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Here at First South Mortgage we have every conceivable loan program. I take pride in being able to do a loan that someone else can't. When this happens the customer is usually so happy that they tell the world about what a great deal they received.
Mortgage Loan Programs:
ConventionalFinancing Fannie Mae/Freddie Mac Good/Excellent credit with at least 10% to put down on the property. Typically 80% or less refinancing
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FHAOptions Purchase 96.5%financing, 95% with a 5% gift, 97% Rate and term refinance, 85% cash out Refinance
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FHAStreamline Excellent program fro existing FHA customers. We can do a loan without an appraisal just as long as there is no cash out and the new loan is less than the old loan. Great loan for folks who are upside down on the value of their home.
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USDA 100% financing for customers who wish to purchase in rural areas. existing USDA customers can refinance with the same program
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H.A.R.P(Refi) Great loan program for Fannie mae/Freddie Mac customers who had equity in their homes but lost it due to falling home values. This program has two options. one that goes to 105% and another that goes to 125%. If your initial loan had PMI we need to run the deal on line to determine if the new loan requires PMI.
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AdjustableRates Adjustables rates are amazingly low right now. These adjustable loans have very low margins unlike the nightmare adjustable rates associated with the sub-prime meltdown that took place
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SuperJumbos I have access to amazing jumbo and super jumbo pricing. When dealing with loans this size it is very difficult to find good fixed rates but the 5,7 and 10 year adjustables are priced very low. Jumbo and super-jumbo customers should stay on top of pricing because there is so much potential for savings involved
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$100 Down Program This is an amazing loan program sponsored by HUD for customers who wish to purchase FHA owned foreclosures. there is not a huge list of potential homes to buy but I have a convenient link to look up homes in your area
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97% Financing without Mortgage Insurance Fannie Mae offers a very aggressive program for customers who wish to buy a Fannie Mae owned foreclosure. Just like the $100 program there is a limited inventory of these homes but you may be able to find a deal
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Bad Credit Loans - SubPrime loans no longer exist but I do have options through FHA that allow for borrowers with comprimized credit. 580 minimum credit score required and we will need to show at least three good tradelines. These loans are done on a case by case basis. please tell me your story and I will let you know if you have a shot.
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ManufacturedHomeLoans there is a drought of lenders who will write manufactured home loans right now. Currently I have two. The home must be a doublewide less than 15 years old attached to the ground. I do not write loans in mbile home parks
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GasStationLoans I love doing gas station loans. If you are a gas station owner who owns the land where the gas station is located, I would like to talk with you
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EliminatingPMI Over the last year or so there has been a trend developing for an increasing amount of cash in mortgages. It is very possible to eliminate PMI or monthly mortgage insurance if your home has increased in value or you have accumilated equity by paying your mortgage
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HomeEquityLinesofCredit Helocs used to be much more common than they are today. I still have lenders that will write a 90% Heloc with no closing costs. If your home is in an area of declining values then the maximum we can do is 80%
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No matter which loan program you choose we will be diligant in making sure you get the absolute lowest interest rate possible. Here is a list of things to keep in mind when trying to lock in a very low interest rate
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