Special Financing

Spall’s 2.5% Mortgage Program
Prevailing rates for a 30 year fixed rate mortgage are approximately 5.00. As part of your purchase of a new Spall home, we can help obtain an initial rate as low as 2.50%. This program benefits our buyers by allowing lower monthly payments on the same mortgage amount, allowing buyers to borrow more for an equivalent monthly payment and faster amortization.

EXAMPLES: Same mortgage amount, lower monthly payment

$2,147.29 monthly payment	$400,000 mortgage at 5.00% 30-year fixed rate
$1,580.48 monthly payment	$400,000 mortgage at 2.50% 5/1 ARM 30-year amortization
$566.81 monthly savings	$34,008.60 5-year savings!

Faster amortization

$367,314.67	Balance of $400,000 mortgage at 5.00% after 60 months
$352,301.79	Balance of $400,000 mortgage at 2.50% after 60 months
$15,012.88	Amount saved

Combined savings over 5 years: $34,008.60 + $15,012.88 = $49,021.48

The following terms and conditions apply:

Program based on 5/1 ARM mortgage amortized over 30 years
Mortgage amount not to exceed $417,000
Down payment minimum of 20% of purchase price
Buyer(s) must have minimum credit score of 720
Loan must close within approximately 60 days of signed contract and mortgage application
Note: Other programs involving fixed rate, shorter terms, jumbo and PMI mortgages also available
Advisory: Financing subject to change according to market conditions

Federal Homebuyer Tax Credit of $6,500
The Worker, Homeownership, and Business Assistance Act of 2009 has extended the tax credit of up to $8,000 for qualified first-time home buyers purchasing a principal residence. It also authorized a tax credit of up to $6,500 for qualified repeat home buyers. This program allows first time home buyers a tax credit of $8,000 and repeat home buyers a credit of $6,500. See this link for additional information http://www.federalhousingtaxcredit.com/home.html

The following terms and conditions apply:

Effective date November 7, 2009 (date the bill was signed into law)
Eligible repeat home buyer is anyone who has lived in their current home as the principal residence consecutively for 5 of the previous 8 years; other eligibility rules apply depending on circumstances<
Must sign a contract by April 30, 2010 and close by July 1, 2010
Income limits: $125,000 single and $225,000 married
Maximum purchase price of $800,000

Note: Even if you do not qualify for this program due to income limitations, it is probable that a buyer for your home will qualify for the credit, which will help sell your home more quickly. A real peace of mind benefit for you!