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First Time Home Buyer Rates

100% Combo Loan | 3-1-2021

Product Rate APR* Payment
5/1 ARM Combo 2.63% 2.81% $642.64
20 Year Fixed HELOC 4.99% 4.99% $263.76
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*Available for primary residence purchases only up to 100% LTV. Applicants must meet credit and ability to repay requirements. This is an 80/20 mortgage loan. A first mortgage (5/1 ARM) of $160,000 at 2.63% with an APR of 2.81% has principal and interest payments of $642.64 for 60 months. Adjusts no more than 2% annually after 60 months. Rate increases are limited to a maximum of 6% over the initial rate during the lifetime of the loan.  A second mortgage of $50,000 borrowed at 4.99% with an APR of 4.99% will have principal and interest payments of $263.76 for 240 months. Tax and insurance payments not included in examples. Property hazard insurance is required. 3% seller concessions allowed with 2 months PITI reserves. 0% seller concessions without 2 months reserves. No gift funds allowed towards closing costs. Escrow account required for taxes and insurance. Origination Fee is $1,495, and standard 3rd party charges (e.g. appraisal and title). Assumes no other loans or liens on subject property. Primary borrower having an open Rivermark checking account and debit card at time of closing will receive $300 off the origination fee.  Actual APRs for individual loans may differ due to individual circumstances such as credit qualifications, increased loan to value, loan purpose (such as investment property) and property type. Adjustable Rate Mortgage (ARM) interest rates and payments are subject to change during the loan term.  That change can increase or decrease your monthly payment. Consult a tax adviser for information regarding the deductibility of interest and charges. Must be a member to borrow.