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Welcome to North South Financial
North South Financial, LLC provides the expertise, resources and tools that are absolutely vital in today’s mortgage industry. We not only broker USDA, Conventional, VA and Jumbo loans; we also have the experience and efficiency home buyers need w/ out costly consulting and biased middlemen. Most importantly we specialize in educating our clients on loan options and solutions that best meet their needs, not ours.
North South Financial provides a true and comprehensive picture of our clients’ home purchasing power as well as their financial soundness. Our services, most are free, help to leverage our clients buying power, opening the door to better loan programs, rates and terms. NSF is based on a state of the art platform providing a secure and seamless process, real-time updates and open communication to all parties involved. Contact us for more information on our services or home financing products.
What we believe makes the most sense for the current home buyer:
True 100% Home Loans
The Section (502) Guarantee Home Loan Program offers many advantages over FHA, VA, & Conventional loan programs. Below are the general guidelines for the Guarantee Home Loan Program:
Ø No Down Payment – 102% Loan w/ a 620 Credit Score
Ø No Expensive Mortgage Insurance = Lower Payment
Ø No Cash Reserve Requirement
Ø No limitation to the purchase price or loan amount
Ø May finance up to 102% of the appraised value
Ø Down Payment Assistance from non-profits is acceptable
Ø Repairs may be financed up to 102% of the “as is” value
Ø No limits on “Gifts” and up to 6% seller concessions/seller paid closing costs
Ø Higher income applicants now qualify for the Guaranteed Loan Program
Ø Loan Types: Purchase, new construction, or purchase and rehab
Ø Property Types: Single family, townhome and even condominium financing
Ø Reasonable credit history requirements
Ø Must be employed and show that they can afford monthly housing expenses
Ø Must be a primary residence
Ø Declining Market(s) and Lender reluctance not an issue
Ø 30 yr fixed loan term with no mortgage insurance - One loan - Current Max Rate 5.75% (8/26/09)
The Recovery Act investments in the 502 guaranteed loan program will provide assistance to those impacted by the recession, preserve jobs and promote economic recovery. Banks and other financial institutions are reluctant to lend money in the current economic environment, a reluctance that is lessened when the loan has a guarantee backed by the full faith and credit of the Federal Government. The lack of available credit to purchase a home, combined with the number of foreclosures in the market, is negatively impacting the housing industry as well as other sectors of the economy. Recovery Act 502 Guaranteed loan funds will encourage private sector lenders to make affordable home loans in rural America.
Income Limits for Northern Virginia Counties
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Max Income Limits per County/Family |
1-4 Person
Income Max |
5 - 8 Person
Income Max |
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Washington DC |
$92,000 |
$121,450 |
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Arlington |
$92,000 |
$121,450 |
|
Alexandria |
$92,000 |
$121,450 |
|
Fauquier |
$92,000 |
$121,450 |
|
Prince William |
$92,000 |
$121,450 |
|
Spotsylvania |
$92,000 |
$121,450 |
|
Clarke |
$92,000 |
$121,450 |
|
Culpeper |
$80,500 |
$106,250 |
|
Warren |
$80,500 |
$106,250 |
|
Orange |
$75,450 |
$99,600 |
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Winchester |
$73,800 |
$97,400 |
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Madison |
$73,600 |
$97,150 |
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Rappahannock |
$73,600 |
$97,150 |
|
Madison |
$73,600 |
$97,150 |
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Shenandoah |
$73,600 |
$97,150 |
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Richmond |
$73,600 |
$97,150 |
|
Page |
$73,600 |
$97,150 |
DON'T WAIT, Get Pre-Approved Today!!
Most Sincerely,
Jeffrey T Burch
Director of Lending
North South Financial, LLC.
Direct: 703-929-6770
www.northsouthfinancial.com
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