VA

VA Fixed Rate
VA allows a qualified veteran to finance up to 100% of the sales price of a home.

Furthermore, the Seller is allowed to pay all of the Buyer's Closing Costs and Pre-paid items. This allows a Veteran to purchase a home with little or no out-of-pocket expenses. The interest rate is fixed for the entire term of the loan. The loan can be amortized for 30, 25, 20, 15 or 10 years. VA loans are also available to members of the Ready Reserve, subject to certain restrictions.

VA 3/1 ARM
This loan has a fixed interest rate for the first three years then adjusts annually based on the movement of the One-Year Treasury Security or T-Bill. Typically this type of loan offers a lower initial interest rate, as compared to fixed rate financing. There are "Caps" that limit how much the interest rate can change at the first adjustment date, each year and over the life of the loan.

Conventional

Fixed Rate Mortgages
By far the most common and well known mortgage is the fixed interest rate loan. The fixed rate feature of this loan guarantees that the principal and interest payment due each month remains stable. The 30-year fixed rate loan is most likely the loan your parents and grandparents found most comfortable. This loan can be amortized for 30, 25, 20, 15 or 10 years. Although the best interest rate quotes require a minimum of 5% downpayment, this loan may be available to qualified buyers with as little as 3% down-payment.

Interest Only ARMS
An ARM or Adjustable Rate Mortgage allows for the interest rate to change at certain intervals. There are "Caps" that limit how much the interest rate can change at each interval and over the life of the loan. The Interest Only feature means that initially, the required monthly payment does not include any principal reduction. The payments are only paying the interest that is due and the remaining loan balance does not decrease. This typically provides the Buyer with a lower initial monthly payment allowing the Buyer to afford more house than with a typical fixed rate product. Once the initial Interest Only period expires, the interest rate and payment can change annually based on the movement of the One-Year LIBOR or London Interbank Offered Rate and will amortize or pay out by a set date. A Borrower may choose to make principal reductions at any time during the Interest Only period.

Standard ARMS
Standard ARMS differ from the Interest Only ARMS mentioned above by requiring a monthly payment that includes both interest due and reduction of the remaining balance or principal. The ARM feature allows for the interest rate and payment to change at certain intervals based on the movement of the One-Year Treasury Security or T-Bill. There are "Caps" that limit how much the interest rate can change at each interval and over the life of the loan. An ARM loan typically has a lower initial interest rate than a fixed rate loan. A 1/1 ARM means that the initial interest rate is fixed or set for one year. After that, the interest rate and payment can change annually based on the movement of the One-Year T-Bill. A 3/1 ARM has an initial interest rate that is fixed or set for a three year period and can adjust annually after that. We offer 1/1, 3/1, 5/1, 7/1 and 10/1 ARMS.

First Time buyer

SC State Housing Authority
Does the thought of a below market interest rate and downpayment assistance interest you? By working in cooperation with The South Carolina State Housing & Development Authority, we can offer a fixed interest rate loan with a downpayment assistance component that helps a qualified Buyer obtain a home mortgage with very little cash out-of-pocket. These loans are primarily targeted towards First Time Buyers and Single Parents, however, depending on the location of the home, may be available to a broad range of Buyers. In some cases, the downpayment assistance is forgivable after five years of owning the home.

FannieMae Flex 97%
The Flex 97 is a fixed interest rate loan that requires only a 3% downpayment. A Seller can pay up to 3% of the sales price towards the Buyers Closing Costs and/or Pre-paid items. The combination of these two features helps minimize a Buyer's out-of-pocket expense at closing.

Second home and vacation homes

Buying a Second home or Vacation home? Many of our loan programs will accommodate using a Second Home or Vacation Home as the collateral. Ask one of our friendly Loan Officers about credit score and downpayment requirements. VA, State Housing, Interest Only and our 100% programs may not be used for Second Homes or Vacation Homes.

Jumbo Loans

Any loan over $417,000 is considered a Jumbo Loan. We can accommodate loan requests of up to $2,000,000. Fixed, ARM or Interest Only, we will help you structure a loan that best suites your needs.

Applying For A Mortgage

1. A photo ID and Proof of Social Security number.
2. Pay stubs covering the most recent 30 consecutive days.
3. All pages of your most recent Bank and/or Investment account statements covering the most recent 60 days.
4. W-2 forms for the most recent 2 years.
5. Self employed individuals should bring their Federal Income Tax returns (all schedules, K-1’s, etc.) covering the most recent 2 years.
6. VA loan applicants should bring Form DD-214 (discharge papers).
7. Any “legal documents” such as Divorce Decrees (including property settlement agreement), etc.
8. Evidence of receipt of Child Support (if you disclose any on your application).
9. Other documents may be needed on a case-by-case basis depending on loan type, etc.