{{{ Lake Mortgage }}}

Welcome to the Lake Mortgage web site. Merrillville, Indiana

Government Loan Program Guide

Name

FHA

FHA ARM

General Description

Fixed Rate
Government Insured

1 yr. Adjustable
Government Insured

Fixed Rate
Government Insured

Maximum Loan
Amounts

Lake/Porter
1 unit $275,200
2 unit $309,962
3 unit $376,589
4 unit $434,526

Jasper
$275,200
$309,962
$376,589
$434,526

LaPorte/Newton
$275,200
$309,962
$376,589
$434,526

IL-Cook
$275,200
$309,962
$376,589
$434,526

$240,000
$240,000
$240,000
$240,000

Qualifying Ratios

29/41 Based upon
Gross Effective
Income

Qualifying Rate

Note Rate

Loan Term

15 or 30 year

30 year only

15 or 30 year

Caps
Margin
Index
Conversion Option

NA
NA
NA
NA

1% annual / 5% life
2.50
1 yr. treasury
No conversion option

NA
NA
NA
NA

Assumability

Prior to 12-1-86
12-1-86 to 12-15-89
Credit approval
After 12-15-89
Credit approval

OWNER
yes
yes
12 mos.
yes
yes

INVESTOR
yes
yes
24 mos.
no
no

yes - limited

Buydowns

yes

Gifts

All OK

Mortgage
Insurance

yes - UFMIP
+
1/2% monthly

0-5% down
5-10% down
10% or more
Reservist
2nd time use

2.15%
1.50%
1.25%
2.40%
3.30%

PROPERTY TYPE:
1 Family (attached)
1 Family (detached)
Condo
PUD
2-4 Family O/O
Manufactured Home
Investment
Second Home

yes
yes
yes (VA approved)
yes
yes
yes (after 6-15-76)
no
no

yes
yes
yes
yes
yes
yes
no
no

Name

FHA

FHA ARM

Note: Guide subject to change at any time. Call for more details.