Programs: While we can offer almost every loan program available, we have always been firm believers in the 30 year fixed rate loan. This belief has kept our borrowers out of the bad loans that so many other borrowers were put into that lead to the financial crisis and millions of homeowners losing their houses. We will be happy to help you compare any and all programs you would like with our unique "side-by-side" Good Faith Estimate. Contact us today to get started.
FHA: HUD (Housing and Urban Development) backed mortgage that allows as low as a 3.5% down payment, which may be a gift from a close friend or relative, and larger debt to income ratios than a conventional 30 year fixed mortgage. This makes a FHA 30 year fixed a wonderful option for new home buyers, or home buyers who do not have the cash on hand for a conventional mortgage. Also with a FHA purchase the seller can contribute up to 6% of the sales price to cover closing cost as part of the contract. There are many types of FHA Mortgages that are very popular, please contact us with any questions to find out which one is best for you.
$100 Down: HUD currently has a FHA program where you can buy houses in their inventory with a $100 down payment and have the closing costs and pre-paid items included in the Sales Price. The loan you receive is a 30 year fixed FHA loan. Please contact us for more information if you believe this will be the right fit for you and your family.
Rural Development (RD): USDA (United States Department of Agriculture and Rural Development) backed mortgages allow for 100% financing including closing cost. There are many more restrictions with a RD 30 year mortgage than a FHA mortgage, one of the largest restrictions is where your new house is located, to get an RD loan the house must be classified by the USDA, please check http://eligibility.sc.egov.usda.gov/eligibility/welcomeAction.do for eligibility for the property. RD also has income requirements that differ per county and situation. Please check with us to see if your family and new house are eligible.
VA: Department of Veterans affairs backed mortgage are only available to almost all members of the military as well as veterans, reservists and National Guard members. Also eligible are spouses of service members who died during active duty, or as a result of a disability received from service. VA loans do not require a down payment and unlike FHA and USDA they do not require mortgage insurance making it the perfect choice for our veterans and their families.
Reverse Mortgages: Although many of our loan officers are trained in Reverse Mortgages, that doesn't mean that we promote the use of them. Like other types of "exotic" mortgages, they are not for most borrowers, even those who feel that they would be. As one example: Realize that using a Reverse Mortgage in order to span the time between now and selling your house in a few years could result in you borrowing money at an overall interest rate (APR) of over 50%!
Rates: We apologize but we do not quote rates on this web site.
Deals: What you are really looking for is your best "deal"; the best combination of rate and costs. Since rates and costs are inversely related, a company that offers you the lowest rate may not have your best "deal" if that low rate comes with closing costs that are much higher than other deals with slightly higher rates. The same goes for a company that touts that it offers loans without closing costs but then charges you a much higher rate. Don't be fooled by those mortgage companies touting the "best rate" or "No Closing Costs"; compare the whole "deal" before deciding.
Georgia Mortgage Services, Inc