Amounts up to $417,000 **Conforming- Fixed and Adustable Rates (ARM's)

A jumbo mortgage is a mortgage loan for an amount larger than the limits set by Fannie Mae and Freddie Mac ($417,000). Since these two U.S. Government agencies will not purchase these loans, a higher interest rate is generally charged for these loans to enhance the value and marketability of the loans to investors.

 A fixed interest mortgage is a mortgage loan that is repaid by making equal monthly payments over a period of time. Since the payments are 'fixed', you can expect to make the same monthly payment for the entire term of the loan. We offer fixed terms for 30, 20, 15 or 10 year terms.

We also offer a fixed rate interest only loan.  This is a 10 year interest only then will recalculate payments in the 11th year for amoritized payments over the remainder 20 year period.  The interest rate remains the same over the course of the loan.

1, 3, 5, 7, and 10 Year Adjustable Rate - An Adjustable Rate Mortgage (ARM) is a mortgage loan that features a low initial interest rate (when compared to 30 & 15 year mortgage loans). This 'low' introductory (initial) interest rate is used to calculate the interest and mortgage payment for a specified period of time (i.e. 1 year, 3 years, etc.). Once the introductory period is over, the interest rate is adjusted periodically based on a pre-determined index. The most commonly used index is the yield on the one-year U.S. Treasury Bill. The new interest rate is determined by adding the index to a margin (which was set at the time the loan was made). Although there are a variety of adjustable rate mortgage programs available, the most common program is the One Year Adjustable Mortgage (One Year ARM). The interest rate on this loan is adjusted once each year, for 30 years. The interest rate and monthly payment will either increase or decrease each year depending on the index interest rate, therefore a borrower should be prepared to handle an increase in his/her monthly payment (should the index rate increase).

Qualified borrowers can make interest only payments for a limited period with the option to pay higher amounts to pay down the principal. Helps qualified borrowers afford more home or have more available cash each month. Ask us for details.

Get 100% in one loan (with minimal PMI) or get two loans with an 80/20 (with no PMI).  These programs allow you to purchase your home with as little as $500 into the transaction. 

**LOAN PROGRAM CURRENTLY SUSPENDED DUE TO MARKET CHANGE GUIDELINES.

Purchase to 90%- Cash out Refinance to 85%

Get a low cost fixed rate second mortgage to purchase an automobile, pay off high interest rate credit cards, or for any worthwhile purpose.

Home Equity Program
Do You Need Extra Cash Now or in the Future?

When you invest in your home each month, you build equity. It adds up fast! But is that home equity working as hard as it can for you?

Think about all the major expenses you have coming up. Home improvements. A new car. Braces for the kids. College expenses. A home equity line of credit could be the answer.

The Southern Federal Equity Program allows you to:

• Consolidate high interest rate consumer debt into one monthly payment.
• Obtain cash for any personal need – a new car, school tuition, home improvements.
• Receive tax-advantaged borrowing – the interest on most home equity lines is tax deductible! (Consult your tax advisor for professional advice regarding taxation and deductibility.)

Borrow up to 95% of your equity with low convinent payments. With a HELOC your funds are always available when you need them.

Loans to Purchase or Refinance. Finance up to 90% of value (the lessor of the purchase price or appraised value).

We offer a fixed interest rate for a 30 year period.  The first 10 years of the loan is an interest only payment.  Year 11-30 will be an amoritized payment for the 20 year period.