REAL ESTATE FINANCING OPTIONS

To start the process make sure that you have hired a good Realtor who will help you select a reputable Mortgage Lender and then you have the beginning of a good team.  It takes teamwork to get a real estate transaction from finding the house to handing you the keys.  Although each party has separate responsibilities, they will work together to make the whole process smooth and complete.  

The three of you will work together to select the best loan package that meets your long-term needs and budget.  There are many different types of loans.  Although below is not an all-inclusive list, Lisa Boroughs of Walker Jackson Mortgage Corporation has helped us comprise a list of the most common loans and their terms. 

Conventional Mortgage

Available terms:  30, 25, 20, 15 and 10 year fixed, 3/1 ARM, 5/1 Arm, 7/1 ARM and 10/1 ARM

3% minimum down payment

FHA

Available terms: 30 year fixed, 15 year fixed, 3/1 and 5/1 ARM

3.5% minimum down payment on a Purchase 96.5%

2.25% minimum down payment on a Refinance

VA

Available terms:  30 year fixed and 15 year fixed

NO DOWN PAYMENT

NO Mortgage Insurance

USDA

Available terms: 30 year fixed

Loan amount can be as high as 102% of the sales price

NO maximum loan amount

If the house appraises higher than the purchase price, you can use those funds towards closing costs!

Home Path

Available terms: 30 year fixed, 15 year fixed

3% minimum down payment for Owner Occupied

NO Appraisal

NO Mortgage Insurance

South Carolina State Housing

Available terms: 30 year fixed

Grants available for $4000 to assist with down payment and/or closing costs

Income restrictions apply according to household size and County income limits

Palmetto Heroes Program available for Summerville and surrounding areas

S C State Housing Program available to Firefighters and EMS, Police Officers, Teachers and Nurses.

Grants available for $5,000 to assist with down payment and/or closing costs.

Income restrictions apply according to household size and County income limits

Lisa Boroughs

Mortgage Advisor

Walker Jackson Mortgage Corporation

843.296.8219

lisa.boroughs@wjmortgage.com

www.wjmortgage.com/boroughs

Mariann Kasen
Realtor®
AgentOwned Realty
843.224.1980
mariannkasen@gmail.com

www.bestlowcountryrealestate.com