Purchases or refinances, here's what you need to know.

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Qualified Property - One- to four-family residential owner-occupied purchase money, refinances or construction.

Max Loan to Value

Purchase - one-family 95% of sale price (two-family 85% of sale price; three- to four-family 75% of sale price).

Refinance - single family up to 80% of appraised value as "Cash Out."

  • One-family - 90% of appraised value for "Limited Cash Out."
  • Two- to four-family - up to 75% of appraised value as "Cash Out".
  • Two-family - 85% of appraised value for "Limited Cash Out."
  • Three- and four-family - 75% of appraised value for "Limited Cash Out."

Term - 15, 20, 25, or 30 Years

Escrow Account - Required when loan-to-value ratio is 80.01% or higher.
If less than 80% loan-to-value ratio, is based on credit worthiness.
PMI required when loan to value ratio is 80.01% or higher.

Payment Options - Bi-weekly or Monthly

Interest Rate Change - Rate remains constant for the first ten years, then will change every year.

Annual Cap - Rate cannot go up or down more than 2%.

Floor Rate - Rate can never go below 3%.

Proof of home owner's insurance is required

Visions will not subordinate or agree to the assignment of any oil/gas/mineral rights lease to a third party.