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More ways an independent bank can help you become a Texas homeowner
Housing opportunities are a priority for everyone.
When it comes to buying a home, there is no one-size-fits-all-option — for both the house itself and the loan with which you buy it.
SouthStar Bank is one of the largest independent banks in Texas, and because of that it is able to find solutions for each homebuyer's unique situation. Trusting a community bank with this important step means receiving options based on people, and not just their credit scores.
Here's a closer look at four of SouthStar Bank's different mortgage options:
Traditional fixed and variable rate mortgages
Mortgage experts work to understand your qualifications and source the perfect funding solution using one of the many traditional or government-backed mortgage programs available to buyers (like Fannie Mae, Freddie Mac, FHA, VA, and more).
Because the decisions are made right there at the bank, you never have to wait for your application to wind its way through an out-of-state loan review committee. Once approved, you will benefit from highly competitive interest rates and fair closing costs.
HOPE home loans
The acronym says it all: "Housing Opportunities are a Priority for Everyone." The most common barrier to home ownership is the down payment, and as home prices rise that base entry can seem even further out of reach.
HOPE loan advantages include no down payment required* — yes, you read that right — and no mandatory mortgage insurance (PMI). The 30-year fixed amortization rate helps maximize your financial flexibility, too. Note: A credit score of at least 620 is required for this loan.
ITIN mortgage lending
Are you looking to pursue homeownership but are without a Social Security Number? This could be the answer.
Using your Individual Tax Identification Number as a form of ID, SouthStar Bank's mortgage professionals can help you purchase a 1--4-unit single-family residence.
There's also no proof of immigration status required, and no credit score or a credit score of 650 and higher is required for eligibility. However, you must file income tax returns under an ITIN.
Star Advantage Program
SouthStar Bank has the flexibility to make lending decisions based on a picture that includes your financial future — not just your past. When you don’t quite meet the strict requirements for a traditional mortgage, a home loan through the Star Advantage Program could be the answer.
These in-house portfolio loans allow qualified buyers to obtain the funding they need, even if they are self-employed, retired, starting a new job, recovering from an unexpected life event, or recovering from blemished credit, foreclosure, or bankruptcy.
Solutions for atypical properties include lot loans and construction financing, investment properties, and unique properties like condominiums, "barndominiums," and green homes.
Explore more SouthStar Bank mortgage options online, or contact a banker today to get started on your dream of home ownership.
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Member FDIC. Equal Housing Lender. SouthStar Bank NMLS# 410624. All loans subject to approval. Other fees and restrictions may apply.
*0% down payment. 7.072 Annual Percentage Rate based on a loan amount of $300,000. 30 year fixed rate.
