Mortgage Program Center

Resources and Helpful Information

Conventional Loans

Conventional loans follow the guidelines of Fannie Mae or Freddie Mac

  • Allows owner-occupants and investors to purchased or refinance 1-4 units, townhouses, approved condos or Planned Unit Developments
  • Allows for the purchase or refinance of second homes
  • Typically, the down payment is between 3% and 20% - gift allowed
  • Allowable seller contributions depend upon the down payment and occupancy
  • No first-time home buyer restrictions
  • Co-signers are allowed to help buyers qualify for single family residences
  • Conforming loan limits apply
Debt Consolidation Loans

A debt consolidation loan is a type of financing for people that have multiple debts. It allows them to consolidate (or combine) all of their debts into one new loan.

FHA Loans

FHA loans are backed by the Federal Housing Authority. FHA has been insuring mortgages since 1934 to help families and individuals become homeowners. It continues to be a popular homebuyer choice.

  • Low down payment of 3.5%.
  • Variety of loan terms.
  • Requires upfront and monthly mortgage insurance.
  • Flexible income, debt and credit requirements.
  • Down payment and closing costs may come from a gift.
  • Fixed rate and adjustable rate loan options are available.
  • Seller contributions for closing costs are acceptable up to 6%
  • Requires less cash up front for your closing costs and down payment.
  • All income levels qualify.
  • Mortgage limits vary by county.
  • Loans are assumable when it’s time to sell your home.
  • A non-occupant co-borrower can assist you in qualifying for the loan.

Department of Housing and Urban Development (FHA)-http://portal.hud.gov/hudportal/HUD

Home Improvement Loans

Benefits to all parties:

Homebuyer:

  • Purchase a home, make repairs, upgrades or remodel all within a single mortgage
  • Gain modern amenities and make energy efficient upgrades
  • Multiple loan types

Realtor:

  • Makes less-than-perfect listings more marketable
  • Neighborhood revitalization creates increasing property values within the community
  • Increase earning potential
  • Earn more listings

Renovation financing is an all-in-one mortgage with all the fixings contained within a single transaction. It provides borrowers with the money to purchase a home as well as supplemental funding to meet their repair, upgrade and remodeling needs.

Renovation costs are spread throughout the mortgage term to create opportunities for homebuyers, which can make their vision of a dream home into a reality.

Cumulating efforts between realtors and loan officers can provide homebuyers with a solution to finding the perfect home, in the perfect neighborhood, with the perfect financing, creating a mutually beneficially opportunity for all parties.

Jumbo Loans

Jumbo Loans finance higher valued homes

  • Allows for the purchased or refinance of owner occupied homes, second homes, vacation homes
  • Require a loan that exceeds Fannie Mae and Freddie Mac loan limits
  • Have a strong credit history and credit score
Rural Development Loans

Concord Mortgage, Inc. is please to offer the "Guaranteed Rural Housing Loan Program".  The Guaranteed Program offers moderate income applicants the opportunity to purchase a new or existing home with zero down payment, low annual fee paid monthly and financing based on appraisal value vs. purchase price.

Purpose:

  • To assist low and moderate income applicants to purchase new and existing houses.

Terms and Fees:

  • 30-Year Term
  • Fixed Interest Rate
  • One-Time Guarantee Fee 
  • Low Annual Fee Paid Monthly

Eligibility Requirements:

  • Does not own adequate housing
  • Must be a U.S. Citizen or have qualified alien status.
  • Must personally occupy the dwelling as a primary residence.
  • Must have adequate and dependable income sufficient to meet all obligations.
  • Must have an acceptable credit history.
  • Must have adjusted household income that does not exceed the moderate income established for the county.

Loan Purpose:

  • Purchase a new or existing single family dwelling.
  • Closing costs, guarantee fee, legal fees, title services, establishing escrow account and other prepaid closing costs may be included in the total loan if it does not exceed the appraised value plus the guarantee fee. Seller contributions to closing costs are acceptable.

Property Requirement:

  • Homes must be located in rural area.
  • Existing homes must be structurally sound, functionally adequate and in good repair.
  • Existing manufactured homes or mobile homes, and income producing property are prohibited.
  • No restrictions on the size or design of the home.

Rural Development Property Eligibility -  eligibility.sc.egov.usda.gov

VA Loans 

VA Mortgages are government guaranteed mortgages. They are available to veterans of the armed services, those currently on active duty, reservists and widows or widowers of veterans.

  • No down payment.
  • Variety of loan terms.
  • No private mortgage insurance.
  • Flexible income, debt and credit requirements.
  • Closing costs may come from a gift.
  • Seller contributions for closing costs are acceptable.
  • Flexible credit and qualifying requirements.

Those who have served our country should enjoy the benefits of their service.

Department of Veterans Affairs - va.gov

How much house I can afford?

Generally speaking, you can purchase a home with a value of two or three times your annual household income. However, the amount that you can borrow will also depend upon your employment history, credit history, current savings and debts, and the amount of down payment you are willing to make. You may also be able to take advantage of special loan programs for first time buyers to purchase a home with a higher value. Give us a call, and we can help you determine exactly how much you can afford.

Fixed-rate loan vs. Adjustable-rate loan?

With a fixed-rate mortgage, the interest rate stays the same during the life of the loan. With an adjustable-rate mortgage (ARM), the interest changes periodically, typically in relation to an index. While the monthly payments that you make with a fixed-rate mortgage are relatively stable, payments on an ARM loan will likely change. There are advantages and disadvantages to each type of mortgage, and the best way to select a loan product is by talking to us.