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Untitled Document

Southern Mortgages

Affordable Housing Products

 

+ 97% Program

  • 30 year term
  • Fixed Rate
  • Purchase
  • Rate/Term Refinance for qualified mortgages
  • $417,000 maximum loan amount
  • $25,000 minimum loan amount
  • Primary residences only
  • Single Family Residence, Townhome, Condo, or Off-Frame Modular
  • 620 Minimum credit score
  • 97% financing
  • Limited to First Time Homebuyer
  • Debt to Income ratio may not exceed 43%
  • No Income Limits
  • PMI required
  • Escrow Required

+ MyCommunity® Mortgage

  • 30 year term
  • Fixed Rate
  • Purchase
  • Rate/Term refinance
  • $417,000 maximum loan amount
  • $25,000 minimum loan amount
  • Primary residence only
  • Single Family Residence, Townhome, Condo, Off-Frame Modular or 2-4 unit property
  • Up to 97% Loan to Value for First Time Homebuyer
  • Up to 95% Loan to Value for Purchase
  • Up to 95% Loan to Value for Refinance
  • Debt to Income ratio may not exceed 43%
  • Income may not exceed 100% of the annual HUD Area Median Income for the property’s location.
  • Not limited to First Time Homebuyer
  • First Time Homebuyers required to take Homebuyer’s Education Course if all borrowers are first time homebuyers
  • MI Required
  • Escrow Required

+ Home Possible Advantage

  • 30 year term
  • Fixed Rate
  • Purchase
  • Rate/Term Refinance
  • $417,000 maximum loan amount
  • $25,000 minimum loan amount
  • Primary Residence Only
  • Single Family Residence, Townhome, Off Frame Modular Home or Condos
  • 620 Minimum credit score
  • Up to 97% Loan to Value
  • Income Limit may not exceed 100% of the Area Median Income.  No limit for underserved areas.
  • Not limited to First Time Homebuyer
  • First Time Homebuyers required to take Homebuyer’s Education Course
  • MI Required
  • Escrow required

+ Home Possible

  • 30 year term
  • Fixed Rate
  • Purchase
  • Rate/Term Refinance
  • $417,000 maximum loan amount
  • $25,000 minimum loan amount
  • Primary Residence Only
  • Single Family Residence, Townhome or Off Frame Modular Home
  • Manufactured homes- New 90% Loan to Value,  Existing 85% LTV Loan to Value
  • Condos
  • 2 – 4 Unit Property
  • 620 Minimum credit score
  • Up to 95% Loan to Value
  • Income Limit may not exceed 100% of the Area Median Income.  No limit for underserved areas.
  • Not limited to First Time Homebuyer
  • First Time Homebuyers required to take Homebuyer’s Education Course
  • MI Required
  • Escrow is required

Our Loan Officers will work with you to determine which type of loan best suits your needs and budget. Contact your local branch and ask to speak with a Loan Officer.

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