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Loan Products




                                Conventional Fixed Rate


The traditional fixed-rate mortgage backed by Fannie Mae or Freddie Mac has a constant interest rate and monthly payments that never change. This may be a good choice if you plan to stay in your home for seven years or longer. (10 Yr, 15 Yr, 20 Yr, 25 Yr, 30 Yr & 40 Yr Availble). 600 Credit Score Minimum  for Freddie Mac Eligible Loans & 620 for Fannie Mae loans.

                                                   Conforming ARM

Interest Rate Change Dates:


The interest rate at lock-in will remain constant until the first rate change date. Subsequent rate change dates will occur on the 1st day of every 12th calendar month thereafter

5/1 LIBOR ARM: First rate change date is the 1st day of the 61st month after closing

7/1 LIBOR ARM: First rate change date is the 1st day of the 85th month after closing

10/1 LIBOR ARM: First change date is the 1st day after the 121st month after closing

                                                   Homepath Program

Homepath is a special financing program to provide financing for purchasers of Fannie Mae Real Estate Owned (REO) properties that Fannie Mae has deemed eligible for HomePath Mortgage financing. Program highlights include no PMI required regardless of Loan to Value. Minimum 3% down for Primary Residence,15 Yr, 20 Yr, 30 Yr Fixed Available as well as the 3/1, 5/1. 7/1 & 10/1 LIBOR ARM's

                                           Family Oppurtunity Program

College bound son or daughter residing in a one unit second home residence purchased by their parent(s) (Max LTV subject to MI eligibility requirements)


Child must be enrolled in college (documentation validating current enrollment is required)

Subject property must be within a reasonable proximity to the university that the child is attending

Property must be a reasonable distance from the parent’s home in order to be classified as a true second home. The subject property can provide the parents a place to stay while visiting the campus, but it will be the child’s primary residence

Property cannot be rented and it must be occupied by the child for a minimum of one year

Borrowers may not own additional second/vacation homes in the same locale



Fixed Rate: A fixed rate, fully amortizing mortgage insured by the Federal Housing Administration (FHA).10, 15, 20, 25, 30 yearsavailable. 3.5% down payment required typically for a purchase. If purchasing a HUD Repo home $100 Down program is available. 640 Credit Score Minimum


                                   USDA Guaranteed Rural Housing

100% Financing Allowed. A fixed rate, fully amortizing loanThe Guaranteed Rural Housing (GRH) Loan Program is designed to assist households in obtaining adequate but modest, decent, safe and sanitary dwellings and related facilities for their own use in rural areas. Loans are limited to applicants with incomes that do not exceed Rural Development (RD) median income limits and property that is designated as rural by Rural Development. 620 Credit Score Minimum

Guarantee Fee

The guarantee fee is a percentage of the loan balance determined by Rural Development. The guarantee fee is charged and collected at the time of closing and can be paid by the buyer or seller, or financed.

Annual Fee

The annual fee is a percentage of the scheduled amortized unpaid principal balance determined by Rural Development. Wells Fargo pays the annual fee to Rural Development every 12 months. Wells Fargo requires the annual fee to be accumulated as a portion of the borrower’s monthly payment and placed in the escrow account used for taxes and insurance that is established at closing



 Fixed: A loan guaranteed by the Department of Veterans Affairs (VA). Fixed rate, fully amortizing loan. 10,15,20,25 & 30 Yr Terms available. 100% Financing allowed. Borrower must be eligible veteran.620 Credit Score Minimum

ARM: 3/1 & 5/1 ARM's available



Jumbo Fixed:  Loan terms of 15 Yr & 30 Yr are available. Loan Amounts typically over the $417,000 Conforming Loan Limit. The maximum Loan size is $2,000,000. 700 Credit Score Minimum with 80% Loan to Value Maximum.

Jumbo ARM:  3/1, 5/1, 7/1 & 10/1 available. A 30-year intermediate ARM, fixed for the first 3, 5, 7 or 10 Yrs then rolls to a one year ARM for the remainder of the Loan term


Assurance Financial
7600 Hwy 72 W. Suite 203, Madison, AL  35758
Direct:  (256) 325-8944
Fax:  (256) 274-4084
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