If a homeowner needs more than $25,000, Admirals will make an additional cash disbursement up to $25,000– a total loan amount equaling $50,000. The additional loan is called our Plus One Loan and the details are as follows:
Plus One Loan
• Loans from $500 - $25,000
• 3, 5, 7, 10 year terms at 9.99% - 11.99% no pre-payment penalty
Requirement for the plus one loan portion of the loan is 700+ FICO and 3 months home ownership as well as 45% Debt-to-income ratio or less.
Closing costs are financed into the loan. A portion of the closing costs should be tax deductible (consult your tax advisor)
This a non-equity based loan, so there is no appraisal required making turnaround time about 10 business days.
One time re-amortization available within the first two years of taking out the loan.