SAN DIEGO San Diego County CU announced it is eliminating all closing costs on its 5/5 ARM for all home purchases and refinances up to $1.5 million.
The rate on the No Closing Costs ARM is fixed for the first five years and can only change once every five years, with a maximum cap of 5% over the life of the loan, SDCCU said.
The maximum closing costs credit is $10,000. Non-recurring closing costs will appear as a credit on a borrower’s HUD-1 Statement.
The move comes about a year after rising delinquency levels prompted SBA to raise lender fees and tightened underwriting standards in its flagship 7(a) program.
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The $110 million settlement, which was mapped out last fall, requires Wells Fargo to establish a $100 million fund to provide downpayment and closing-cost assistance to eligible borrowers who live in or plan to buy a home in certain low- and moderate-income census tracts.
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