be locked for no more than 60 days from rate quote
Please use the Link below to ensure property is located in an MMCT:
https://geomap.ffiec.gov/ffiecgeomap/
Counties with FFB Branches that include MMCTs
Brazos, Dallas, Deaf Smith, Denton, Ector, Ellis, Fort Bend, Harris, Jefferson, Johnson, Jones, Matagorda, Montgomery, Nolan, Orange, Palo Pinto, Tarrant, Taylor, Tom Green, Walker, Wharton, Wise