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Loan Purpose:
- Purchase and limited cash-out refinance
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Property Eligibility:
- One (1) unit owner occupied primary single family residence, including condos and PUDs; No Cooperatives.
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Borrower Contribution:
- Minimum 3% for down payment or closing costs from flexible sources
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Interested Party Contribution:
- 3% permitted for costs exceeding the borrower's minimum contribution
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Private Mortgage Insurance (PMI):
- Required for loan to values of 80% and higher.
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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 Real Estate Taxes, Homeowners insurance, 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
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Rate Buy-Downs
- 1 Point = ¼% Rate Reduction
- 2 Points = ½% Rate Reduction
- ALL RATES AND TERMS ARE SUBJECT TO CHANGE WITHOUT NOTICE.
