Visions Federal Credit Union

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3-Year Adjustable Rate Mortgages

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

Max Loan to Value - Purchase - one-family 90% of sale price (two-family 75% of sale price; three- to four-family 65% of sale price)

Refinance - single family up to 75% of appraised value as "Cash Out."

  • Two- to four-family - up to 65% of appraised value as "Cash Out".
  • One-family - 90% of appraised value for "Limited Cash Out."
  • Two-family - 75% of appraised value for "Limited Cash Out."
  • Three- and four-family - 65% of appraised value for "Limited Cash Out."

Loan Amount - Minimum - $25,000, Maximum - $424,100; $636,150 for high cost areas as designated by Fannie Mae

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.

Payment Options - Weekly, Bi-weekly or Monthly

Interest Rate Change - Rate remains constant for first three years and then the rate will change every 36 months.

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.