30-Year Fixed-Rate Mortgages
Qualified Property - One-to four-family residential owner-occupied purchase money, refinances.
Max Loan to Value - Purchase - 1 family 95% of sale price (2 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." Pricing adjustments (see mortgage representative for adjustments):
- 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 - $417,000; $625,500 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.
Payment Options - Monthly Only
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.