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Glossary

Construction-to-Permanent (CTP)

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You may also deliver Construction-to-Permanent loans to us via our SNAP delivery method.

When offering Construction-to-Permanent loans, please review the Construction Key Questions and Checklist as well as Insurance Resources.

Available Products:

· 1-Month LIBOR

· 1-Year Treasury ARM

· 30- and 15- Year Fixed rate loans

· 3/1 and 5/1 LIBOR ARMs

Features:

· Loan amounts up to $3,000,000

· LTV up to 95%

· Full and Stated Income¹ Document types

· Primary residence and Second homes

· No monthly mortgage payments during construction²

· Interest rate protection

· Free float down option

· Simple conversion to permanent financing with no cost to request any

other loan program

· Ground-up and major rehabs (primary residence and second homes)

· Owner-builder program available

· Construction terms: up to 24 months

· 24/7 online draw requests

· Minimum equity requirements apply

get started on your CTP loan now!

Need a warehouse line to fund construction loans? Contact your Indymac sales professional to get started.

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Expanded pricing and guidelines may be available when you submit your loan via e-MITS®*.



1	Stated Income loans for borrowers that are not self-employed must meet the following guidelines:
	-	Maximum LTV/CLTV of 70%
	-	Minimum Decision Credit Score of 700
2	An interest reserve is established as part of the construction loan. Payments are not necessary unless the interest reserved is depleted.

Guidelines are only for reference. Refer to the Indymac Bank Lending Guide for detailed information on products, programs, procedures, representations and warranties.

*Rates, fees and programs are subject to change without notice.

Rate sheets do not represent program guidelines. Please refer to the Indymac Bank Lending Guide for specific parameters.


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	©2010 Indymac Federal Bank, FSB Registered trade/service marks are the property of Indymac Federal Bank, FSB and/or its subsidiaries.
	Information is intended for Mortgage Professionals only, and not for distribution to consumers, as defined by Section 226.2 of Regulation Z, which implements the Truth-In-Lending Act.
	Bond and equity market charts are provided by BigCharts.com, a third party source, and are made available to Indymac customers for reference purposes. Indymac Federal Bank has no control or responsibility for this information, makes no representation, warranty or guarantee with respect to their accuracy, and expressly disclaims any liability in connection with their use.