Residential Loan Fees

Our programs are really simple. You choose the loan term from 1 month to 6 months. During the initial term no payments are made. The interest accrues and is paid when the loan is paid off. If you have to go past the original loan term we allow for 2 one month forbearance/extensions. For a forbearance/extension the borrower will need to pay an interest payment equal to one month worth of interest as well as pay a forbearance/extension fee equal to 1 % of the loan balance . The Origination fee does not have to paid by the borrower at the time of closing it can be added to the loan amount and paid when the loan is paid off. An evaluation fee of $550 needs to be paid at the time of application to get the two separate evaluations of the property completed. This only pays for the evaluations on the property. The evaluations are for DHM internal use only.

STANDARD LOAN FEES

The following applies to the Standard Loan Fees

For Credit Scores under 620 the interest rate will be at 18% plus 1 additional point will be added to the origination
Origination points will be added to the principle at loan commencement.
NO Monthly Payments are required for the initial term of the loan.

At the time of Application a fee of $550 must be paid. This fee is for two separate evaluations. The cost strictly pays for the two separate evaluations to be completed on the property. The evaluations are done by an independent third party company using their independent evaluators.

We may delay collection on the note up to 240 days after loan commencement. We charge 1% per 30 day delay. We will write a loan for up to 6 months and at our discretion allow up to two extensions on collection, upon payment of 1% of the loan balance plus the equivalent of 30 days interest for each such forbearance. If loan collection is extended past the initial 6 months period the 1% fee for that month and the equivalent monthly interest must be paid prior to any additional forbearance period.

At loan funding we also charge a $495.00 Processing Fee and $250 Doc Prep Fee. The cost of Lender`s Title Policy, Hazard Insurance and Escrow will be paid by borrower.