CONVENTIONAL MORTGAGES

We guarantee a low rate on your conventional mortgage!

 

Third Coast Banks conventional mortgage loans provide flexible terms and great local service that help make us the region’s top mortgage lender.

 

  • Primary, Second Home, and Investment properties allowed

  • Purchase and Refinance (Rate and Term and Cash Out) transactions allowed

  • Guaranteed low rate

  • Fixed-rate terms from 8- to 30-years

  • Adjustable-Rate terms from 3/6, 5/6, 7/6, and 10/6 

  • Point and no-point options available

  • Available in all 50 state and U.S. territories

FANNIE MAE PRODUCTS

Fannie Mae HomeReady

Enjoy the stability and peace of mind of predictable mortgage payments over the life of the loan

 

A new home is a major investment. When you partner with Third Coast Bank, you can enjoy the financing you need while keeping your expenses to a minimum. Our Fannie Mae Home Ready program makes committing to purchasing a home easier.

 

Program Highlights

  • Requires only 3% down payment

  • Down payment can be a gift from a relative

  • You do not have to be a first-time homebuyer

  • Lower than typical PMI coverage required

  • Typically, your income must be 80% or less of the Area Median Income (AMI)

  • Homebuyer education is required

Fannie Mae RefiNow™

Expanding the refinance market to those who need it most

 

RefiNow™ is an affordable refinancing option aimed at making it easier and less expensive for qualifying homeowners to refinance. Available to borrowers at or below 100% of the area median income with debt-to-income (DTI) ratios up to 65%, RefiNow offers features that help to address some of the barriers to refinance and is a great option for creditworthy borrowers who may not have previously qualified.

 

Refi Possible offers flexibilities to help borrowers take advantage of the current low-interest rate market by refinancing their mortgages and lowering their monthly mortgage payments, which will help them achieve greater housing stability and build generational wealth. This refinancing option, targeted toward low-moderate income borrowers, may be especially beneficial for borrowers who may not believe they qualify for refinancing due to their incomes.

FREDDIE MAC PRODUCTS

Freddie Mac HomeOne®

Available for first-time homebuyers with only 3% down

 

This mortgage solution helps first-time homebuyers achieve the dream of homeownership. Plus, there are no borrower geographic or income restrictions. Homebuyer education is required for purchase transactions when all borrowers are first-time homebuyers.

 

Program Highlights

  • At least one borrower must be a first-time homebuyer

  • Requires a low-down payment of 3%

  • 30-year fixed rate

  • No geographic or income restrictions

Freddie Mac Home Possible®

Your dream home made possible

 

Many dream of home ownership but having a large enough down payment can often be a concern. When you partner with Third Coast Bank, you can enjoy the financing you need while keeping your expenses to a minimum. Our Freddie Mac Home Possible program is a great option for home buyers who don’t have the necessary funds for a large down payment and live below the Area Median Income.

 

Program Highlights

  • Requires only 3% down payment

  • Down payment can be a gift from a relative

  • You do not have to be a first-time homebuyer

  • Lower than typical PMI coverage required

  • Typically, your income must be 80% or less of the Area Median Income (AMI)

  • Homebuyer education is required

Freddie Mac Refi Possible®

Making homeownership more affordable through accessible refinancing

 

Freddie Mac Refi Possible® offers more options and newly expanded flexibilities to help you assist even more low-and moderate-income borrowers to consider refinancing their current loans to save on their monthly mortgage payments.

 

Refi Possible offers flexibilities to help borrowers take advantage of the current low-interest rate market by refinancing their mortgages and lowering their monthly mortgage payments, which will help them achieve greater housing stability and build generational wealth. This refinancing option, targeted toward low-moderate income borrowers, may be especially beneficial for borrowers who may not believe they qualify for refinancing due to their incomes.

Freddie Mac BorrowSmartSM Program

 

Making home ownership more affordable by offering qualified borrowers assistance toward their mortgage financing costs.

Get $1,250 or $2,500 toward your down payment or closing costs with the Freddie Mac BorrowSmartSM Program or income-based Grants for qualifying borrowers. 

Saving for a down payment is one of the biggest obstacles today’s first-time home buyers face. The Freddie Mac BorrowSmart Program helps to decrease those costs and make homeownership more accessible.

Grant Program Highlights

  • $2,500 for borrower(s) whose qualifying income is less than or equal to 50% of the county area median income (AMI)1, with a Freddie Mac income-based grant.

  • $1,250 for borrower(s) whose qualifying income is greater than 50% and less than or equal to 80% of the county AMI1, with the Freddie Mac BorrowSmartSM program.

BorrowSmart Down Payment Program Requirements

  • Primary residence purchase only

  • BorrowSmart grant requires pre-purchase counseling with a specific provider. The income-based grant may also require pre-purchase counseling.

The Freddie Mac BorrowSmart Program can give you extra purchasing power in today’s busy market.

Apply now for a better mortgage experience through Encompass