Intra-family Mortgage Loan Standards

National Family Mortgage allows clients to document Intra-family Mortgages, Deeds of Trust, and Security Deeds on Single Family Homes or Condominiums in the following US states:

AZ, AR, CA, CO, CT, DE, FL, GA, ID, IL, IN, KY, ME, MA, MI, MN, MS, MO, NE, NV, NH, NJ, NM, NY, NC, OH, OK, OR, PA, TX, UT, VA, WA, WI, WY.

National Family Mortgage does not allow clients to document Land Contracts (Contracts for Deed), Vacant Land Mortgages, Lease to Purchase Agreements, Construction Loans, Wrap-Around Mortgages, or Intra-family Mortgages on Cooperatives, Mobile Homes or Multi-Family Units.

National Family Mortgage requires that all clients who wish to document an Intra-family Mortgage through our system adhere to the following standards:

Intra-family loan interest rate must meet or exceed the appropriate IRS Applicable Federal Rate (AFR), without exceeding 6.00%.

Intra-family loan structure must be Amortized, Amortized with Balloon, or Interest-Only.

Intra-family loan repayment term (or amortization period) must be between one and thirty years.

Intra-family loan repayment schedule requires monthly payments, due on the first of every month.

Intra-family loan payment grace period must be 15 days.

Intra-family loan late payment fee charged to the borrower shall be between 1.00% – 4.00% of the borrower’s standard monthly payment amount.

Maximum of two Intra-family mortgage loans per lender, per year.

State Mortgage Recording Taxes

In addition to National Family Mortgage fees for service, the following states require various mortgage taxes be paid at the time of country recording:

Florida, Georgia, Minnesota, New York, Oklahoma, and Virginia.

It is the client’s responsibility to pay all state mortgage taxes required for proper county recording.

Florida

Documentary Stamp Tax

$0.35 per $100.00 of mortgage principal

Intangible Tax

$0.20 per $100.00 on the amount financed

Georgia

Recording Tax

$0.30 per $100 of mortgage principal

Minnesota

Recording Tax

$0.23 per $100 of mortgage principal

$0.24 per $100 of mortgage principal (Hennepin County)

New York

$ .75 per $100 of mortgage principal
Chemung, Chenango, Jefferson, Madison, Montgomery, Ontario, Otsego, St. Lawrence, Tioga, Tompkins, Ulster

$1.00 per $100 of mortgage principal
Allegany, Cayuga, Clinton, Delaware, Erie, Franklin, Fulton, Livingston, Monroe, Niagara, Oneida, Onondaga, Orleans, Oswego, Saratoga, Schuyler, Seneca, Washington

$1.05 per $100 of mortgage principal
Dutchess, Nassau, Orange, Putnam, Suffolk

New York City counties of New York, Bronx, Kings, Queens, and Richmond:
- All mortgages securing less than $500,000 – $2.05 per $100 of mortgage principal
- Mortgages of one-, two-, or three-family houses and individual residential condominium units, securing $500,000 or more – $2.175 per $100 of mortgage principal
- All other mortgages securing $500,000 or more – $2.80 per $100 of mortgage principal

Other counties and cities imposing a local tax
Albany County $1.25 per $100 of mortgage principal
Broome County $1.00 per $100 of mortgage principal
Cattaraugus County $1.25 per $100 of mortgage principal
Chautauqua County $1.25 per $100 of mortgage principal
Columbia County $1.25 per $100 of mortgage principal
Cortland County $1.00 per $100 of mortgage principal
Essex County $1.25 per $100 of mortgage principal
Genesee County $1.25 per $100 of mortgage principal
Greene County $1.25 per $100 of mortgage principal
Hamilton County $1.00 per $100 of mortgage principal
Herkimer County $1.00 per $100 of mortgage principal
Lewis County $1.00 per $100 of mortgage principal
Rensselaer County $1.25 per $100 of mortgage principal
Rockland County $1.30 per $100 of principal
Schenectady County $1.25 per $100 of mortgage principal
Schoharie County $1.00 per $100 of mortgage principal
Steuben County $1.25 per $100 of mortgage principal
Sullivan County $1.00 per $100 of mortgage principal
Warren County $1.25 per $100 of mortgage principal
Wayne County $1.25 per $100 of mortgage principal
Westchester County $1.30 per $100 of mortgage principal
Yonkers (city) $1.80* per $100 of mortgage principal
Wyoming County $1.25 per $100 of mortgage principal
Yates County $1.00 per $100 of mortgage principal

Oklahoma

Recording Tax

$0.10 per $100 of mortgage principal

Virginia

State Recording Tax

$0.25 per $100 of principal

City/County Recording Tax

1/3 of State Recording Tax