Prime Time
Movin' Out.
Whether you are looking for a second home where you can walk in
the sand, or a place where you can grow your real estate portfolio,
Southern Bank has the financing tools to help you get there.
Rental and Investment Programs
We have designed a variety of mortgage programs specifically for
rental and investment properties. These programs offer flexible
repayment terms with a choice of fixed or variable rates. See one of
our mortgage specialists for more details.
Jumbo Loan Programs
Non-conforming (Jumbo) loans are loans in amounts that exceed
the limits set by Fannie Mae and Freddie Mac. They typically carry
higher interest rates and are often associated with high-end or
investment property. Ideal for home buyers who need financing to
purchase a more expensive property, and investment-minded buyers
who can afford a large purchase but want to leverage their assets
more effectively.
Ready to Build?
Construction to Permanent Loan
The Construction to Permanent loan is designed for borrowers
who choose to finance the construction of their home by a
licensed builder, desire to build a major addition to their home, or
want to make major renovations. The loan is made directly to the
borrower and not to the builder. The Construction to Permanent
loan consists of two phases, the construction phase and the
permanent phase. During the 12 month construction phase, the
borrower is charged interest at the permanent note rate only on
advanced funds. When construction is complete, the loan is
modified into a permanent mortgage.
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.
Getting Started
See your Southern Bank mortgage specialist for complete details.
Typical documentation required for a mortgage includes:
• Previous full month's pay stub with year-to-date information
• Previous month's bank statement
• Copy of last year's W-2 forms or tax returns
• Authorization to verify credit
• Application fee
