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LOAN PROGRAMS

CONVENTIONAL

A conforming loan program in which a borrower can obtain a loan with as little as $0 down payment. The loan can be amortized over 40, 30, 20, 15, or 10 years. Fixed and adjustable rates are available. Good credit is required.

JUMBO

Any conventional loan amount typically over $417,000. Fixed and adjustable rates are available. The loan can be amortized over 30 or 15 years.

VA

A 100% financing option is available for eligible veterans and you do not have to be a first-time homebuyer. Funds for closing can be contributed from the Seller and/or gifted. There are specific VA appraisal requirements and a pest inspection is required. No monthly Mortgage Insurance is required with the VA loan program. A Certificate of Eligibility must be obtained from the Veteran’s Administration to qualify. Challenged credit will be considered and reviewed.

ADJUSTABLE RATE MORTGAGE (ARM)

Adjustable Rate Mortgages are available on Conventional and Jumbo loans. In addition to annual ARMs, Graystone Mortgage offers 5/1, and 7/1 ARMs, which have a fixed interest rate for a specified time and after that time expires the loan automatically converts to an annual ARM.

RENOVATION LOANS

This program allows you to borrow enough money to purchase a home and renovate it all at one time. The appraisal is based upon inspection of current condition or property. The appraiser will also review and evaluate the contractor’s proposed plans/specification to complete the project.

NEW CONSTRUCTION

Graystone Mortgage has many different options available for building your dream home. We offer low rates with interest only payments due during the construction period. We make fast payments to the builder so the project stays on schedule, with a simple conversion to the permanent loan at the end of construction and no duplicate to closing costs. You can choose to lock in your interest rate at any time during the building phase. Please contact us for a free construction mortgage timeline and cost estimate.