Loan Options

What is the right loan for you? We know buying a new home, second home or investment property is one of the biggest financial investments you’ll ever make. That’s why we have put together information about all of our home mortgage loan products for you to review.

Loan Options

5/5 ARM

  • Fixed percentage rate for the first five years
  • Rate adjustments that only occur once every five years of the 30-year term
  • Maximum increase of just 2% per rate adjustment (rate is tied to the 10 Year Treasury) with a lifetime maximum adjustment of 5%
  • Purchase or Refinance Option
Interest Rate as low as*APR as low as
4.000%4.192%

First-Time Homebuyer

  • Low down payment
  • Easy Application
  • No Private Mortgage Insurance (PMI) required for loans with 10% down
  • Maximum closing costs of $1,000
  • Home$tart Down Payment Assistance
  • Purchase Only
Interest Rate as low as*APR as low as
4.625%4.797%

15 Year Fixed Rate Mortgage

  • Only 15 year loan
  • Interest Rate and monthly payments remain the same for the entire term of the loan
  • Protection against rising interest rates
  • Home$tart Down Payment Assistance
  • Purchase or Refinance Option
Interest Rate as low as*APR as low as
4.375%4.697%

30 Year Fixed Rate Mortgage

  • Interest Rate and monthly payments remain the same for the entire term of the loan
  • Protection against rising interest rates
  • Home$tart Down Payment Assistance
  • Purchase or Refinance Option
Interest Rate as low as*APR as low as
4.750%4.939%

FHA Loan

  • Low down payment options
  • Allows for lower credit scores than conventional mortgage
  • Fixed Rate
  • Protection against rising interest rates
  • Interest rate and monthly payments remain the same for the entire term of the loan
  • Purchase or Refinance Option
Interest Rate as low as*APR as low as
4.250%4.627%

Jumbo Mortgage

  • Purchase a more expensive property
  • Variety of terms available
  • Purchase or Refinance Option
Interest Rate as low as*APR as low as
4.875%5.037%

HomeReady

  • Flexible down payment options
  • No minimum cash contribution required
  • Affordable Payments
  • Cancellable mortgage insurance
  • No income restrictions in designated low-income communities
  • Home$tart Down Payment Assistance
  • Purchase or Refinance Option
Interest Rate as low as*APR as low as
4.375%4.697%

Rural
Development

  • Fixed-rate
  • 30 year mortgage
  • No down payment option
  • Home$tart Down Payment Assistance
  • Purchase or Refinance Option
Interest Rate as low as*APR as low as
4.250%4.469%

VA Mortgage Loan

  • Backed by the Department of Veterans Affairs
  • Low to no down payment options
  • No mortgage insurance
  • Purchase or Refinance Option
Interest Rate as low as*APR as low as
4.250%4.302%

Rapid Refi

  • No closing cost options
  • 10 or 15 year term with low fixed rate
  • No annual fees
  • Refinance Only
Interest Rate as low as*APR as low as
4.625%4.795%

Rates effective as of December 14, 2018

All rates are subject to change.
All rates quoted are listed in percent.
Payment Example:
Mortgage Loan: $100,000 borrowed for 360 months (30 years) with an APR of 6.00% would have a monthly payment of $599.55.
The payment example does not include amounts for taxes and insurance premium, if applicable, and that the actual payment obligation will be greater.
The terms listed are the maximum term available for qualified borrowers.

*APR = Annual Percentage Rate

**Interest rates are subject to change based on the type of loan, the collateral, loan to value, borrower’s credit history, account relationship, and automatic payments. Rates disclosed are the lowest rates available at SouthPoint Home Mortgage. Other conditions may apply.