Wholesale Products and Programs

As a partner with Ameris Bank Correspondent and Wholesale Services, you will have access to a variety of competitive and diverse mortgage options.

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Fixed Rate Mortgage
Adjustable Rate Mortgage
FHA Loan
VA Loans
USDA Loan
Jumbo Loan
Harp Loan
LP Relief Refinance Loan


 

Fixed Rate Mortgage

A fixed mortgage may be a good option if your client expects interest rates to rise in the future, plans to stay in the home for an extended period of time, or prefers the stability of monthly payments

Features

  • The interest rate will stay the same for the entire term of the loan. This means that your monthly principal and interest payments will remain the same for the life of the loan.
  • A fixed-rate mortgage is available in a variety of term options.

With this loan, consider:

  • How the length of the loan term will affect the payment amount and how much is paid in interest in the long-run.
  • The monthly payment is typically higher on a shorter-term loan than on a longer-term loan.
  • The overall interest you pay is higher on a longer-term loan than on a shorter- term loan.

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Adjustable Rate Mortgage (ARM)

An adjustable rate mortgage may be a good option to consider if your client thinks interest rates will fall in the future, plans to stay in the home for only a short period of time, or expects future income growth.

Features

  • The mortgage rate will rise and fall with the market interest rates. This means that the monthly principal and interest payments will change depending on the market interest rate at that time.
  • A low mortgage rate is provided during the initial interest rate period This allows for initial payments to be lower when compared to payments of a fixed-rate mortgage. Note that after the initial payment period has expired, the mortgage rate for the loan will fluctuate to the index rate. The lender adds the index rate to a margin to calculate your mortgage rate at each adjustment.
  • This type of financing includes an interest rate cap that sets a limit on how high your mortgage rate can go. A cap limits the maximum amount the monthly payment will increase at each interest rate adjustment over the life of the loan.
  • This type of loan is available in a variety of term options.

With this loan, consider:

  • The effects of the adjustable rate over time.
  • Monthly payments may increase when the interest rate adjusts.
  • Monthly payments may change every year after the initial fixed period is over.

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FHA Loan

A FHA Loan is a loan option offered through the Federal Housing Administration. This financing option is available for all income levels and allows a co-applicant to help the borrower qualify even though they will not live in the home. A FHA loan may be a good option to consider if your client expects to buy a lower priced home with a small down-payment or has less cash available up front for the down-payment and closing costs,

Features

  • Low down-payment options.
  • Available for a variety of loan terms.
  • Requires mortgage insurance.
  • Flexible income, debt, and credit requirements.
  • Down-payment and closing costs may come from a gift or grant.
  • A co-applicant can help you qualify even though they do not live in the home.
  • Available in a variety of fixed-rate and adjustable rate loan options.

With this loan, consider:

  • The borrower typically has to pay an up-front, as well as a monthly FHA mortgage insurance premium.
  • The borrower typically can only have one FHA mortgage at a time.

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VA Loans

A VA Loan is a loan option offered through the Veterans Administration. This financing option is available if the borrower is an eligible service member. Veterans must provide a veteran’s certificate of eligibility and the appraiser is assigned by the VA.

Features

  • Financing for eligible service member (veterans, reservists, active duty personnel, or eligible family members).
  • Low to no down payment options available.
  • No mortgage insurance requirement.
  • Flexible income, debt, and credit requirements.
  • Down payment and closing costs may come from a gift or grant.
  • Available in a variety of fixed-rate and adjustable rate loan options.
  • Potential for minimal out-of-pocket expenses with seller contributions.

With this loan, consider:

  • The borrower typically has to pay a one-time VA funding fee that can be financed into the amount of the loan.
  • Financing is available only for primary residences.

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USDA Loan

A USDA loan is a loan option offered through the United States Department of Agriculture – Rural Development. A USDA loan may be a good option to consider if your client expects to buy a home in a rural area or has less cash available up-front for down-payment and closing costs

Features

  • Lending up to 100% of the appraised value of the home.
  • Requires a one-time Guarantee Fee that may be rolled into the loan amount.
  • Restrictions based on income and location.

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Jumbo Loan

A jumbo loan may be a good option to consider if your client nNeeds financing for a large loan amount.

Features

  • Financing available on Primary and Secondary homes
  • Purchase or Refinance allowed
  • Financing available in Fixed Rate and ARM options
  • Max LTV of 65% -70% for loans up to $2,000,000
  • Max LTV of 70%-80% for loans up to $1,500,000

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HARP (DU Refi Plus Refinance) Loan

The Home Affordable Refinance Program (HARP) – also known as DU Refi Plus Refinance – is available through Fannie Mae. The product is designed to assist homeowners in refinancing their mortgage – even if they owe more than the home’s current value. This refinance program is only available for existing Fannie Mae loans.

Contact your Correspondent and Wholesale representative for more information about this product.

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LP Relief (Open Access) Refinance Loan

A LP Relief Refinance loan is available through Freddie Mac. This product is designed specifically to assist borrowers who make their mortgage payments on time, but who have been unable to refinance due to declining property values. This refinance program is only available for existing Freddie Mac loans.

Contact your Correspondent and Wholesale representative for more information about this product.

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