You are leaving the Visions Federal Credit Union web site. The privacy and security policies of the external link may differ from Visions Federal Credit Union. Visions Federal Credit Union does not own or control external links and is not responsible for the availability or accuracy of their content.
5/1-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 - 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.
PMI required when loan to value ratio is 80.01% or higher.
Payment Options - Bi-weekly or Monthly
Interest Rate Change - Rate remains constant for the first five years, then will change every year.
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.