Purchases or Refinances: Here's What You Need to Know

Introduction

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

Jumbo loan amounts available to well-qualified borrowers. The interest rate is 0.25% higher than advertised rate.

Term

20 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.
 

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