We can assis you with purchasing a new or used home; or refinancing an existing mortgage.
Our options include Conventional, FHA, VA & USDA loan programs. See below for more details for each type of residential property.
Primary Residences
Home Purchase Options:
(FHA) - 3.5% Down Payment Purchase
- This loan offers terms of 15, 20 and 30 years.
- The Down Payment can be a gift from a relative.
- The seller may contribute up to 6% for closing costs and prepaid expenses.
- The minimum acceptable Credit Score is 640.
- Maximum loan amounts apply and vary by county.
Conventional Loans - 5% Down Payment Purchase
- This loan offers terms of 10, 15, 20 and 30 years.
- Rates can be either Fixed or Adjustable.
- The minimum acceptable Credit Score is 680.
- Credit Union Members receive a lower monthly PMI (Private Mortgage Insurance) payment.
USDA - Zero Down Payment
- Property must be in USDA's eligible area (generally outside Metro Atlanta)
- Income restrictions apply (ask our loan officers if you meet guidelines)
- NO Monthly Private Mortgage Insurance
- One-time 3.5% Guarantee Fee which can be financed into loan amount
- Market rates
VA - Zero Down Payment
- For Veterans Only (must have DD-214 Certificate)
- Loan terms of 15 and 30 years
- 640 minimum credit score
- No Monthly Private Mortgage Insurance
- One-time Funding Fee which can be financed into loan amount
- Maximum loan limist apply - varies per Veteran
Primary Residence
Home Refinance Options:
FHA
- The maximum loan amount is up to 97.75% of the appraised value of your home when you refinance your First Mortgage only.
- The maximum loan is up to 85% of the appraised value of your home when you refinance your First Mortgage and also include your Second Mortgage, pay-off other debt and/or receive cash-out.
Conventional
- The maximum loan amount is up to 95% of the appraised value of your home when you refinance your First Mortgage only. A minimum Credit Score of 680 is required.
- The maximum loan is up to 80% of the appraised value of your home when you refinance your First Mortgage and also include your Second Mortgage, pay-off other debt and/or receive cash-out. A minimum Credit Score of 680 is required.
VA
- Interest Rate Reduction Loans (IRRLs) allow a Veteran to refinance his/her First Mortgage balance and include closing costs and funding fee up to the Verteran's loan eligibility limit - regardless of appraised value.
- Cash-out Refinances are limited to 95% of appraised value.
- Minimum credit score is 640.
- Loan terms of 15 or 30 years.
- Max loan amount: $417,000
Second Homes
Purchase Options:
Second Home Mortgages For Soon-to-Retire or Vacation Home Buyers
- This loan offers terms of 10, 15, 20 and 30 years.
- Requires as low as a 10% down payment.
- Fixed and Variable rates are available at the same rates as for primary residences.
- To qualify as a Second Home, the property must be located at least 60 miles from primary residence.
Refinance Options:
Second Home Mortgage Loans
- The maximum loan amount is up to 90% of the appraised value of your second home.
- Cash-Out option is available up to 75% of appraised value.
Investment Properties
Home Purchase Options:
Investment Property Mortgages - For the purchase of Rental Properties
- This loan offers terms of 10, 15, 20 and 30 years.
- A down payment of 20% of the sales prive is required.
- The loan is for Single Family Properties only.
- Interest rates for this Mortgage Loan will typically be 1/4 - 1/2% higher than for a Primary Residential Property.
- Requires 6 months Principal, Interest, Taxes and Insurance (PITI) in reserves.
- Minimum credit score of 720 required.
Home Refinance Options:
Investment Property Loans
- The maximum loan amount is 80% of the property's appraised value if paying off 1st Mortgage only.
- The minimum acceptable credit score is 720 or above.
- Cash-Out option is available up to 75% of appraised value.
- Borrower may have no more than four financed properties including the primary residence and the current property being financed.
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