This could be the best move you'll ever make.
If you are thinking of buying a home, we have good news. You have more options and more
flexibility than ever before. So, now is the perfect time to move up
to home ownership and start investing in your future! Options
include 100% financing, low or no down payment, below market
loans and much more. Here is a sampling of the choices you have
as a new home buyer.
Affordable Housing Programs
Southern Bank offers a number of ways for home buyers with
modest incomes and limited savings to turn the dream of home
ownership into a reality. These programs are generally easier to
qualify for than a conventional mortgage, with:
• Non-traditional credit guidelines and qualifying rules
• 100% financing may be available
• Low down payment options
• Some income and acquisition limits may apply
NC Housing
The NC Housing Finance Agency offers programs that enable us to
help first time buyers whose incomes have kept them out of the
housing market. Features include:
• 30 year, fixed-rate conventional mortgages at
below-market rates
• Income limits
• Maximum sales price limits for new and existing homes
• 3% seller contribution allowed
Home Possible® Mortgage
• 97% financing may be available
• Up to 40 years fixed rate terms
• Secondary financing permitted
• Home buyer education is required
• Income limits may apply
USDA Government Backed Mortgages
• 100% financing available
• No mortgage insurance required
• No minimum borrower contribution required
• Must be located in eligible rural area
• Not limited to first-time homebuyers
Conventional Fixed Rate Mortgages
As the most popular mortgage program for home buyers, a fixed
rate mortgage offers the stability and consistency of predictable
monthly principal and interest payments for the life of the loan,
from 10 to 40 years. It may be a good choice for people who expect
to live in a home for an extended period of time, or who want to
lock in current low interest rates. With a fixed rate mortgage,
payments remain constant, allowing you to plan and budget
without factoring potential interest rate fluctuations.
