Residential Loans

An adjustable rate mortgage gives Southeastern Mutual Trust the flexibility to create a mortgage for those who may have needs that are not met by a fixed rate mortgage. The loan may have lower beginning interest rates (and lower payments) than fixed rate mortgages and can increase or decrease after the initial adjustment period. Typically a person who may only stay in a home for a short period of time may choose this product to reduce the mortgage costs during their limited stay in the home.

FHA loans aid lower income borrowers to purchase otherwise un-affordable homes.

• 96.50% Loan to Value on purchase transactions and up to 97.75% Loan to Value on rate and term refinance transactions. Cash out refinance up to 80% Loan to Value
• Lending limits vary based on housing types and the state and county in which the property is located
• FHA collects an up-front mortgage insurance premium along with an annual fee
• 620 minimum credit score
• Eligible property type
• 30 year fixed rate term available
• Purchase and refinance transactions available

VA loans offer long-term financing to eligible veterans, active duty personnel or surviving spouses.

• Up to 100% financing available
• Guaranteed by U.S. Department of Veteran Affairs
• VA collects a funding fee on each loan to compensate for any losses or defaults unless the veteran is exempt
• 620 minimum credit score
• 30 year fixed rate term available
• Eligible property type
• Purchase and refinance transactions available

Guaranteed Rural Housing loans are geared to help moderate income families.

• Up to 100% Loan to Value based on appraised value
• Property must be in a rural eligible location
• Guaranteed by USDA Rural Housing
• Collects an up-front guarantee fee along with an annual fee
• Guaranteed loan eligibility income limits apply
• 620 minimum credit score
• 30 year fixed rate term is available
• Eligible property types

Jumbo Fixed Rate loans are those with balances in excess of $548,250.

• Minimum loan amount $548,250
• Minimum credit score 680
• Loans under $1MM require 1 appraisal, loans over $1MM require 2 appraisals
• Additional requirements and conditions apply

• Minimum credit score is required for purchase, rate and term refinance, or cash out refinance
• All 1-2 unit properties maximum loan to value is 75%, all 3-4 unit properties maximum loan to value 70%
• Reserves required equal to 6 months principal, interest, taxes and insurance for subject properties.
• Can finance up to 2 investment properties

Southeastern Mutual Trust specializes in helping customers build their dream home. Our Construction Loan Program provides short-term financing for a specified period of construction with “interest only” payments up to a maximum of 12 months. Upon completion, the bank will refinance the home for the long term in the appropriate loan program.

A home equity credit line allows a homeowner to borrow against the equity in their home with specific limits and terms. This is an open-end loan with the ability to borrow and repay funds as needed for a variety of purposes.

• Up to 90% maximum Loan to Value for eligible borrowers
• Loan term of 10 years
• Requires a minimum monthly payment of principal and interest if there is an outstanding balance Interest may be tax deductible (consult your tax advisor)
• $10,000 minimum loan amount
• Convenient access by check, online banking, or at one of our branches
• Only available on 1-4 family owner occupied dwellings