Southern Bank

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Southern Bank
100 N. Center Street
Mount Olive, NC 28365
919.658.7000

There comes a time in everyone's life when it just makes more sense to own a home.
Growing families, growing responsibilities. When it's time to "grow" into a larger
home, we have a plan. Second home? Investment property? You've got choices. When it comes to financing, we make it easy. This could be the best move you'll ever make.

If you are thinking of buying a home, we have good news. You have more options and more flexibility than ever before. So, now is the perfect time to move up to home ownership and start investing in your future! Options include 100% financing, low or no down payment, below market loans and much more. Here is a sampling of the choices you have as a new home buyer.

Affordable Housing Programs
Southern Bank offers a number of ways for home buyers with modest incomes and limited savings to turn the dream of home ownership into a reality. These programs are generally easier to qualify for than a conventional mortgage, with:

• Non-traditional credit guidelines and qualifying rules
• 100% financing may be available
• Low down payment options
• Some income and acquisition limits may apply

NC Housing
The NC Housing Finance Agency offers programs that enable us to help first time buyers whose incomes have kept them out of the housing market. Features include:
• 30 year, fixed-rate conventional mortgages at below-market rates
• Income limits
• Maximum sales price limits for new and existing homes
• 3% seller contribution allowed

Home Possible® Mortgage
• 97% financing may be available
• Up to 40 years fixed rate terms
• Secondary financing permitted
• Home buyer education is required
• Income limits may apply

USDA Government Backed Mortgages
• 100% financing available
• No mortgage insurance required
• No minimum borrower contribution required
• Must be located in eligible rural area
• Not limited to first-time homebuyers

Conventional Fixed Rate Mortgages
As the most popular mortgage program for home buyers, a fixed rate mortgage offers the stability and consistency of predictable monthly principal and interest payments for the life of the loan, from 10 to 40 years. It may be a good choice for people who expect to live in a home for an extended period of time, or who want to lock in current low interest rates. With a fixed rate mortgage, payments remain constant, allowing you to plan and budget without factoring potential interest rate fluctuations.

2008 Southern Bank