Emptying Your Nest While Helping Them Fly the Coop
6/5 Adjustable Rate Mortgage (ARM)
4.79% RATE | 5.87% APR1
with banking relationship1
Families and Professionals:
Have You Been Looking to Empty Your Nest?
Are Income-Related Obstacles Keeping it Full?
John Marshall Bank’s Home Pursuit program provides a path to homeownership that isn’t defined by financial obstacles and income-based challenges. It’s defined by solutions. Solutions that promote accessible and sustainable housing options for hardworking Washingtonians who meet maximum income (up to $97,680), maximum loan amount, and maximum property value requirements ($750,000). Solutions that include up to $2,500 in lender credit toward closing costs, low down-payment mortgage, and as low as 4.79% APR (with a banking relationship). With Home Pursuit, you can help your family and friends find a new nest while you refurbish yours.
Benefits of a Mortgage with John Marshall Bank
We offer a first trust mortgage up to 89.99% Loan to Value (LTV) and if needed a second trust mortgage up to 5.01% (LTV) for a 95% combined CLTV.
- Maximum combined loan amounts up to $617,500
- Maximum property value of $750,000
- Maximum household income $97,680
- Borrower must disclose and include all sources of income
- Minimum Credit Score of 6802
- Up to $2,500 lender credit toward closing costs
- Higher debt to income ratios up to 50%
- Highly competitive rates and low fees
- Low down payment and no points or Private Mortgage Insurance (PMI)
- An easy-to-reach point of contact throughout the loan process
- 30-year term with principal and interest payments
- The rate is adjusted every five years after the initial six-year fixed term
- Available for owner-occupied primary residence only
- We’re local and your loans are not sold to a third-party
Being a homeowner is no longer a dream you chase but happiness you can pursue
|6/5 Adjustable Rate Mortgage (ARM)|
|First Trust Mortgage Amount $200,000.00|
|First Trust Loan to Value (LTV) and Second Trust Combined Loan to Value (CLTV)|
|First Trust Mortgage Up to <= 89.99% LTV (see chart to above)|
|Second Trust Mortgage Up to <= 5.01% for a Total CLTV of 95%|
The example chart reflects payments on a $200,000 loan with banking relationship, and does not include taxes or insurance; actual payments may be greater.
- Auto debit from a John Marshall Bank personal primary checking account with your full direct deposit of your income, opened and funded prior to closing, 4.79% Rate / 5.87% Annual Percentage Rate (APR) or 4.99% Rate / 5.96% APR without a banking relationship.
- Must meet credit policy underwriting standards. First trust mortgage payments include principal, interest, taxes, and insurance.
- Since the value of the index in the future is unknown, the chart above reflects the payment amounts plus margin (fully indexed rate) as of the effective date of January 26, 2023. This offer is for a limited time and subject to change without notice. This product is available for purchases and refinances. The rate is fixed for the first six years, after which, your rate changes every five years based on the current five year US Treasury rate at the time, plus a 2.50% margin. The APR may be increased after the loan is closed. The product is for owner-occupied primary residence in the Virginia counties (and all cities and towns contained therein) of Alexandria, Arlington, Fairfax, Loudoun and Prince William, Washington DC and the Maryland county (and all cities and towns contained therein) of Montgomery. Interest paid on this ARM may be tax deductible. Consult your tax advisor. All borrowers must be occupants. The applicant is responsible for the following fees and costs at the time of closing; appraisal fee, tax service fee, settlement fees, title fees, transfer tax fees, flood cert fee, recording fee, homeowners insurance, survey if required, and interest due until first payment. This is not intended to be an all-inclusive list, other costs may be included due to specific loan circumstances. Other restrictions may apply. Investment properties are not eligible for this product. Contact the John Marshall Bank consumer mortgage consultant for any applicable additional restrictions and details about your loan. We do business in accordance with the Federal Fair Housing Law and the Equal Credit Opportunity Act.