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 *

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

Visions will not subordinate or agree to the assignment of any oil/gas/mineral rights lease to a third party.

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