Mortgage Products
- Conventional Mortgages
- Investment Property, Conventional
- Home Possible, Conventional
- Conventional Homestyle Rehab
- USDA Rural Housing
- FHA 203B and FHA 203k
- VA, Thank you for your service!
- Reverse Mortgage
- Self-Employment Bank Statement Program
- Investor FLEX
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Conventional Mortgages
- 95% LTV Purchase, 80% LTV Refinances
- Second homes 10% down
- Minimum Credit Score requirement 620
- PMI when LTV over 80%
- 1-4 family properties, 2-4 units require 10%-20% down depending on units
- *Example: 6.99% rate, 30 yr term, 0 pts, 5% down pay, 7.07% APR, $6.65 Payment/thousand
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Investment Property, Conventional
- 75%-80% LTV
- Minimum credit score 620
- 1–4-unit properties
- 3-6 months reserves
- *Example: 7.75% rate, 30yr term, 2-pts, 25% down payment, 7.840% APR, $7.16 Payment/thousand
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Home Possible, Conventional
- First Time Homebuyer 3% down payment
- PMI is discounted.
- Rates are discounted.
- Maximum income requirements, 100% median income
- *Example: 6.875% rate, 30 yr term, 0 pts, 3% down, 6.953% APR, $6.59 Payment/thousand
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Conventional Homestyle Rehab
- LTV up to 95%
- 1–4-unit homes
- 620 minimum credit score
- Min 3-6 months reserves
- *Example: 6.99% Rate, 30yr term, 0 pts, 5% down payment, 7.07% APR, $6.65 Payment/thousand
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USDA Rural Housing
- Zero down payment
- 620 minimum credit score
- USDA approved towns, see https://eligibility.sc.egov./eligibility/welcomAction.do
- Income requirements by town and county, see https://eligibility.sc.egov./eligibility/welcomAction.do
- Debt ratios 31-42
- PMI based on .35%
- *Example: 6.5%, 30yr term, 0 pts, 0 down payment, 7.22% APR, $6.32 Payment/thousand
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FHA 203B and FHA 203k
- Purchase up to 96.5% LTV with gifts available for down payment.
- Refinance cash out up to 80% LTV
- Minimum credit score as low as 550 may change minimum LTV.
- 1–4-unit properties all 3.5% down payment required
- Debt ratios may go higher than 55% on back end with good credit.
- Must be owner Occupied home.
- For Rehab minimum credit is 600
- *Example: 6.5% rate, 30yr term, 0 points, 3.5% down payment, 7.118% Apr, $6.32 Payment/thousand
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VA, Thank you for your service!
- Zero down payment
- No PMI
- Minimum credit score 550, may need down payment below 580 credit score.
- Honorable discharge, Army, Navy, Airforce, Marines, National Guard
- Owner Occupied Home
- *Example: 6.5% rate, 30yr term, 0 pts, 0 down payment, 6.573% APR, $6.32 Payment/thousand
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Reverse Mortgage
- Must be 62 years old.
- Call for a full Reverse Mortgage Quote you can receive that day.
- Experienced and Local with the product
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Self-Employment Bank Statement Program
- Minimum credit score as low as 640
- Bank Statement requirement 12-24 months, deposits used up to 50% for income.
- Loans up to $3,000,000
- Investment or owner occupied.
- *Example: : 7.75% rate, 30yr term, 2.0 points, 15% down payment, APR, 8.017 the Payment/Thousand is $7.84
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Investor FLEX
- Investment properties only
- Debt service coverage ratio (DSCR), rent divided by payment. Let your rent be your qualified income.
- As low as 3 months reserves
- As low as 640 credit score
- LTV as low as 80%
- DSCR as low as .75
- *Example: 7.75% rate, 30yr term, 2.0 points, 15% down payment, APR, 8.017 the Payment/Thousand is $7.84
