Is there a maximum Loan-to-Value ratio?1
Fixed Rate Mortgages
Purchases - Purchase a primary or vacation home. You may borrow up to the following limits based on the appraised value or sales price, whichever is less:
- 97% on a 1 unit owner-occupied primary residence
- 90% on a 1 unit owner-occupied second / vacation home
- 80% on a 2 unit owner-occupied / 1 unit investment property
- 75% on a 3 to 4 unit owner-occupied / 2 to 4 unit investment property
Refinance - Payoff your existing mortgage(s) or get cash back for another purpose. You may borrow up to the following limits based on the appraised value:
Paying off existing 1st mortgage only with option to roll in the closing costs:
- 95% on a 1 unit owner-occupied primary residence
- 90% on a 1 unit owner-occupied second / vacation home
- 80% on a 2 unit owner-occupied property
- 75% on a 3 to 4 unit owner-occupied / 1 to 4 unit investment property
Paying off a 1st and/or 2nd mortgage, closing costs and/or getting cash back for another purpose:
- 80% on a 1 unit owner-occupied primary residence
- 75% on a 1 unit owner-occupied second / vacation home / investment property and a 2 to 4 unit owner-occupied property
- 70% on a 2 to 4 unit investment property
Adjustable Rate Mortgages
Purchases - Purchase a primary or vacation home. You may borrow up to the following limits based on the appraised value or sales price, whichever is less:
- 90% on a 1 unit owner-occupied primary residence
- 80% on a 1 unit second/vacation home
- 75% on a 2 unit owner-occupied primary residence or 1 unit investment property
- 65% on a 3 to 4 unit owner occupied / 2 to 4 unit investment property
Refinance - Payoff your existing mortgage(s) or get cash back for another purpose. You may borrow up to the following limits based on the appraised value:
Paying off existing 1st mortgage only with option to roll in the closing costs:
- 90% on a 1 unit owner-occupied primary residence
- 80% on a 1 unit second/vacation home
- 75% on a 2 unit owner-occupied primary residence
- 65% on a 3 to 4 unit primary residence or 1 to 4 unit investment property
Paying off a 1st and/or 2nd mortgage, closing costs and/or getting cash back for another purpose:
- 75% on a 1 unit owner-occupied primary residence
- 65% on a 2 to 4 unit owner-occupied property; 1 unit owner-occupied second/vacation home/investment property
- 60% on a 2 to 4 unit investment property