We know that it’s not only the desire to buy a home that is needed to do so. From time and money, we are stressed to the edges of our abilities to reach such lofty goals as home buying. This is why our team of 7 at Aliesha Noonan & Associates aims to make the process from dreaming to SOLD easier at each turn.
Working with competent and passionate partners in the industry, such as Byron Kirk at South Wind Financial in Johnston, Rhode Island, assist us in our mission to bring you the best service from your first internet searches to the closing table.
As a simple breakdown, let’s highlight South Wind Financial’s products:
- Standard FHA with Elite pricing – A standard FHA Purchase (or refinance) loan but we have elite pricing on credit scores over 640. A minimum credit score of 620 for the standard FHA purchase and 3.5% down payment are requirements. FHA loans are easier to qualify for than a conventional loan.
- Specialty FHA loans – This is an FHA loan (purchase and refinance) for credit scores between 580-620. The interest rates are higher but can be streamlined to a lower rate after 6 on time mortgage payments. There several important guidelines – Debt Ratio and 3 months of mortgage payments in bank after closing as reserves are the most important.
- NEW – 1.5% Down FHA loan. This is a FHA purchase with down payment assistance. This is a standard FHA loan with a 3.5% down payment, and as long as you qualify, a 2% down payment gift assistance, lowering the borrower’s down payment to just 1.5%. Standard FHA guidelines apply and rates are vary according to credit score.
- Standard conventional loans – This is a regular conventional loan with down payments down to 5%. Minimum credit score is 620, however better rates are awarded for credit scores above a 680.
- NEW – Special Conventional Program for loan amounts up to $679,000. This is a special pilot program. The program allows for a loan amount up to $679,000 to be considered a standard conventional loan as long as the borrowers have 720 fico scores and are putting 20% down. This is huge benefit. The loan amounts from $417,000 to your county’s loan limits are considered high balance and loans above the county loan limits are considered jumbo loans. Both high balance and jumbo loans have higher interest rates and separate guidelines. With this program, as long as it meets the requirements, any loan up to $679,000 is considered a standard conventional loan!
- NEW – 1% down Conventional Program – This program is a HomeReady or HomePossible program with a 3% down payment however the lender is giving the borrower a gift of 2% or 5,000 whichever is less towards the down payment. Loan must meet all the HomeReady or Home Possible guidelines. Yes, there are income limits, but let us do the checking!
- USDA loans – This loan is 100% financing for properties located in rural areas. The key to these loans is to know there are income limits based on the income of the entire household not just the borrowers on the loan. The lenders will take into consideration everyone’s income that is going to live in the house.
- VA loan – This loan is 100% financing for veterans. The VA guidelines are very forgiving and you can close them fairly quickly. The key to these loans is the appraisal must be ordered as soon as possible as it is ordered through the VA and they can often take more time to complete.
South Wind Financial’s closings average 25 days with some purchases being cleared to close with 15 days of submission. The only exception is USDA loans. They take slightly longer because the USDA themselves actually reviews each file prior to a clear to close.
We truly hope this helps you understand that there is no one loan or product out there. South Wind Financial offers many options to assist you in achieving your home owning dreams. For more information and questions about how to get started, please call Byron Kirk, Branch Manager at South Wind Financial, Inc. at 401-270-4999 or give us a call at 401-580-8672 to be put in touch!
NMLS ID#: 13491
1356 Atwood Avenue, Suite 2, Johnston RI 02919