taylor@lowcountryhomeloans.com
843.800.0178
Frequently Asked Questions
First Time Home Buyer
How do you offer the best residential mortgage rates?
Do you offer any 100% for first time home buyers?
Yes, we have two programs which offer 100% financing. VA Loans and USDA loans both allow for 100% financing. Check the programs tab to see if you are eligible.
What's the minimum down payment needed for a first time home buyer?
Typically 3% to 3.5% of the sales price (that’s $3,000 to $3,500 per $100,000) unless you are eligible for VA or USDA financing.
What's the min credit score for a first time home buyer?
Typically 580.
What if my credit score is less than 580?
We have a non-prime program that allows for credit scores down to 500. The minimum down payment will need to be at least 10% but might be more depending on specific scenario.
Can cash be used for down payment?
Cash will need to be seasoned (sit in bank account) for at least 60 days, in order to be used.
Non-traditional
I'm self employed and write off all of my income. Are there any options for me?
Yes, we have several non-traditional loan products. The favorite is the bank statement program. The bank statement program allows your income to be calculated based off 12 or 24 months worth of bank statements as opposed to using your tax returns. Monthly income is calculated by using cash flow to bank account.
What if I have a bankruptcy within last 2 years and/or a foreclosure within last 3 years?
We have our recent credit event program and you can be one day out of foreclosure, short sale, deed in lieu or bankruptcy.
Do I need to be a US citizen to purchase a home?
No you do not! We can write mortgage for primary, second/vacation, and investment loans to foreign nationals.
Do we write mortgages on non-warrantable condos?
Yes!
Refinance
Why would I refinance?
You have a higher interest rate than the current market or you are looking to shorten your loan term. Maybe you need cash or want to consolidate debt. Or use a renovation refinance to update your home.
Is there a difference in refinance process than that of buying a new home?
There’s a lot less stress and usually allows for reduced documentation. Sometimes appraisals are not even required.
How soon can I refinance?
Usually 6 months after your home purchase or prior refinance.
How often can I refinance?
So long as there is a net tangible benefit, there’s nothing holding you back.
What are the basics for the renovation refinance loan?
Need a 620 credit score and all repairs/improvements must be permanently attached to the property. A HUD consultant is required for repairs greater than $35,000. 15 and 30 year fixed loan terms. Max loan amount is $484,350.
Do we offer any special refinance items?
Yes, we are offer FHA streamline, VA Interest Rate Reductions Loan (IRRRL), and Home Affordable Refinance Program (HARP). All 3 items allow you to drop your mortgage interest rate with no appraisal needed.
Investor Loans
I'm a real estate investor, what's your minimum credit score?
Case by case basis but usually 500.
Do you off no ratio loans? (where no income is used to qualify)
Yes we do. The property has to be an investment (can’t be used for primary or second/vacation home). We require 20-25% down and we source the funds. No other questions asked.
How does the Airbnb Loan Work?
Two ways: 1st way, if the rent covers the mortgage payment, we can do 20% down (or cash out/refinance up to 80% LTV). 2nd way, if rent will not cover mortgage payment and no lease exists, we can do 25% down (or cash out/refinance up to 75% LTV).
Do you offer Multi-family loans?
Yes, we offer multi family loans for 5 units up to 100 units.
Do you offer mixed use loans?
Yes, we offer two type of mixed use loans. One for 51% primary use and another for 51% commercial use so we have you covered whether you need a primary or commercial mixed use loan.
Do you offer commercial loan?
Yes, we offer commercial financing up to $100 Million. Check out eligible property types under the commercial loan programs tab.