Purchases or refinances, here's what you need to know.
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One- to two-family residential owner-occupied purchase money or refinances.
Max Loan to Value
• Single family – 95% of sale price
• Two-family – 85% of sale price
• Single family – up to 80% of appraised value as "Cash Out"
• Two-family – up to 75% of appraised value as "Cash Out"
• Single family – 90% of appraised value for "Limited Cash Out"
• Two-family – 85% of appraised value for "Limited Cash Out"
Minimum – $35,000
Maximum – $726,200; $1,089,300 for high cost areas as designated by Fannie Mae *
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.
Interest Rate Change
Rate remains the same for the life of the loan
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.