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DE-STRESS THE MORTGAGE BUYING EXPERIENCE

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Yes, fixed rate construction loans are available at Midland Mortgage Corporation. You will need to contact your loan officer for qualification under this program and specify that you wish to have a fixed rate.

Yes, all our mortgages on manufactured homes require the tongue and axles to be removed. The appraiser must state that the home is permanently affixed to the property. It must also be taxed as a real property.

No, conventional loans require a minimum of 5% down. FHA loans require 3% down. All other loan types are dependent on credit history.

Yes, rate and type of loan are dependent on credit. FHA financing requires the outside foundation to be bricked and underneath requires more detail. Conventional loans do not require this. It all depends on credit.

Yes, on mobile homes and land together, no title loans.

Yes, 90% LTV max, this could be less depending on age and size of the single wide. There is a maximum term of 25 years, these guidelines depend on credit.

Midland Mortgage Corporation will hold the cost to construct in a Loan Process or LIP account. At the time a disbursement is requested, we will send a construction loan inspector out to the property. He will report back to our office the amount complete and we will in turn disburse funds based on that inspection report.

The process may take one hour if you are prepared at loan application and have a credit score of 620 or higher. Other loans may take two to four weeks.

Typically the construction loan period is nine (9) months. Should you know in advance that the property will take longer, we can make loans with a construction period of twelve (12) months. This is something that you should discuss with your builder and loan officer at the time of application.

Until you have 20% in your property you must carry this insurance. The average life is about 10 years. You may, however, be able to get a new appraisal done in a few years showing 20% equity through appreciation or repayment. If this happens you will be able to drop the insurance.

The minimum down payment can be as little as 3% to 5% of the sales price depending upon the type of loan program you choose. (Note: We have some types of loans where 100% financing is available.)

Yes, we have construction loans that require a minimum of 5% down. We close the loan before the house is started and pay off the balance owed on the lot. As the builder builds the house, we pay him for labor and materials from this loan. You will get an interest bill monthly until the house is finished. When the house is 100% complete, you will start making regular monthly mortgage payments. We have ARMs and fixed rate construction/permanent loans.

Yes, FHA will allow a down payment of only 3%. In order to be eligible for an FHA loan, the condo must be on the FHA's approved list.

Yes, we have income/no ratio loans. You must have good credit to obtain this loan. If you also have the down payment, and the property is acceptable, we can give you a loan.

If you have reestablished your credit since the bankruptcy and appear to be a good credit risk, FHA will allow you to finance a home with just 3% down.

Yes, you can get an FHA loan which is insured by the Federal Government. FHA will allow you to get a loan with just three percent down as long as you qualify for the debt, even if you are not a U.S. citizen.

You need to put 10% down on the purchase of the lot. Our maximum time is 15 years, but most lot loans have a 5 year call (due and payable) on them. Lot loans are in general for only 3 to 5 years with the intent to build a house on that lot and pay off the lot loan.

You can get an FHA loan with 3% down. The money can be given to you as a gift by a relative. You need not have any of your own money in the purchase, but must qualify for the house payment based on your income.

You could always get a fixed rate mortgage, but an "ARM" may be more suitable to your situation. With a 5 year ARM you could get a rate that's currently about 1% lower than current 30 year fixed rates.

We recommend that you consider using a real estate agent as they can make the job of finding a home easier. The real estate agent is familiar with homes on the market in your area and can give you information about the community, present your contract to the seller, and give you advice in many areas of the purchase. The real estate agent, in most cases, represents the seller. Ask for recommendations when selecting a real estate agent. Talk with several agencies and select the one you feel most comfortable to work with.

Yes, call Midland Mortgage Corporation for a free pre-qualification.

You could always get a fixed rate mortgage, but an "ARM" may be more suitable to your situation. With a 5 year ARM you could get a rate that's currently about 1% lower than current 30 year fixed rates.

FHA prohibits property flipping, making it impossible for a borrower to obtain FHA financing on a home that the seller has owned 90 days or less, UNLESS the seller is a government agency selling a foreclosure or the seller inherited the house. If a property is re-sold between 91 to 180 days from seller's purchase and the sales price is 100% higher than the initial price, FHA requires an additional appraisal. If re-sale takes place between 90 days to 12 months, FHA reserves the right to request an additional appraisal if the sales prices increases 5% over the last sold price. Conventional loans have other guidelines depending on the situation and the investor. Call us should you have a specific case!

A. A home is generally a sound investment because each month when you pay your mortgage payment, you are building equity. The longer you stay in your home, the more equity you build. A home can often increase in value over the years, building even more equity.

B. The interest you pay on your mortgage can be tax deductible. Some of the real estate tax you pay may also be tax deductible. Consult your tax advisor for more information.

C. Pride in home ownership.

A. This is the formal process of transferring the title to the property from the seller to you.

B. Your lender should give you an estimate of closing costs when you apply for your loan. Some of these costs consist of:Origination Fees - this covers lender's administration cost of processing the loan. Loans are available with no origination fees but the interest rate is usually higher.Property appraisal - the lender needs to know if the value of the property is sufficient to secure the loan should you fail to repay the loan. The appraiser considers sales prices of comparable homes and other factors to determine value.Title Insurance charges - this protects the lender against loss due to problems or defects with the title. Owners title insurance is available, upon request by the buyer, to protect your equity.Attorney fees - you are required in South Carolina and North Carolina to use an attorney of your choice.Items paid in advance - this would include mortgage insurance, the first year hazard insurance, and flood insurance, if required.Escrow accounts - these are the reserve amounts of taxes, hazard insurance, mortgage insurance, and flood insurance, if required. (Not all loans require escrow accounts.)Recording and transferring fees.Flood Certification - this document verifies whether or not the subject property for a mortgage is in a Flood Hazard Zone.Exact closing costs depend on the type of financing you choose. The total costs may be between 2% to 6% of the mortgage loan amount.

At time of loan application, we will need copies of pay stubs for the last 30 days, the last three months' bank statements for all bank accounts, account numbers of any outstanding debts, addresses of employers, and previous landlords for the past two years. FHA loans require proof of social security number and pictured identification (such as driver's license). If you do not have these at loan application, you can provide them during the process of your loan. There may be other items your loan officer needs, depending on your specific situation.

A. Your gross income will be considered to qualify you for your mortgage payment. This may include overtime pay, bonus pay if it is guaranteed, and commissions. A good estimate of total monthly payment is 25% of your gross monthly income.

B.How much debt you have is a very important factor. This includes your future house payment, car payment, credit cards, child support, alimony and other installment loans you make each month. You should spend approximately 36% of your gross income on all debt.

C.Mortgage Companies feel more comfortable lending money to applicants who have a consistent history of work in the same or related occupations. A steady history of employment and pay earnings is important. Stubs and/or verification from your ex-employers will be required. Self-employed applicants will be required to provide proof of income and work history, by way of tax returns.

D.The Mortgage Company will require a detailed credit report that has information on your repayment of debt. History of credit, balances of any debt, court house information (judgements, tax liens, etc.), residency for two (2) years, and collection information. It will also list who has inquired as to your credit. Lack of credit history or poor credit could prevent you from obtaining a mortgage loan. Lack of credit, in some cases, can be easily remedied by obtaining credit worthiness through rent and utility payments. If you have poor credit and can thoroughly explain these adverse credit items, such as illness, to the Mortgage Company, they may approve your loan. Any outstanding collection accounts, tax liens or judgements will usually be required to be paid in full. We have loan officers who specialize in loans for people with credit problems.

E.Qualifying ratios may be higher on certain loan programs - check with a Midland Mortgage Loan Officer for more details.

With an ARM, as with any product, you can refinance at any time. On some adjustable rate mortgages, you may have the option to convert to a fixed rate for a reasonable fee.

This is a conventional loan that basically does away with a monthly mortgage insurance premium. The first mortgage would be for 80% the second mortgage would be for 10% and probably at least 1% higher rate, and the last 10% would be your down payment. The theory is that you can write off interest on your taxes but you can't write off the mortgage insurance premium involved. On a 200,000 loan, the mortgage insurance premium could be as high as $72 a month.

ARM stands for adjustable rate mortgage. The rate is fixed for a certain term, usually 1, 3, 5, or 7 years and can fluctuate up or down after that period. The rates on ARMs are usually considerably lower than fixed rates and the lower the period, the lower the rate.

These programs are designed for stick build, single family dwellings with permanent foundations on land that is 5 acres or less and titled to the name of the borrowers who will be getting the financing. Should your circumstances fall outside these parameters, Midland Mortgage Corporation is anxious to help you find the financing program that best suits your needs. Please contact one of our loan officers if you have any questions regarding the eligibility of the property.

There are many types of loans suited to just about any person's situation, whether it be the owner occupied, investment property, second homes, problem credit, etc. For instance, someone that knows they will be moving in 5 years may be interested in a 5-year ARM rather than a 30-year fixed because the interest rate is lower for the first 5 years than the fixed rate would be.

The following is a very small list of the most popular loans available; however, Midland Mortgage offers just about any type of loan on the market.

A. Conventional Fixed
30, 25, 20, 15 & 10 Year
5-7 Year Balloons

B. Conventional ARM
1 Year
3 Year
5 Year

C. Conventional Construction Perm

D. FHA VA Fixed ARM 203K

E. South Carolina State Housing - Lower rates

F. Rural Economic & Community Development - 100% Loans

G. Builder Speculative Loans

No, all of our loan programs are structured for a simple modification at the time of the completion of the property. You and the builder will schedule an appointment with the construction loan department of Midland Mortgage Corporation and the finalization will occur at our office.