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| FHA |
| VA |
| USDA Rural Development |
| Construction/Permanent |
| Adjustable Rate Mortgage |
| Conventional |
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FHA
The Federal Housing Administration (FHA) was established as a division of the US Division of Housing and Urban Development (HUD) in 1934 to expand national homeownership opportunities, increase minority homeownership, make the home buying process less complicated and expensive.
Maximum Amount: $271,050
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VA
A fixed rate, fully amortizing mortgage guaranteed by the Department of Veteran Affairs (VA). Eligibility for the VA home loan can only be determined by the VA and must be evidenced by a Certificate of Eligiblity (COE). VA loans are generally made to a veteran and their spouse, though two veterans may apply. Once determined eligible, the loan must be underwritten and approved, based on income and obligations.
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USDA Rural Development
The Guaranteed Housing Mortgage Loan Program offers fixed-rate mortgage financing guaranteed by the US Government through USDA Rural Development. Applicants must be "unable" to secure a standard conventional loan in terms of down payment and qualifying. Borrower's income and property must meet RD requirements.
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Construction/Permanent
Community Southern Bank offers construction/perm ARM loans with fixed rates for initial period. An initial 12 months interest only period is included to accommodate the construction phase.
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Adjustable Rate Mortgage
Adjustable-rate mortgage loan program with an initial fixed rate periods depending on the product selected. Upon the expiration of the fixed-rate term the program allows for increases or decreases to the interest rate on an annual basis.
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Conventional
Fixed rate, fully amortizing, conventional conforming first lien mortgage loan program offering a variety of of time periods.
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Unless otherwise indicated, these APR calculations are based on the following: Conforming loans (whose maximum loan amount is below $417,000 for the contiguous states, District of Columbia, and Puerto Rico or below $625,500 for Alaska, Guam, Hawaii and the Virgin Islands) are calculated based on a loan amount of $417,000 with closing costs of $8,340. Jumbo Loans (whose maximum loan amount exceed $417,000 for the contiguous states, District of Columbia, and Puerto Rico or exceed $625,500 for Alaska, Guam, Hawaii and the Virgin Islands) are calculated based on a loan amount of $1,000,000 with closing costs of $20,000. Your actual APR may be different depending upon these factors.
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