At Southwest Funding we understand that you have unique needs. So, we have specifically tailored our programs to meet those needs.
We offer a "One Time Close" loan program for land/home purchases or refinance transactions in which the permanent mortgage closed before any construction commenses and the home is delivered. We will fund the cost of the: Land, Mobile Home, and All Site Improvements Our Refinances have several different programs ranging from Rate & Term to Cash-Outs up to 95% LTV (Except of Mobile Home in Texas) Dealer's please click the link below to get more information about stage funding.
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| Fixed Rate Mortgages with 30 Year, 20 Year, 15 Year Terms |
If you want to have the peace of mind of a payment that will never change this may be the loan for you. This loan can also be good for those that are on a fixed income, or if you plan to stay in your home for a long period of time. These loans offer the same interest rate, and principal and interest payment throughout the term of the loan. But remember, fixed rate loans come with many options. There are down payments as low as 3%, no mortgage insurance options, stated income loans, etc. The conforming loan limit is $417,000.
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| FHA Insured Mortgages with 30 Year, 20 Year or 15 Year Terms |
These mortgages offer low down payment (as little as 3%), low out of pocket expenses, and typically are easier to qualify for than conventional loan programs. The down payment can also be a qualified gift from a relative or from various non-profit organizations with whom we can put you in contact. These loans are also assumable to qualified buyers. FHA insured loans are offered in fixed rate and adjustable rate mortgage options. Maximum Loan Amount is $160,176 in most rual counties throughout the United States. Maximum loan amounts can be higher in metro/urban areas.
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| VA Insured Mortgage with 30 Year, 20 Year or 15 Year Terms |
If you are a veteran, you probably qualify for this loan type. No down payment is required on VA Loans. If fact, you can get into a home with almost no money out of pocket, if you choose. These loans are assumable and are offered only at fixed rates. Maximum loan amount under this program is $240,000.00
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| Adjustable Rate Mortgage with 30 Year, 20 Year or 15 Year Terms |
We offer adjustable rate mortgages in 1 year, 3 year, 5 year, 7 year, and 10 year terms. These loans offer fixed rates in the first years of the loan and then adjust annually after that. For example, if you secure a 5 year ARM, the interest rate would be fixed for the first five years and adjust annually from the sixth year through the remaining term of the loan. The shorter term, the lower the interest rate.
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| 80/20, 80/10/10, 80/15/5, 75/20/5 (Conventional Only) |
If you want to avoid mortgage insurance or the higher interest rates of Jumbo loans, this may be an option you will want to consider. These are conventional loan programs that combined a second lien with your normal first lien mortgage and the down payment. For example, an 80/20 is a loan with an 80% first lien, a 20% second lien. Another example, 80/10/10 is a loan with an 80% first lien, a 10% second lien, and a 10% down payment. Because mortgage insurance is charged on any first lien of 80% or greater, mortgage insurance would be avoided on this loan. As the second liens carry an annual interest higher than the first lien and there are other issues to consider on this loan type, be sure to ask your loan officer to explain this in detail.
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| Jumbo Loans (Conventional Only) |
These loans are those that exceed Fannie Mae and Freddie Mac’s loan limit of $359,650.00. They come in just about any structure you would like, including fixed rate and adjustable loans. Typically, interest rates on Jumbo loans are higher than those of conforming loans limits ($$417,000.00 or lower). We can finance loan amounts as high as $2,000,000.00.
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| Stated Income Mortgages (Conventional Only) |
These loans are typically used for people who have difficulty verifying income to qualify for a mortgage. Many times self-employed borrowers and foreign national utilize this loan type. A down payment of 20% or greater is usually required, as is good credit. These mortgages are available with 30 year, 20 year or 15 year terms.
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| Sub-Prime Or B/C Mortgages |
Even if you have had recent credit problems you can likely qualify for a loan. These loans may require you to put down more than 10% and will have a higher interest rate. But, it can make housing available to those who might normally not qualify.
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| Construction to Permanent Mortgages (Conventional Only) |
If you are building a new home and want us to help you with the construction loan, we have a program to meet your needs. We put your construction loan and permanent loan into one loan which eliminates the need of your builder to arrange his/her interim financing utilizing his/her credit lines, often resulting in lower construction financing costs for you. Additionally, you have the option of locking in your annual interest rate at time of close of the mortgage for up to 11 months, thereby eliminating risk of your rate going up during construction of your home. We offer many options on this program, so it is important that you consult with one of our loan officers when considering this product type. Site built homes only. Conforming and non-conforming mortgages allowed.
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At any point, feel free to e-mail or call us regarding any questions you may have. You can find our contact information on each page or you can contact a professional loan officer directly. We are here to personally help you through the entire home financing process.
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