Right Time Adjustable Rate Mortgage - Suncoast Schools Federal Credit Union


♦	It's the right time to buy a home - prices are low!
♦	It's the right time to move your mortgage to Suncoast - interest rates are low!
♦	It's the right time to finance with Suncoast - Suncoast will pay up to *$2,500 of your closing costs with the 3/1 or 5/1 Adjustable Rate Mortgage!
The Right Time 3/1 or 5/1 Adjustable Rate Mortgages** feature low, competitive interest rates that do not change during the initial term. After the initial term of three or five years, the most your interest rate will adjust annually is 1.5%, subject to a 4.0% floor, with a lifetime cap of 5.0% over the initial rate. Compare the Right Time Mortgage to others, and you will find these terms among the best available. Apply today for the 3/1 or 5/1 Adjustable Rate Mortgage, and use the money you save in closing costs to pay down other debt or for items you may need for your new home! Membership, credit qualification, an acceptable appraisal and other conditions required. *Future rate changes are based on the prior three months average of the Three Year Treasury Constant Maturity index, plus margin of 1.0%. Rate changes subject to floor (minimum rate) of 4.0%. Suncoast will not pay closing costs for discount points, prepaid interest, private mortgage insurance premiums and/or monies necessary to establish your escrow account. If you pay your loan in full during the first 24 months, you will be required to repay the closing costs benefit to Suncoast for the amounts reflected as: paid by the lender on your HUD-1/HUD1 A Settlement Statement. The 24-month term begins with your first payment due date.

Adjustable Rate Mortgages

Program Options:

3/1 and 5/1 Adjustable Rate Mortgages (ARMS) are available.

Available for purchases and refinances in Alabama, Georgia, Florida, Mississippi, North Carolina, South Carolina, Tennessee, and Virginia.

Construction to Perm - Available in Florida only. (Not available with the Right Time Mortgage program)

Sample Payment:

Calculation assumes a loan amount of $125,000 and a Loan to Value of 80% or less. The payment example below assumes the index will remain the same as it is today. Loans are subject to a floor of 4.0% after the initial term of 3 or 5 years.

Payment Months	3/1 ARM Sample initial rate 4.000% APR 4.147% Maximum Rate 9.000% Fixed Principal and Interest for first 3 years	5/1 ARM Sample initial rate 4.250% APR 4.239% Maximum Rate 9.250% Fixed Principal and Interest for first 5 years
1-359 - 3/1 30 Year ARM 1-60 - 5/1 30 Year ARM	$596.77	$614.92
61-359 - 5/1 30 Year ARM	N/A	$599.15
360 - 3/1 30 Year ARM 360 - 5/1 30 Year ARM	$596.02	$597.82

Guidelines:

Maximum loan amount is $700,000.

Must be your Primary Residence to qualify for Suncoast Right Time Mortgage.

Second/Vacation homes and future residences are limited to $300,000. See Second/Vacation Home for additional information. (Not eligible for Right Time Mortgage).

Escrow for property taxes and hazard insurance is required. This means your monthly payment may increase based on changes to your annual property tax and hazard insurance amounts.

Maximum Loan-to-Value (LTV):
- 100% LTV available for qualified members under our Sponsorship Loan program (sponsorship equity reducing the loan to an approved LTV of at least 80%).
- Maximum of 95% LTV with Private Mortgage Insurance (PMI) for loan amounts up to $417,000 for qualified borrowers.
- Maximum of 80% LTV for loan amounts exceeding $417,000 up to $700,000.
- Maximum of 70% LTV for Second/Vacation Home.(Not eligible with Right Time Mortgage).
- Maximum LTV for Condominium's is 75% LTV. 70% LTV's on Second/Vacation homes (not eligible for Right Time Mortgage). Condo must be located in an established project. New projects do not qualify for the PMI program. Condo conversions and developments with greater than 25% investor owned units are not eligible.
- Refinances with cash out are limited to 70% LTV and rate/term refinances are limited to 90% with PMI or 80% without PMI.
- Construction to Permanent mortgages are limited to 70% LTV/CLTV. (Not eligible with Right Time Mortgage).
- For all mortgage types, properties will be limited to a maximum of 5 acres. Properties with more than 5 acres are subject to a pricing premium of 1%.

Rate Adjustments:

The interest rate on the 3/1 product will remain the same for the first three years of the contract. The interest rate on the 5/1 product will remain the same for the first five years of the contract.

At that point, the interest rate will be subject to change annually based on an index plus a margin. The maximum annual cap will be 1.50% each year. The lifetime cap is 5.00% over the initial rate.

The initial rate is not based on the index plus the margin that future interest rate changes are based on.

At each change date, the new ANNUAL PERCENTAGE RATE is calculated using the average of the previous 3 months of the 3-Year Treasury Constant Maturity index, plus our margin of 1.00%. All changes will be subject to a floor of 4.0%, which is the minimum rate.

Payment amounts are re-amortized at each change date for the remaining term of the loan.

Closing Costs paid by Suncoast on our Right Time Mortgage:
(Includes the 3/1 and 5/1 ARM only)

Suncoast will contribute up to *$2,500 in closing costs. *Suncoast will not pay closing costs for discount points to obtain a lower rate, prepaid interest, private mortgage insurance premiums and/or monies necessary to establish escrow accounts (taxes and insurance).

*If the mortgage is paid in full during the first 24 months of the loan, borrowers will be required to repay the closing costs benefit to Suncoast Schools Federal Credit Union for the amount reflected as "Paid by Lender" on the HUD-1/HUD-1A Settlement Statement. The 24 month term begins with the first payment due date of the loan.

Closing costs up to *$2,500 will only be paid on our 3/1 or 5/1 ARM (Adjustable Rate Mortgage) product and must be a single family dwelling or condo that is the primary residence of the borrower(s).

Normal underwriting guidelines apply. Terms or conditions may change without notice.