Occupancy Requirements*
- 80% of total untis MUST be sold and conveyed as owner occupied primary residence.*
- No more than 10% of the shares/stock in the co-op corporation may be owned by any single entity including same individuals, investor for group or corporation.*
* This information will be provided in the required co-op questionaire and verified during the appraisal process.
Maximum loan amount: $417,000
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Maximum loan to value ratio:
- 90%
- 80.01% up to 90% - add .125% to the posted fixed rate
- 90% (No Cash)
- 80% (With Cash)
- Purchase
- Refinance
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Term:
- 15-30 years
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Closing Costs:
- Estimated at 3% of the amount you borrow for attorney fees, title insurance, mortgage, recording fees
- .25% commitment fee.
- We will require funding of an escrow account for the payment of Flood Insurance (if applicable), and Private Mortgage Insurance (if applicable).
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Rate Lock-Ins:
- Closing rate is set 8 business days prior to closing if a lock-in has not been selected
- 30 day rate lock: ½ point, non refundable fee
- 60 day rate lock: 1 point, non-refundable fee
- 90 day rate lock: 1 ½ points, non-refundable fee
