Maximum Loan amount for First Mortgages is $417,000
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Maximum loan to value ratio:
- 95%
- Purchase
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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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Term:
- 30 years- Fixed
- 40 years- Fixed
Rate will be .25% higher than the current posted rate for purchases and refinance transactions with Loan to Value Ratio over 90%
- Borrowers household income and property must meet all Fannie Mae (FNMA) criteria.
- Prior to Closing, member must complete a Home Buyer Education Class and receive a certificate.
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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
- ALL RATES AND TERMS ARE SUBJECT TO CHANGE WITHOUT NOTICE.
