Loan Programs

Lending practices have recently changed so drastically it is almost impossible to provide any information but the very basic, as programs and requirements for application seem to change almost on a daily basis. We have provided what is considered the standard loan options but bear in mind that lending is based solely on your personal financial condition, not your neighbor's and not what you may have had several years ago.  Rates are still at historic lows but qualifying for those low rates requires the guiding hand of an experience loan officer. Your Realtor will provide you with a selection of lenders- generally three, so that you can get a balanced view on what loan package and what lender best suits you. If you are relocating to the area from another state, or even another county within North Carolina, take the time to meet our local bankers- they know the market and will have the best advice for you.

The following are questions that your lender will discuss with you

•How important is payment certainty? If knowing that your payment will be the same every month is important, consider a fixed-rate mortgage.

 •How important is rapid equity buildup? If rapid equity buildup is a factor, consider a shorter amortization period, such as a 15-year, fixed-rate mortgage.

 •Do you anticipate increasing or stable income? If income growth is anticipated, you could take advantage of a lower start rate on an ARM or a temporary buydown.

 •Other factors to consider include:

•ability to qualify at market rates for loan amount selected

 •anticipated term of occupancy

 •possibility of significant rate changes

 •existence of up-front costs

These are the basic loan packages that are available- there may be others that suit your specific needs- ask your lender.

Conventional Loans-requires at least 5% down

15- and 30-Year Fixed-Rate Mortgages - Regular and Jumbo

Adjustable-Rate Mortgages (ARMs)

FHA Loans- Requires less money down

VA Loans- Requires NO $$ down- for active or retired military

USDA Loans-Used for areas outside city limits- No $$ down

FHA203k-Provides buyers with cash to make repairs & improvements on purchased property