| 10/6 ARM - Land Loan SOFR |
| Initial fixed interest rate for 10 full years; rate adjusts every 6 months thereafter.
Member wants to purchase land now and build later.
Parcels up to 20 acres.
Purchase loan amounts to $400,000. |
| Member is looking to purchase improved or unimproved property or refinance improved land.
Wants a lower rate and/or payment than a fixed-rate mortgage offers. |
| Only available for properties in Washington and Idaho.
No large structures or mobile homes are allowed on the property.
There can be no construction of any sort in progress.
Cannot be used for commercial, agricultural, timberland or farming. |
| Rate caps = 5% at the first adjustment, 1% every 6 months thereafter
5% lifetime cap
Index = FSBNY 30-Day Avg SOFR
Margin = 3.00%
Non-convertible
Assumable with lender approval |