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Welcome to New South Lending

Whether you’re buying your first home, refinancing, or investing in real estate, we’re here to provide expert guidance and personalized support throughout the process. Our goal is to offer competitive rates and a stress-free experience while helping you achieve your financial objectives. At New South Lending, we’re dedicated to making homeownership accessible and rewarding.We believe in creating a unique experience that empowers our clients with knowledge and builds strong, lasting relationships. With a well-coordinated team and a focus on exceptional service, we’re here to help you confidently navigate the path to owning your dream home.

Just one online application gets you quotes from multiple top lenders

Get a favorable rate... with zero harassment calls or emails!

Just one online application gets you quotes from multiple top lenders

Get a favorable rate... with zero harassment calls or emails!

Wholesale lenders compete ... so you benefit!

We gather an array of wholesale lenders to compete for your loan! So you get a competitive rate while we do the work!

Wholesale lenders compete ... so you benefit!

We gather an array of wholesale lenders to compete for your loan! So you get a competitive rate while we do the work!

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New South Lending is here to make your homeownership journey seamless and stress-free. Whether you’re purchasing your first home, refinancing for better terms, or investing in property, we provide expert guidance tailored to your unique needs.

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A fixed-rate mortgage is a home loan where the interest rate remains the same for the entire term of the loan, ensuring stable monthly payments. This makes budgeting easier, as borrowers know exactly what to expect each month. Fixed-rate mortgages are ideal for those who plan to stay in their home long-term and want the peace of mind that comes with predictable payments.

Fixed-rate mortgages are typically offered in various term lengths, such as 15, 20, or 30 years. They are ideal for borrowers who plan to stay in their home long-term and prefer consistent payments unaffected by fluctuations in market interest rates.

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Key Features of FHA Loans:

1. Low Down Payment: Borrowers can qualify with a down payment as low as 3.5% of the purchase price if they have a credit score of 580 or higher.

2. Flexible Credit Requirements: FHA loans are accessible to individuals with less-than-
perfect credit.

3. Mortgage Insurance: Borrowers are required to pay both an upfront mortgage insurance premium (UFMIP) and an annual premium to protect the lender against default.

4. Loan Limits: FHA loans have maximum loan limits that vary by location, based on local home prices.

FHA loans are a popular choice for those who may not meet the stricter requirements of conventional loans but want to achieve homeownership.

Key Features of VA Loans:

1. No Down Payment: Qualified borrowers can purchase a home without a down payment, subject to the property’s appraised value.

2. No Private Mortgage Insurance (PMI): Unlike conventional loans, VA loans do not require PMI, reducing monthly costs.

3. Competitive Interest Rates: VA loans often have lower interest rates compared to conventional loans.

4. Limited Closing Costs: The VA limits the types of closing costs that borrowers can be charged.

5. Flexible Credit Requirements: VA loans are more forgiving of lower credit scores compared to other loan types.

6. Loan Guarantee: The VA guarantees a portion of the loan, reducing risk for lenders and enabling more favorable terms for borrowers.

7. Refinancing Options: VA loans offer refinancing options, including the Interest Rate Reduction Refinance Loan (IRRRL) for lowering rates and cash-out refinancing.

Eligibility: To qualify, applicants must meet service requirements, including active-duty service, veteran status, or being the surviving spouse of a veteran who died in service or due to a service- connected disability.

Key Features of USDA Loans:

1. No Down Payment: USDA loans allow qualified borrowers to finance 100% of the home's purchase price.

2. Low Interest Rates: Borrowers typically enjoy lower interest rates than conventional loans.

3. Flexible Credit Requirements: While credit standards exist, USDA loans are often more lenient compared to other loan types.

4. Income Limits: Borrowers must meet income eligibility requirements, which vary by location and household size.

5. Property Location: Homes must be located in USDA-designated rural or suburban areas.

6. Mortgage Insurance: USDA loans require a guarantee fee, which is similar to mortgage insurance, but it is typically lower than conventional private mortgage insurance (PMI).

Eligibility:

Geographic Requirements: The property must be in an eligible rural area as defined by the USDA.

Income Limits: Household income cannot exceed the USDA's limits for the specific area.

Primary Residence: The loan is intended for owner-occupied homes and cannot be used for investment or vacation properties.

USDA loans are ideal for buyers seeking affordable homeownership opportunities in eligible areas without a large down payment.

Key Features of Jumbo Loans:

1. Loan Amount: Jumbo loans finance amounts greater than the conforming loan limits, which are $726,200 for most areas and higher in high-cost regions (as of 2024).

2. Higher Credit Requirements: Borrowers generally need excellent credit (typically a score of 700 or higher) to qualify.

3. Larger Down Payment: Jumbo loans often require a larger down payment, such as 10- 20% of the home’s purchase price.

4. Competitive Interest Rates: While historically higher than conforming loans, jumbo loan
rates can sometimes be competitive depending on the lender.

5. Stricter Income and Asset Verification: Lenders require proof of substantial income, strong cash reserves, and other financial assets.

6. Property Types: Jumbo loans can be used for primary residences, vacation homes, or investment properties.

Jumbo Loans are ideal for borrowers seeking to purchase high-value properties that require financing beyond standard loan limits. They offer flexibility but often come with stricter qualification requirements.

Key Features of First-Time Home Buyer Loans:

1. Low or No Down Payment: Programs often require minimal or no down payment, making it easier to afford a home.

2. Reduced Interest Rates: Some programs offer below-market interest rates to reduce monthly payments.

3.Flexible Credit Requirements: These loans may accept lower credit scores or provide support for those with limited credit history.

4. Down Payment Assistance (DPA): Many programs provide grants or forgivable loans to cover down payments or closing costs.

5. Mortgage Insurance Benefits: Some programs reduce or eliminate private mortgage insurance (PMI) requirements.

6.Special Incentives: State and federal programs often offer tax credits, reduced fees, or
educational resources for first-time buyers.

Common First-Time Buyer Loan Options:

- FHA Loans: Popular for their low down payment (3.5%) and flexible credit requirements.

- USDA Loans: Provide 100% financing for eligible buyers in rural areas.

- VA Loans: Offer zero-down options for eligible veterans and active-duty service members.

State and Local Programs: Many states and municipalities provide first-time homebuyer assistance, including grants or low-interest loans.

Eligibility:

While definitions of a “first-time buyer” vary, most programs consider anyone who has not
owned a home in the past three years as eligible. Specific qualifications and benefits depend on the loan program and location.
These loans are an excellent option for those entering the housing market, offering a supportive path to homeownership.

Common Low Down Payment Mortgage Options:

1. FHA Loans: Down Payment as low as 3.5%. Designed for borrowers with lower credit scores or limited savings.

2. Conventional Loans with Low Down Payment Programs: Programs like Fannie Mae’s HomeReady® and Freddie Mac’s Home Possible® allow down payments as low as 3%. Require private mortgage insurance (PMI) until equity reaches 20%.

3. VA Loans: Down Payment: 0% (no down payment required). Exclusively for veterans, active-duty service members, and eligible surviving spouses.

4. USDA Loans: Down Payment: 0% (no down payment required). For homes in USDA-eligible rural and suburban areas with income limitations.

5. State and Local Assistance Programs: Many states and municipalities offer grants or forgivable loans to assist with low down payments.

Advantages of Low Down Payment Options:

Accessibility: Easier to buy a home without waiting years to save a large down payment.

Flexibility: Multiple loan options tailored to different income levels and credit profiles.

First-Time Buyer Support: Ideal for those entering the market with limited resources.

Considerations:

Mortgage Insurance: Most low down payment loans require private mortgage insurance (PMI) or a similar fee to protect lenders.

Higher Monthly Payments: A lower down payment means borrowing more, which can
increase monthly costs.

Qualification Requirements: May include income limits, credit score minimums, or property restrictions.

Low Down Payment Options provide a pathway to homeownership while allowing buyers to preserve their savings for other needs.

Key Features of Investment Property Mortgage Loans:

1. Higher Down Payment Requirements: Lenders typically require a higher down payment for investment properties, often 15-25% of the property’s purchase price, depending on the lender and the borrower's qualifications.

2. Higher Interest Rates: Investment property loans usually come with higher interest rates compared to primary residence mortgages because they are considered riskier for lenders.

3. More Stringent Qualification Criteria: Lenders typically look for a strong credit score (usually 700 or higher), a stable income, and a low debt-to-income ratio. They may also require documentation shows the borrower’s ability to manage multiple properties.

4. Rental Income Considerations: Rental income from the property can sometimes be factored into the borrower's ability to qualify for the loan, depending on the property’s location and rental market.

5. Types of Investment Property Loans: Conventional Loans: These are the most common for investment properties and may be eligible for long-term fixed or adjustable rates. Commercial Loans: If the property is large or intended for business use, a commercial real estate loan may be more appropriate. Portfolio Loans: Some lenders offer portfolio loans, where they keep the loan in- house rather than selling it to investors, providing more flexible terms.

Benefits of Investment Property Mortgages:

Income Potential: Investment properties can provide rental income, helping offset mortgage payments and generate cash flow.

Appreciation: Real estate values may increase over time, providing potential for profit when the property is sold.

Tax Deductions: Investment property owners can often deduct expenses like mortgage interest, property taxes, insurance, and maintenance costs, reducing taxable income.

Risks and Considerations:

Market Fluctuations: Property values and rental income can be affected by local market conditions and economic downturns.

Loan Terms: Investment property loans typically have stricter terms, and failure to meet them could result in foreclosure.

Vacation and Investment Property Loans offer opportunities for investors to diversify their portfolios and generate wealth, but they come with higher costs and greater risk compared to loans for primary residences.

Here are several reasons to consider refinancing your mortgage:

1. Lower Interest Rate: Refinancing can help secure a lower interest rate, which can reduce monthly payments and the total amount paid over the life of the loan.

2. Lower Monthly Payments: By obtaining a lower interest rate or extending the loan term, you can reduce your monthly mortgage payment, freeing up cash for other
financial needs.

3. Shorten Loan Term: Refinancing to a shorter loan term, like moving from a 30-year to a
15-year mortgage, can help you pay off your loan faster and save on interest, though it may increase your monthly payments.

4. Consolidate Debt: Some homeowners refinance to consolidate high-interest debt (e.g.,
credit card debt) by using home equity to pay off other loans, potentially lowering overall interest costs.

6. Switch Loan Types: Refinancing can allow you to switch from an adjustable-rate mortgage (ARM) to a fixed-rate mortgage for more predictable payments, or vice versa to take advantage of lower initial rates.

7. Remove Private Mortgage Insurance (PMI): If you’ve built up enough equity in your home, refinancing may allow you to eliminate PMI, which is typically required when the down payment is less than 20%.

8. Better Loan Terms: Refinancing can also provide more favorable loan terms, such as no prepayment penalties or reduced fees, making it easier to manage your mortgage.

Refinancing can offer financial benefits, but it’s important to consider costs, such as closing fees, and evaluate whether the long-term savings outweigh the upfront expenses.

While a Cash-Out Refinance can provide access to funds, it also means taking on a larger mortgage, which may lead to higher monthly payments and potentially more interest paid over time.

Types of VA Loan Refinances:

1. VA Interest Rate Reduction Refinance Loan (IRRRL): Also known as a Streamline Refinance, this option allows eligible homeowners to refinance their existing VA loan to a lower interest rate with minimal documentation and no home appraisal required. The IRRRL is designed for veterans who want to reduce their monthly payments or shorten the loan term without significant changes to the loan amount or terms.

2. Cash-Out Refinance: A VA cash-out refinance allows homeowners to refinance their existing VA loan and take cash out based on the equity in their home. This can be used for home improvements, debt consolidation, or other major expenses. It is similar to a conventional cash-out refinance but offers the added benefit of no private mortgage insurance (PMI) requirement, as long as you meet the eligibility requirements.

Benefits of a VA Loan Refinance:

Lower Interest Rates: Refinancing through the VA can often result in lower interest rates, saving money over the life of the loan.

No PMI Requirement: VA loans do not require private mortgage insurance (PMI), even with a higher loan balance or cash-out refinance.

Flexible Eligibility: VA loan refinances have more relaxed qualification standards, including less stringent credit score and income requirements.

Access to Home Equity: Cash-out refinancing can provide access to the equity built up in the home.

Overall, a VA Loan Refinance offers veterans and military families the chance to reduce their mortgage costs or leverage home equity with favorable terms and benefits.