Loan Information
Types of Loans & Loan Amounts
|
|
| TYPE
|
AMOUNT OF LOAN |
| Owner
occupied 1 to 4 single family homes |
70% of appraised value |
|
Non-owner occupied 1 to 4 single family homes |
65% of appraised value |
|
Builder new home construction loans |
70% of appraised value |
|
Investor loans to buy and rehab homes |
70% of appraised value |
|
Multi-family properties (e.g.: apartments) |
65% of appraised value |
|
Residential lots (in platted & recorded
subdivisions) |
70% of appraised value |
Commercial properties (office buildings, shopping
centers, churches, owner-occupied buildings, etc.) |
65% of appraised value |
|
Residential lot development loans |
60% of appraised value |
|
Unimproved properties |
50% of appraised value |
|
Maximum Terms on Commercial Loans
|
|
- 5 years on a 20-year amortization
on all properties other than unimproved properties
- 5 years on a 10-year amortization
on unimproved properties
|
Prohibited Loans
|
|
- Outside of the Greater Houston area
- Unsecured loans
- Second lien (or any inferior liens)
- Home equity loans
- Night Clubs &/or Bars
|
Interest Rates & Fees
|
|
From Wall Street Prime plus 2% up to
18% depending on credit, equity and the borrower’s ability
to service the debt. (An origination fee or points may be
required depending on the type of loan and/or the terms).
The borrower must pay normal costs as required for any real
estate loan: e.g.: appraisal fee, survey, title policy,
loan document preparation and other normal closing costs.
|
Documentation Required
|
|
- An appraisal (ordered by AMI)
- Phase One Environmental Study (on
commercial properties)
- A blue-line survey
- Loan application (Fannie Mae Form
1003)
- Borrower’s most recent two years
Federal Income Tax Returns
- Monthly Cash Flow Statement (download)
- Proof of identification (driver’s
license or other acceptable personal identification)
- Other documentation may be required
depending on the type of loan requested
|
Additional documentation for construction
and rehab loans
|
|
|
Loan Qualifications
|
|
AMI lends strictly on the value of the
property and the borrower’s ability to service the debt.
Bad credit, bankruptcy, etc. is not a concern.
|
