State Specific Information

NY, RI, DC, IL, MA, UT, NM, DE, HI, OH 

• CLTV cap dependent on credit score 

Tennessee 

• CLTV cap dependent on credit score 
• Draw Terms and Structure: 5-year interest-only; 10-year repayment period 

Texas 

Primary Residences: 

• 12 day “cooling off” period between signing the initial disclosures to the closing date 
• Borrowers / owners can only have one 50(a)(6) at a time. Existing 50(a)(6) liens must be paid 
  off at closing [refinance only] 
• Prior 50(a)(6) transactions must be seasoned for 12 months 

All Transactions: 

• 2.00% max origination fee to the consumer 
• Max 10 Acres 

Maine, Rhode Island, Vermont 

• No origination fees permissible 

Michigan 

• Minimum loan amount down to $10,000 for eligible licenses