Competitive mortgage financing is here in your community, not thousands of miles away with someone you’ll never meet. Home ownership opens the door to a sense of pride and a connection to your community. We offer decades of experience in the mortgage lending arena. Unlike the “online” and “out-of-town” lenders, we know the local real estate market and the industries that drive the economy. Like you, we live and work here. So, we take a straightforward approach because you aren’t just transactions to us. You’re our neighbor and we want to build a lasting relationship with you. We understand that buying a home can be a stressful process. It’s our job to be your trusted advisor, manage your expectations, and get you the keys to your new home quickly with the financing that you can afford. For us, it’s all about you and it’s just that simple.
The perfect home. The right financing. It’s all here at Carter.
A conventional mortgage or conventional loan is any type of homebuyer’s loan that is not offered or secured by a government entity, like FHA, VA, USDA, but rather available through or guaranteed by a private lender or the two government-sponsored enterprises, the Federal National Mortgage Association and the Federal Home Loan Mortgage Corporation.
- Do not come with the amount of stipulations that FHA loans do.
- The rules and regulations are far less strict with conventional loans in many cases.
An FHA loan is a home loan that is insured by the FHA (Federal Housing Administration). That offers a guarantee to the bank: if a customer fails to repay the mortgage, FHA will step up and repay the bank instead.
- Smaller down payment
- Fixed rate
- Flexible loan terms
USDA loans are zero-down-payment mortgages for rural and suburban homebuyers. They’re mainly for borrowers who aren’t wealthy and can’t get a traditional mortgage.
- No Down Payment Required.
- Competitive Rates.
- Flexible Credit Guidelines
- No Maximum Purchase Price
The Veterans Administration (VA) helps Service members, Veterans, and eligible surviving spouses become homeowners. The VA guarantees a portion of the loan, enabling the lender to provide you with more favorable terms.
- Interest Rate Reduction Refinance Loan (IRRRL)
- Native American Direct Loan (NADL) Program
- Adapted Housing Grants
Refinance with No Appraisal
The Home Affordable Refinance Program (HARP) is a government program that was established in 2009 for Freddie Mac- and Fannie Mae-held mortgages. HARP provides the opportunity for homeowners to refinance at a lower rate when they have “under water mortgages.” HARP addresses situations where the homeowners’ property value has fallen, causing them to no longer qualify under traditional underwriting criteria. Homeowners with a loan owned by Freddie Mac or Fannie Mae have the opportunity to refinance without an appraisal.
Eligibility and Criteria
- Your loan is owned or backed by Fannie Mae or Freddie Mac
- Your mortgage is upside down or your current loan-to-value ratio is greater than 80%
- You are current on your mortgage payments (no 30-day late payment in the past six months or no more than one late payment in the past 12 months)
- Your home is your primary residence, second home, or investment property
A portfolio loan is a loan that is serviced by the lender that issued the money. Loans that are issued by a lender are packaged together with other loans and sold in the secondary market. With a portfolio loan, the lender that initially wrote the loan is going to hang onto it and keep it as part of their investment portfolio.
- Service the loan from another location
- Customers will be able to keep their relationship with the lender that they originally worked with
- Customers will be able to contact their lender whenever they have a problem
- Better customer service experience
A $1 million Homeowner Assistance Grant Program in partnership with Federal Home Loan Bank of Atlanta, Make It HAPPEN helps eligible families and individuals become homeowners through Carter Bank & Trust.
On February 3, 2020, we announced that we can access $1 million from the Federal Home Loan Bank of Atlanta to offer its homeowner assistance funding opportunities to eligible families and individuals in our service regions.
We branded these funding opportunities Make It HAPPEN, “Homeownership Assistance Program Partnership Established Now,” to reflect our commitment to help more families and individuals become homeowners.
Make It HAPPEN funding opportunities are for eligible families and individuals who meet the requirements of one of the Federal Home Loan Bank of Atlanta’s homeowner assistance products highlighted below, specifically to:
- First-time Homebuyers
- Community Partners, who are employed in law enforcement, education, first response (firefighting and other first responder agencies) and health care
- Returning Veterans
Returning Veterans Purchase
|Eligible Borrows||Funds may only be made available to a "first-time homebuyer," as such term is defined by HUD HOC reference guide chapter3, expanded to include recovering victims of catastrophic loss or natural disasters||Current or retired law enforcement officers, educators, firefighters, other first responders and health care workers who are first-time homebuyers or non-first-time homebuyers||First-time or non-first-time veteran homebuyers that are currently serving or have served in any branch of the U.S. military, their spouses or their surviving spouses. National Guard Reservists are eligible if they have served in active duty or performed services in active duty or were injured in active duty||First-time or non-first-time veteran homebuyers that are currently serving or have served in any overseas military intervention for any branch of the U.S. military, their spouses or their surviving spouses. National Guard Reservists are eligible if they have served in active duty or performed services in active duty or were injured in active duty|
|Borrow Minimum Contribution|
|Eligible use of Funds||Down payment, closing costs and principal reduction for the purchase or purchase/rehabilitation of an existing unit||Down payment, closing costs and principal reduction for the purchase or purchase/rehabilitation of an existing unit||Down payment, closing costs and principal reduction for the purchase or purchase/rehabilitation of an existing unit|
|Eligible Properties||Owner-occupied 1-4 family properties, including manufactured housing||Owner-occupied 1-4 family properties, including manufactured housing||Owner-occupied 1-4 family properties, including manufactured housing||Owner-occupied 1-4 family properties, including manufactured housing|
Funding opportunities are available for a limited time and may be discontinued at anytime without notice.
Other eligibility requirements for Affordable Housing Program (AHP) homeowner assistance products:
- Retention Period: Five years for all purchased products
- Income Eligibility: <+80% of county area median income or the state median family income, adjusted for family size as published by HUD, whichever is higher
- Products are available in the United States and its territories
- This document is not a complete description of requirements of these products. Refer to Federal Home Loan Bank of Atlanta’s AHP Implementation Plan at fhlbatl.com
The calculators on our website are provided for informational purposes only. Carter Bank & Trust and its affiliates disclaim any warranties, endorsement or representation, expressed or implied, related to these resources.