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A diversity options you can take advantage of...

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USDA

  • Up to 100% financing available
  • Up to 6% seller paid closing costs
  • Closing costs can be financed, if house appraises for more than the sales price
  • 30 year fixed rates only
  • Primary residences only
  • As low as 580+ FICO credit score
  • Minimum two trade lines with 12 months history
  • Income limits vary by county
  • No maximum loan limits
  • Requires upfront and monthly mortgage insurance
  • Property must be located in USDA eligible area

Conventional

  • 3% minimum down payment required
  • Amount of seller paid closing costs determined by LTV and occupancy type
  • Primary, investment and second homes
  • No area restrictions
  • Maximum loan limit $510,400 (Fannie Mae counties may exceed this. Please discuss with your loan officer)
  • Monthly mortgage insurance required when LTV is greater than 80%

Jumbo

  • Minimum loan amounts greater than $510,400
  • Maximum loan amount $3,000,000
  • Maximum LTV 85% primary residence, 80% second home
  • Minimum 680 FICO score

VA

  • Up to 100% financing available
  • Available to veterans, active service members, and eligible surviving spouses
  • No monthly mortgage insurance
  • As low as 580+ FICO credit score
  • Seller can pay closing costs and up to 4% in concessions
  • Primary residence only
  • DTI may exceed 50% on case by case basis
  • No income limit
  • Requires upfront funding fee – some borrowers may be exempt
  • Maximum loan limits vary by county
  • Requires Certification of Eligibility from Department of VA
  • No area restriction

FHA

  • Minimum 3.5% down payment
  • Qualified gifted funds are allowed
  • As low as 580+ FICO credit scores
  • Up to 6% seller paid closing costs
  • Primary residence only
  • DTI may exceed 50% on a case by case basis
  • No area restrictions
  • Requires upfront and monthly mortgage insurance
  • Maximum loan limits depend on county stipulations

We want you to find success!

Mortgage Do’s and Don’ts
Do...
Keep all records in good order
Keep available – Keep your financial records close at hand in case updates are requested.
Save assets statements – Be aware that underwriters typically verify your income and tax documents through your employer(s), CPA and/or IRS tax transcripts. Hold onto new paystubs as received.
Account for gifts – If you’re receiving any gift money from relatives, they will need to sign a gift letter (we’ll provide) and an account statement evidencing the source, which must be “seasoned” funds.
Maintain Payments in current residence – If you’re renting, continue paying your rent on time and save proof of payment. If you’re selling your current residence, be prepared to show your HUD-1 Settlement Statement. If you’ll be renting your home, you may need to show sufficient equity, a lease and receipt of the first month’s rent and security deposit.

Keep your credit shining –Continue making payments on time. Your credit report may be pulled again, and any negative change to your score could cause you to lose your approval and your home.
Understand that things have changed – Underwriters require more documentation than in the past. Even if requests seem silly, intrusive or unnecessary, please remember that if they didn’t need it, they wouldn’t ask for it.
Don't...
Apply for new credit – Changes in credit can cause delays, change in the terms of your financing or even prevent closing. If you must open a new account (or even borrow against retirement funds), please consult with us first.
Change jobs during the process – Probationary periods, career or even status changes (such as from a salaried to a commissioned position, leave of absence or new bonus structure) can be subject to very strict rules.

Make undocumented deposits – Primarily large but sometimes even small deposits must be sourced unless they are identified. Make copies of checks and deposit slips. Keep your cash deposits separate and small. Avoid depositing cash
Wait to liquidate funds from stock or retirement accounts – If you need to sell investments, tac documents through your employer(s), CPA, and/or IRS tax transcripts, do It now and document the transaction. Don’t take the risks that the market could move against you leaving you short of funds to close.
Be afraid to ask questions – If you’re uncertain about what you need or what you should do, we are here to help you through the process, even long before you intend to buy.

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150 Providence Road, 3rd Floor, Charlotte NC 28207

RTP – Raleigh/Cary/Durham
201 Shannon Oaks Circle Suite 202 Cary, NC, 27511

(919) 443-1600

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