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| Mortgage Details |
| Ideal for: |
People who plan to move or refinance within 3-5 years |
People who plan on staying in the home for the forseeable future |
People looking to purchase, refinance or re-establish homeownership, first-time buyers and those looking for more flexible credit requirements |
Anyone who works in an accredited educational institution |
First-time buyers |
| Maximum Loan Amount1 |
No limit |
$417,000 |
Based on county |
$330,000 |
$330,000 |
| Loan Purpose |
Purchase or refinance of owner occupied or second home |
Purchase or refinance of owner-occupied and second home |
Purchase or refinance of owner occupied home only |
Owner-occupied only for purchases and no-cash-out refinances |
Purchase of owner-occupied home only |
| Property Types |
Single family residence, PUD, condominium |
1-4 unit single family residence, PUD, condominium and manufactured homes |
1-4 unit single family residence, PUD, condominium and manufactured homes |
1 unit single family residence, PUD, condominium and manufactured homes |
1 unit single family residence, PUD, condominium and manufactured homes |
| Property Location |
Oregon or southwest Washington |
Oregon or southwest Washington |
Oregon or southwest Washington |
Oregon or southwest Washington |
Oregon or southwest Washington |
| Financing Available (Loan to Value) |
80% for purchase and no cash-out refinance; 70% cash-out refinance |
95% for purchase and no cash-out refinance; 80% cash-out refinance |
96.5% for purchase, 97.75% rate and term refinance (value determined by the lesser of the purchase price or appraised value); 85% cash-out refinance |
100% (value determined by the lesser of the purchase price or appraised value) |
100% (value determined by the lesser of the purchase price or appraised value) |
| Fixed Terms |
3 years or 5 years |
15, 20, and 30 years |
15, 20, and 30 years |
30 years |
30 years |
| Caps |
3/1 and 5/1 ARM; 2% initial adjustment, 2% subsequent annual adjustment, life time adjustment 6% |
Not applicable |
Not applicable |
Not applicable |
Not applicable |
| Mortgage Insurance |
Not required |
Required for all loans with LTVs greater than 80% |
Required for all loans regardless of LTV |
Not required |
Not required |
