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Welcome
Kimberle Barton manages the Tuscaloosa, Alabama Mortgage Lending office of SWBC Mortgage. SWBC Mortgage is privately held by Southwest Business Corporation of San Antonio, TX. Southwest Business Corporation owns over 15 companies and are most commonly known for their ownership in the San Antonio Spurs professional basketball team.
Kimberle, a native of Tuscaloosa and graduate of The University of Alabama, is licensed by the State of Alabama Banking Department and the National Mortgage Licensing System, #118437. She is a Fannie Mae and Freddie Mac Conventional Mortgage Banker, as well as being directly endorsed by VA and is a FHA Delegated Underwriter.
SWBC offers mortgage loans for primary residences as well as for second homes and, in some cases, can offer loans for investment properties. A full list of documents needed is below as well as a link to the SWBC on line application. The most basic guidelines for qualification are:
- Credit score requirements have become more rigid in conventional, FHA and VA underwriting guidelines. The minimum score is 620 if the other criteria in the file is strong. The interest rate is increased with credit scores under 740 in increments of 20 points down to 620. However when mortgage insurance is needed, the credit must be 660 and the mortgage insurance premium is risk base priced up to 760 scores.
- We can finance up to 10 properties for an individual borrower. Tax returns will be used to determine if all of the properties are income producing and if the borrower is capable of managing more than one property.
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Loans over 80% loan to value require mortgage insurance and separate approval by the mortgage insurance provider.
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All documentation provided is validated for accuracy via: social security administration, IRS (Tax validations are a requirement for final loan approval), Homeland Security and the banking institution associated with asset verification.
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Income is determined with the use of W2s. W2 employees may use the current salary to qualify. Self employed borrowers will be qualified with the average of the last two years tax returns as validated with the IRS. A decline in income needs to be addressed at initial application. Click here for more info on Deragatory Guidelines and Limitations.
DAILY RATES
Rates are priced individually. The base rate is quoted for a $300,000 loan, 740 minimum credit score.| provided by: mortgage tool | ||
*As found on http://www.escapesomewhere.com/.
These are the base rates based on the following: 1% origination, 740 credit score, $300,000 conventional, primary resident, single family home, and purchase money mortgage. Generally the rate is .125% higher for 20 point incremental credit score decreases and per $100,000. (Mortgage insurance requires a 660 credit score.)
These are the base rates based on the following: 1% origination, 740 credit score, $300,000 conventional, primary resident, single family home, and purchase money mortgage. Generally the rate is .125% higher for 20 point incremental credit score decreases and per $100,000. (Mortgage insurance requires a 660 credit score.)
APPLICATION PROCESS
1. Click here for the online mini application or print the “Uniform Residential Loan Application.” Complete and fax, scan or bring to the office.
2. For a printable detailed list of all the information needed please click here.
2. For a printable detailed list of all the information needed please click here.
