Home loans by Atlantic Mortgage Solutions

Loan Programs

The following is a partial list of programs offered by Atlantic Mortgage Solutions with a brief description of the key elements. For a complete list of the programs that we offer, contact us at 843-842-8800.

CONVENTIONAL - Traditional loan programs that usually require 5% down and offer competitive interest rates. Documentation and fair-to-good credit are necessary.
Back to Top

NO INCOME VERIFICATION - Loans where your income is not requested or verified with as little as 10% down are stated income loans. There are several varieties of the "no-doc" loan today. The type of loan that is best suited for a particular borrower depends on that borrower's situation. Some borrowers choose not to disclose employment, income, or asset information, while others may be willing to disclose employment and asset information but not income. Still others might be willing to disclose income but select a program that doesn't calculate debt-to-income ratios, allowing those borrowers to exceed the traditional guidelines in order to qualify for a larger mortgage amount. With all the different variations of the no-doc loan, there is definitely a mortgage program for today's non-conventional borrowers.
Back to Top

NO DOWN PAYMENT - 0% Down payment required and closing costs paid by the borrower (seller can contribute up to 6% towards closing costs).
Back to Top

CREDIT PROBLEMS - Troubled credit? Bankruptcy? Been turned down somewhere else? We offer loan programs for customers with credit problems.
Back to Top

103% PURCHASE – 0% Down payment required and closing costs can be financed up to 103% of the purchase price. Only single-family homes that will be owner-occupied are eligible. First time homebuyer status not required and there are no income limits.
Back to Top

80/15/5 - This is a loan which carries a second mortgage for up to 15% of the purchase price of the property. It is usually used when wishing to avoid PMI insurance or to keep your first mortgage under the FNMA/FHLMC limit to avoid Jumbo rates. The borrower puts down a 5% down payment and then finances a first mortgage up to the FNMA/FHLMC limit and a second mortgage of up to 15% of the purchase price. Other variations are 80/10/10 or 75/15/5.
Back to Top

80/20 - This is a loan which carries a second mortgage for up to 20% of the purchaser price of the property. It is used when wishing to avoid PMI insurance for a ZERO money down loan.
Back to Top

JUMBO LOANS - Offers 30 and 15 year fixed rate mortgage and competitive ARM products with full document, alternate documentation and limited documentation.

Cash out and No cash out refinance are allowable. Single family detached, Condo's, PUD's and single-family second homes can be financed with no prepayment penalty.
Back to Top

CREDIT CHALLENGED LOANS - These mortgages are for the credit challenged. They can vary from slightly damaged credit to severely damaged. Whatever the situation we have a mortgage that will get you back on track.
Back to Top

SECOND HOME LOANS - Also known as Vacation Home Loans. This is a loan for a purchase of property that will not be used as your primary home but used occasionally as a vacation or second home.
Back to Top

NON-OWNER OCCUPIED LOANS - This is used for the puchase of a property that you will not personally use. The property's use will typically be used as an income producing property but can also be used to purchase a home for a parent or child.
Back to Top

LOT LOAN - A loan for the purchase or refinancing of a residential lot to be used for the construction of a house. Loans of this type are typically for a period of one to three years. Payments can be interest only with a principal paid at maturity.
Back to Top

BRIDGE LOANS - A Bridge loan is used when you need to cash out your equity on a property under contract for sale that has not closed. The term of this loan is typically 30 to 60 days. It normally is condition upon the purchaser of the property providing a firm commitment for their purchase of your property.
Back to Top

HIGH DEBT RATIO LOANS - A ratio of monthly bills to monthly income higher than 50% is considered a high debt ratio. Loan programs are available for borrowers in this situation, allowing them to finance the purchase of a home or property.
Back to Top

2^ND MORTGAGE LOANS - Subordinate to the first mortgage these loans offer the borrower the ability to get money for home improvement, debt consolidation or many other reasons without disturbing their first mortgage. Convenient when you have a low interest first mortgage.
Back to Top

CONSTRUCTION LOANS - Building a new home can be an exciting prospect - unless you get caught up in a construction loan approval process that's overly complicated and time consuming. With this loan we will finance up to 90% of the cost of land plus the costs of construction. We offer a one time fixed rate closing or traditional ARM products.
Back to Top

INVESTOR LOANS - Used to finance 1-4 family properties that will be for investment with as little as a 10% down payment. Aggressively priced these programs have many variations such as No Doc, Limited Doc and Full Doc. Program may not be available in some states.
Back to Top

FLEX 97% - Similar to FHA but without maximum mortgage amount limitations. Must be a single family, owner occupied home and borrower must have a credit score of over 680.
Back to Top

COMMERCIAL MORTGAGES - These loans are for business or investment purchase of non-residential property or for the purchase of residential porperty containing five or more residential units. The borrower will typically be a corporation or limited liability company. Personal guaranties may be required.
Back to Top

WARRENTABLE CONDO LOANS - This loan is for the purchase of condominium unit in a complex that is Fannie Mae or Freddie Mac approved.
Back to Top

NON-WARRENTABLE CONDO LOANS - The loan is used to purchase a condominium unit in a complex that does not meet the Fannie Mae or Freddie Mac requirements. Reasons the condominium complex is non-warrentable can be for many different reasons such as too high of a concentration of commercial use of the property or the ratio of investors to primary and second homes being too high. Another common reason is if the property is in litigation.
Back to Top

CONDOHOTEL LOANS - These are loans for the purchase of a condominium unit in a property that offers individual check in, daily maid service and other services that one would typically find in a hotel. In many cases these properties were hotels prior to a condominium conversion.
Back to Top

MANUFACTURED HOUSING LOANS - This is a mortgage for the purchase of a manufactured home that is permanently affixed to the land on a permanent foundation. The manufactured home must be a double wide unit.
Back to Top

LENDER PAID PMI LOANS - This is used when the amount of the loan exceeds 80% of the purchase price and the borrower does not want to pay Mortgage Insurance on a monthly basis. The rate may be slightly higher than a similar loan where the borrower is paying the Mortgage Insurance; however one must consider the fact that currently Mortgage Insurance is not tax deductable.
Back to Top

OPTION ARM LOAN - This is an adjustable rate loan with a fixed minimum payment for a period of time that may allow the borrower to choose how much they will pay from several payments options that typically include the minimum payment (which will most likely have negative amortization), an interest only option, or an amortizing option for a fifteen year or a thirty year period. This is a great loan structure for people with variable income. It should not be used to buy more of a house than you could readily afford.
Back to Top

2 Corpus Christie Place, Suite 200
Hilton Head Island, SC 29928
Phone: 843-842-8800
Fax: 843-842-8808

Member of the National Association of Mortgage Brokers