Pre-approved Express Home Loan

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If you’re thinking of buying a home, call for a free, no-obligation pre-financing consultation. We can answer all your questions in advance. At your first appointment with one of our knowledgeable loan officers, we can pre-approve your maximum mortgage and monthly payment amount – before you begin house hunting. And when you find the home of your dreams, your loan will be expedited for fast approval and closing by our in-house underwriting, processing, and closing staff. 

Get Started – Uniform Residential Loan Application

For more information, please visit with one of our experienced mortgage originators.

Fixed Rate Loans

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• Conventional 30 Year Fixed – The most competitive fixed rate product in the area, payment and amortization is based on 360 months.
• Conventional 15 Year Fixed – The most competitive fixed rate product in the area, payment and amortization is based on 180 months.
• Conventional 2-1 Buy-Down – If the current 30 year fixed rate is 6.00%, the buyer may obtain a 2-1 Buy-Down loan with a first year rate of 4.25% with a second year rate of 5.25%, and a third year rate through the 30th year of the loan at 6.25%. The rate would remain fixed at 6.25% for the remainder of the loan. This gives the advantage of a much lower payment the first two years along with giving the security of knowing the rate instead of the risk of an adjustable rate.

Get Started – Uniform Residential Loan Application

For more information, please visit with one of our experienced mortgage originators.

Adjustable Rate Loans

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• Conventional 1 Year ARM – The 1 Year ARM offers a discounted first year rate, which is often lower than 30 Year Fixed Rate. After the first year, the interest rate may adjust up or down 2% per year, with a maximum of 6% over the life of the loan. There is no pre-payment penalty for this loan program.
• Conventional 3/1 ARM – The 3/1 ARM offers a discounted rate for the first three years, which is often lower than the 30 Year Fixed Rate. After the first three years, the interest rate may adjust up or down 2% per year, with a maximum of 6% over the life of the loan. There is no pre-payment penalty for this loan program.
• Conventional 5/1 ARM – The 5/1 ARM offers a discounted rate for the first five years, which is often lower than the 30 Year Fixed Rate. After the first five years, the interest rate may adjust up or down 2% per year, with a maximum of 5% over the life of the loan. There is no pre-payment penalty for this loan program.

Get Started – Uniform Residential Loan Application

For more information, please visit with one of our experienced mortgage originators.

FHA/VA

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• FHA 30 Year Fixed – This program is not just available for new homeowners. Cash investment required is 3%, which may come as a gift from a family member or relative. The seller can pay closing costs and prepaid finance charges.  The FHA program allows buyers to have minor credit deficiencies and higher debt-to-income ratios than conventional programs. There is no pre-payment penalty for this loan program. Many first-time homebuyers utilize this program due to the many flexible terms available.
• FHA 1 Year ARM – This program offers the advantage of a lower start rate, which rate cap changes not to exceed 1% a year and 5% over the life of the loan. The 3% cash investment rule applies, which may come as a gift from a family member or a relative. The initial rate is fixed for the first year, which may adjust up or down each year after a maximum of 1% annually with a cap of 5% over the life of the loan. There is no pre-payment penalty for this loan program. Many FHA buyers utilize this program for the initial discounted first year rate, planning for increased income in the years to come.
• VA 30 Year Fixed – This program is for veterans and reservists with options of purchasing their new home with zero down payment. This program for Veterans allows for less than perfect credit and higher debt-to-income ratios. If the seller pays closing costs, the Veteran may actually get into their home for $0. There is no pre-payment penalty for this loan program.

Get Started – Uniform Residential Loan Application

For more information, please visit with one of our experienced mortgage originators.

Special Programs

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• 100% and 103% Programs – This program is for buyers with excellent credit that have little access to funds for a down payment. There are strict debt-to-income ratios as well as credit worthiness. The program allows for the seller to pay closing costs and prepaid finance charges or to roll into the mortgage all closing costs and prepaid finance charges limited to 3% of the sales price. These two programs are not for everyone, but provide an outstanding option for buyers with great credit.
• 80/10/10 and 80/15/5 Programs – Do you want to avoid mortgage insurance? With Great Southern Bank offering a first mortgage fixed rate as well as a second mortgage or prime line, buyers will benefit from having two loans, one for 80% loan-to-value first mortgage, along with a 10% or 15% second of prime line. With the first and second mortgage combination loan, buyers will save thousands of dollars by eliminating mortgage insurance. The second mortgage carries a 15 or 20-year amortization and also allows the possibility of additional interest deductions on your tax returns. Depending on which program, a 5% or 10% down payment is required.
• No Income Verification Option – This option eliminates the verification of income, although employment, assets and liabilities must be verified. The borrower’s qualifying ratios are calculated on the basis of information disclosed on the loan application. The borrower’s stated income must be reasonable for their occupation and the credit profile must be closely evaluated. Verified assets must be reasonable with respect to the stated income.
• No Ratio Option – The No Ratio Option does not require the calculation of qualifying ratios. Verification of income and income documentation are not required, but verification of employment and assets are required and the borrower’s credit profile must be closely evaluated. All borrowers must meet minimum credit score requirements.
• Stated Income/Stated Assets Option – This option eliminates the verification of income and assets. The borrower’s ratios are calculated on the basis of the information disclosed on the loan application. The borrower’s stated income and stated assets must be reasonable with respecte to the stated income.
• 40 Year Loan Term – Amortization of the loan is based on a 480 month mortgage.
• Interest Only Mortgage – Requires interest only and does not require the principal payment as part of the required monthly mortgage payment.
• Reverse Mortgages – These are HUD insured government loans provided as a lump sum payout, monthly payout or combined together. This program is solely based on age and property specifics. No monthly mortgage payments are required. Loan amount is based on a percentage of the appraised value and age. Reverse Mortgage Counseling is required and a certificate of completion of this class is a requirement prior to application. Consumer Credit Counseling is one of the local HUD approved offices to provide this education.
• Credit or income is not part of approval requirement.
• All borrowers must be at least 62 years of age.
• All owners of the home must apply for the Reverse Mortgage.
• The home must be a 1-4 unit single family primary residence.
• There is no monthly repayment required.
• Completion of HUD/AARP certified course on reverse mortgages prior to making loan application with Great Southern Bank.

Get Started – Uniform Residential Loan Application

For more information, please visit with one of our experienced mortgage originators.

Other Products and Services

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• Great Home Equity Loan
• First Time Homebuyer Loans
• Jumbo Loans
• “Bridge” Loans
• Construction Loans
• Vacation Home Loans
• Investment Property Loans
• Refinancing
• “In-house” Loans
• “In-house” Underwriting
• “In-house” Processing
• Automated Underwriting available on most loan programs
• Combo Loans