Purchases or refinances, here's what you need to know.
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Qualified Property
One- to two-family residential owner-occupied purchase money or refinances.
Max Loan to Value
Purchase:
• Single family – 95% of sale price
• Two-family – 85% of sale price
Refinance:
• 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"
Loan Amount
Minimum – $35,000
Maximum – $726,200; $1,089,300 for high cost areas as designated by Fannie Mae*
Term
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
Monthly
Interest Rate Change
Rate remains the same for the life of the loan
Proof of home owner's insurance is required
Additional fees may apply to 30 year fixed rate mortgages.
Visions will not subordinate or agree to the assignment of any oil/gas/mineral rights lease to a third party. Condominiums are not eligible for this program.
