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Southern Mortgages

Conventional Mortgages

“Conventional” mortgages are used to purchase or refinance a single-family home. To qualify for a Conventional Mortgage, you typically need a minimum down payment of 5% of the home purchase price (typically requiring mortgage insurance). If you have a down payment of 20% or more, you will not need to pay the additional expense of mortgage insurance. Typical terms include 30, 20, 15 or 10 years.

+ Purchase - Primary Residences

  • 1 Unit Properties – Up to 95% Financing
  • 2-4 Unit Properties – Up to 80% Financing
  • 5% Down Payment for 1 Unit Properties
  • 20% Down Payment for 2-4 Unit Properties
  • Private Mortgage Insurance required for Loan to values >80%
  • Seller can pay up to 3% of sales price to cover closing costs
  • Fixed Rates available from 10 to 30 Years
  • Adjustable Rates available

+ Rate/Term Refinance - Primary Residences

  • 1 Unit Properties –Up to 95% Financing
  • 2-4 Unit Properties – Up to 80% Financing
  • Closing costs can be included in loan amount
  • Private Mortgage Insurance required for Loan to values >80%
  • Limited cash back at closing
  • Fixed Rates available from 10 to 30 Years
  • Adjustable Rates available

+ Cash out Refinance - Primary Residences

  • 1 Unit Properties – Up to 80% Financing
  • 2-4 Unit Properties – Up to 75% Financing
  • Closing costs can be included in loan amount
  • 6 months Ownership required
  • Unlimited funds back at closing
  • Fixed Rates available from 10 to 30 Years
  • Adjustable Rates available

+ Purchase - Second Home

  • 1 Unit Properties Only
  • Up to 85% Financing
  • 15% Down Payment
  • Private Mortgage Insurance required for Loan to values >80%
  • Maximum of 4 properties financed
  • Fixed Rates available from 10 to 30 Years
  • Adjustable Rates available

+ Rate/Term Refinance - Second Homes

  • 1 Unit Properties Only
  • Up to 85% Financing
  • Closing costs can be included in loan amount up to 85%
  • Private Mortgage Insurance required for Loan to values >80%
  • Maximum of 4 properties financed
  • Limited cash back at closing
  • Fixed Rates available from 10 to 30 Years
  • Adjustable Rates available

+ Cash out Refinance - Second Homes

  • 1 Unit Properties Only
  • Up to 75% Financing
  • Closing costs can be included in loan amount up to 75%
  • Maximum of 4 properties financed
  • 6 months Ownership required
  • Unlimited funds back at closing
  • Fixed Rates available from 10 to 30 Years
  • Adjustable Rates available

+ Purchase - Investment Properties

  • 1 Unit Properties – Up to 80% Financing
  • 2-4 Unit Properties – Up to 75% Financing
  • Maximum of 4 properties financed
  • Seller can pay up to 2% of sales price for closing costs
  • Gift funds not allowed for down payment
  • Fixed Rates available from 10 to 30 Years
  • Adjustable Rates available

+ Rate/Term Refinance – Investment Properties

  • 1 – 4 Unit Properties
  • Up to 75% Financing
  • Maximum of 4 properties financed
  • Closing costs can be included in loan amount up to 75%
  • Limited cash back at closing
  • Fixed Rates available from 10 to 30 Years
  • Adjustable Rates available

+ Cash out Refinance – Investment Properties

  • 1 Unit Properties - Up to 75% Financing
  • 2-4 Unit Properties – Up to 70% Financing
  • Maximum of 4 properties financed
  • Closing costs can be included in loan amount
  • 6 months Ownership required
  • Unlimited funds back at closing
  • Fixed Rates available from 10 to 30 Years
  • Adjustable Rates available

+ Harp - Refi Plus – Fannie Mae (Available through December 31, 2015)

  • Mortgage loans with note dates prior to June 01, 2009
  • AMS must be the current servicer of the existing mortgage
  • 1 – 4 Unit Principal Residences
  • 1 Unit Second Homes
  • 1 -4 Unit Investment Properties
  • Payoff the unpaid principal balance on the existing first mortgage
  • Financing of the closing costs, prepaid items and points
  • Max cash back $250.00
  • No maximum LTV for fixed rate loans
  • 105% Maximum LTV for Adjustable Rate loans with initial fixed periods greater than or equal to 5 years
  • Term not to exceed 30 years

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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