Mortgage Options

A variety of mortgage options are available, so that you can choose the mortgage solution that best fits your needs and goals.

MORTGAGE SOLUTIONS

To learn about each option available, scroll down or click on the specific loan below.


FIXED-RATE MORTGAGE

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.

Fixed-Rate Mortgage Features

  • Fixed interest rate.
  • Fixed monthly payments.
  • Variety of term options available.

Take Into Consideration

  • The length of the loan term, which will affect the payment amount and how much you pay in interest over 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.

ADJUSTABLE RATE MORTGAGE (ARM)

The interest rate will increase and decrease periodically to reflect market conditions. This means that your monthly principal and interest payments will change depending on the market interest rate at that time.

ARM Features

  • A low mortgage rate is provided during the initial payment period. After the initial payment period expires, your 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.
  • An interest rate cap sets a limit on how much your mortgage rate can shift up or go down, which also limits the maximum amount your monthly payment will increase or decrease at each interest rate adjustment over the life of the loan.
  • Variety of term options available.

Take Into Consideration

  • When choosing the loan term, you should consider how the adjustable rate will affect your mortgage payments over time.

FHA LOAN

A FHA Loan is offered through the Federal Housing Administration. This financing option is available for all income levels and allows a co-applicant to help you qualify even though they will not live in the home.

FHA Loan Features

  • Low down payment options available.
  • Flexible income, debt and credit requirements available.
  • Down payment and closing costs may come from a gift or grant.
  • Typically requires mortgage insurance.
  • Variety of loan terms available.
  • Available in fixed-rate and adjustable rate options.

Take Into Consideration

  • This may be a good option if you expect to buy a lower priced home with a small down-payment.
  • The cash needed up-front for the down-payment and closing costs may be less.

VA LOAN

A VA Loan is offered through the Veterans Administration for eligible service members. Eligible service members include veterans, reservists, active duty personnel, or family members.

VA Loan Features

  • No down payment required.
  • Flexible income, debt and credit requirements available.
  • Down payment and closing costs may come from a gift or grant.
  • No mortgage insurance requirement.
  • Available in fixed-rate and adjustable rate options.

Take Into Consideration

  • This option is available to eligible service member (veterans, reservists, active duty personnel, or eligible family members).
  • Your down payment and closing costs may come from a gift or grant.

USDA LOAN

A USDA loan is offered through the United States Department of Agriculture – Rural Development. USDA loans provide financing up to 100% of the appraisal value of the home.

USDA LOAN Features

  • A one-time Guarantee Fee is required that may be rolled into the loan amount.
  • Restrictions are based on income and location.

Take Into Consideration

  • This is a good option if you expect to buy a home in a rural area.
  • The cash needed up-front for the down-payment and closing costs may be less.

FIRST TIME HOMEBUYER LOAN

There are specific financing options available for first time home buyers. In many cases, first time homebuyer loans offer financial assistance to qualified buyers.

Benefits of First Time Homebuyer Loans

  • Seller concessions are allowed.
  • Low to no down payment options available.
  • Down payment and closing costs may be gifted from a family member.
  • Can be used to purchase a home or condo.

Take Into Consideration

  • Loan programs vary based on location.
  • A variety of fixed-rate mortgage terms are available.

SPECIALIZED LOANS

Ameris Bank offers several specialized loans including Ameris Bank portfolio loans, construction to perm loans, renovation loans, reverse mortgages and jumbo loans. Contact your Mortgage Banker for more information about the specialized loans Ameris Bank offers.