MORTGAGE PROGRAMS

CONFORMING   FHA   VA   USDA   JUMBO   CONSTRUCTION    PORTFOLIO   NON-QM

CONVENTIONAL MORTGAGES

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, Refinance, Rate and Term, and Cash Out transactions allowed.
  • Guaranteed low rate
  • Fixed-rate terms from 8- to 30-years
  • Point and no-point options available
  • Available in all 50 state and U.S. territories

 

Adjustable-Rate Mortgage

When you want a lower initial rate than a fixed-rate mortgage

 

Our adjustable-rate mortgage offers a lower interest rate than most conventional fixed-rate loans, making it great for buyers who aren’t looking for their forever home, buyers who anticipate needing a larger or smaller home in the near future, or those needing to refinance for debt consolidation with the lowest monthly payment.

  • 3/6, 5/6, 7/6, 10/6, 7/1, and 10/1 ARMs available
  • Fixed interest rate for an initial period, then can adjust bi-annually (3/6, 5/6, 7/6, and 10/6) or annually (7/1 and 10/1) thereafter

 

FHA (Federal Housing Administration) Loan

Third Coast Bank can help make your dream of home ownership a reality

 

Third Coast Bank’s FHA loan program requires a smaller down payment and allows expanded lending standards to help homeowners who may not qualify for a conventional mortgage. FHA loans allow a down payment of as little as 3.5%. Our FHA program offers a variety of benefits, especially for first-time buyers or those without large down payments.

  • Down payments as low as 3.5%
  • For loan amounts up to $524,225*
  • More lenient requirements for income and credit history
  • Gifts are allowed for down payment and closing costs
  • Non-occupant co-borrowers are allowed

*Loan amounts may vary from county to county

 

USDA Rural Housing Loan

Let Third Coast Bank help you purchase a home outside the city limits

 

If you’re looking for a home outside the city limits, you can find value in a home program designed for rural life. The USDA home loan is one of the most popular mortgage options available for rural and suburban homebuyers. USDA loans come with significant benefits that provide buyers with the opportunity to achieve loan terms that no other program can offer.

  • 100% financing available
  • No down payment required
  • Fixed interest rates
  • Small towns, suburbs, and exurbs of major cities may qualify

VA (U.S. Department of Veteran Affairs)

Serving those who have served our country

 

Available to veterans, service members, and military families, this flexible loan comes with significant benefits that open the door of homeownership to veterans. VA loans require no down payment or private mortgage insurance. They feature competitive rates and terms, plus they allow homeowners to purchase a home with little-to-no money out of pocket.

  • Available with no down payment for purchases
  • Fixed interest rates
  • Owner occupied, 1-4 units, PUDs, and warrantable condos may be financed
  • Up to 100% loan to value for refinances; 90% LTV for cash-out refinances
  • Seller may pay up to 4% of the buyer’s closing costs, including pre-paid items such as property taxes, insurance, and homeowner’s association dues

Condo Loans

Third Coast Bank offers multiple condo loan options

 

Warrantable

Warrantable means all units and common areas are complete and not subject to additional phasing, unit owners control HOA, and at least 90% of units have been conveyed to the purchases other than the developer.

  • Down payments as low as 5%
  • Available for purchase, refinance, and cash out

Unwarrantable

Unwarrantable means new projects not 100% complete, builder-controlled HOA, over 25% of total building square footage is commercial use, inadequate insurance, current litigation, or insufficient reserves.

  • 10% down payment or equity
  • 30-,20-, 15, and 10-year fixed rate options
  • 10/6, 7/6, 5/6, 7/1, and 10/1 ARM options

 

80/10/10 (No PMI) and 80/15/5 (No PMI)

Purchase a new home today with only 10% down — and no PMI

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 popular 80/15/5 and 80/10/10 program allows you to finance your purchase without the added expense of PMI—with as little as 5% down.

  • Buyers receive first mortgage for up to 80% of the purchase price of the new home.
  • A second mortgage is established for 10% or 15% of the purchase price.
  • Down payment can be as low as 5%
  • No private mortgage insurance!

 

 

 

 

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.

        

  • 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 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.

        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.

  • 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.

 

Jumbo Loan

A Jumbo Loan—without a Jumbo Rate

Looking to finance a larger home? Third Coast Bank offers programs specific to your needs. No matter what size home you’re in the market for, Third Coast Bank’s mortgage experts can help guide you through the home financing process.

        

  • For loan amounts exceeding the conforming loan limit of $806,500
  • 20% down payment/equity required
  • 5/6, 7/6, 10/6,  7/1, and 10/1 adjustable-rate mortgage (ARM) options available

 

 

Lot Loans (portfolio)

The perfect home begins with the perfect location

You’ve found the ideal spot for your dream home. Whether you plan to build right away or wait, Third Coast Bank can help you finance your purchase. A Lot loan from Third Coast Bank offers the following benefits:

        Purchase the spot for your dream home now, build with us within 2 years

  • Affordable 25% down payment
  • Interest Only Payments
  • Available for 12-month or 24-month fixed rate balloon terms
  • Purchase up to 25-acre properties*
  • Seller can pay up to 6% concessions toward closing costs

*Lots larger than 25-acres considered on a case-by-case basis

 

Professional Program (portfolio)

Caring for those who take care of us

Whether you have just begun or are already an established doctor, attorney or CPA, Third Coast Bank is dedicated to helping you secure the home of your dreams. This program is available to Doctors, Attorney’s and CPA’s up to 100% LTV.  Physician Assistants, Nurse Practitioners and Physical Therapists (DPT) allowed up to 95% LTV.  We will gladly work with you and your busy schedule. Our mortgage loan originators will meet you when and where works best for you.

  • Purchases transactions only
  • Primary Properties Only
  • Only allowed in Texas
  • No Private Mortgage Insurance (PMI)
  • 10/1 and 7/1 adjustable-rate mortgage (ARM) options available
  • 100% financing up to $806,500 loan amounts
  • 95% financing for $806,501 to $1,000,000 loan amounts
  • 90% financing for $1,000,001 to $1,250,000 loan amounts
  • 85% financing for $1,250,001 to $1,500,000
  • 80% financing for $1,500,000 to $2,000,000

 

Temporary Buydown

Get lower interest rates for up to three years

Don’t let interest rates stop you from achieving homeownership! Buying a home can be more affordable when your home loan contains a buydown. This feature provides you with lower interest rates for the first one to three years of your mortgage, so you'll have lower monthly payments during the first years in your new home. 

 

Available for purchase and some refinance transactions.  

 

3/2/1, 2/1, 1/1 and 1/0 options available.

Buydown Options:

  1. 3-2-1 Buydown:
    • 3% reduction in first year
    • 2% reduction in second year
    • 1% reduction in third year
    • Returns to original locked rate in fourth year
  2. 2-1 Buydown:
    • 2% reduction in first year
    • 1% reduction in second year
    • Returns to original locked rate in third year
  3. 1-1 Buydown:
    • 1% reduction in first two years
    • Returns to original locked rate in third year
  4. 1-0 Buydown:
    • 1% reduction in first year
    • Returns to original locked rate in second year

        

Purchases:

  • Conventional fixed and ARMs
  • Primary and second homes
  • FHA and VA primary homes

 

Refinances:

  • Limited to Rate and Term refinances only
  • Eligible Products:
    • Conventional fixed and ARMs
    • Primary and second homes
    • 7/1 and 10/1 ARMs
    • 7/6-Month and 10/6-Month ARMs
    • 5/1 and 5/6-Month ARMs
    • HomeOne® and Home Possible® (1-2 unit properties)

 

 

 

 

Construction Loan (portfolio)

Not just any home. The home built for you.

 

When you're ready to build your dream home, a construction loan from Third Coast Bank is exactly what you need. We offer a one-time close that covers your mortgage and the construction cost, saving you money and time.

  • ‍Convenient one-time close can save you thousands
  • Up to 80% LTV
  • 12-month construction period
  • Terms up to 30 years
  • Jumbo loan financing available

Second home and Investment construction available. Additional restrictions apply.

j

 

j

j

j

j

j

j

j

j

j

j

j