Maximum loan amount: $417,000
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Maximum loan to value ratio:
- Purchase - 95%*
- Limited Cash Out Refinance - 95%
- - 90.01% up to 95% add .25% to posted rate
- Cash Out Refinance - 90%**
Additional rate adjustments may apply depending on Loan to Value and Credit Scores.
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Term:
- 30 years
- 10 Year interest only/ 20 Year amortization
- 15 Year interest only/ 15 Year amortization
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Closing Costs:
- - Estimated at 3% of the amount you borrow for attorney fees, title insurance, mortgage, recording fees, etc.
- .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 48 hours 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
