Maximum Loan amount for First Mortgages is $417,000
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Maximum loan to value ratio:
- 100%
- Purchase & Limited Cash Out Refinance
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Term:
- 30 years- Fixed or Adjustable
- 40 years- Fixed
- 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, etc.
- 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
- * Rate will be .25% higher than the current posted rate for purchases and refinances with Loan to Value Ratio over 90%
