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15-Year Fixed-Rate Mortgages
Qualified Property - One - to four-family residential owner-occupied purchase money, refinances.
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."
- Two- to four-family up to 75% of appraised value as "Cash Out"
- One-family - 90% of appraised value for "Limited Cash Out."
- Two-family - 85% of appraised value for "Limited Cash Out."
- Three- and four-family - 75% of appraised value for "Limited Cash Out."
Loan Amount - Minimum - $35,000, Maximum - $424,100; $636,150 for high cost areas as designated by Fannie Mae
Term - 15 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 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.