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Brief Company History

C & A Mortgage Services of Florence Inc, in business since 1991, is a true Mortgage Broker firm and gladly accepts that identity because of the large amount of flexibility we are offered by the various national wholesale lenders we choose to do business with. The company is solely owned and operated since it's inception and has chosen (at this time) to remain a one location, full service firm offering highly competitive rates and excellent hands-on customer service! A small company with BIG mortgage programs serving clients mortgage needs all throughout the State of South Carolina!  

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Mortgage Programs

We work with the leading wholesale lenders in the industry to provide the following mortgage programs:

Conventional:  Allows a maximum loan amount of $647,200, these loans require a minimum 3% down payment on a home purchase (the Home Ready program, designed for first time homebuyers, allows a 3% down payment but  requires an on-line homebuyer education certification and offers a lower monthly MI premium) , all down payment funds can now be gifted from a family member. Mortgage insurance, along with escrows for property taxes and homeowners insurance, is required in the total monthly payment calculations whenever there is less than a 20% down payment on a home purchase and/or a mortgage refinance (the MI can be eliminated through a slightly higher interest rate). Mortgage refinances (for rate and payment reductions or shorter terms) are allowed up to 95% of the appraised value of the home and "cash out" refinances are allowed up to 80% of the appraised value of the primary residence- cash out loans are also allowed on investor/rental homes up to 75% of appraised value. Modular and manufactured homes can be purchased under this program. Purchases of second homes or investor properties require down payments from 10-15%. RECENT ADDITIONS if buying an investment  residential property (up to quadraplexes) for rental purposes you can now use proposed rental income(s) to help debt qualify for the loan even with no prior landlord experience.We also have a newly released Portfolio Loan program which allows a refinance for debt consolidation up to 90% of appraised value with NO MI.

Jumbo: Any home purchase or refinance where the loan amount exceeds $417,000, a minimum 10% down payment is required and mortgage insurance is normally required unless a 20% down payment is made (EXCEPTION to this requirement- we have access to a Jumbo Elite fixed rate mortgage that allows a 10% down payment and no Mortgage Insurance- call for details). 

Government Insured Loans:

                          FHA: Requires a 3 1/2% minimum down payment (can be gifted from a family member) and has mortgage insurance for life of the loan unless a 10% down payment is made and always requires property tax and homeowners insurance escrows. Cash out refinances are allowed up to 85% of the appraised value of the primary residence and there is also a Streamline Refinance program for current FHA mortgage holders that offers a rate and payment reduction. The HUD $100 down payment program allows you to purchase a HUD owned foreclosure for a minimum of $100 as the required down payment and borrow additional funds for repairs/renovations in the same loan (a real estate agent will always know if it's a HUD owned property). Manufactured homes and Modular homes are allowable properties using this program. Maximum loan amounts apply to each individual county in South Carolina.  

                          VA: 100% home purchase financing and "cash out" refinancing (to 100% of appraised value of residence) for any Eligible veteran or eligible surviving spouse- NO mortgage insurance required but a VA funding fee is required on all VA loans unless the veteran has a VA Disability award. Escrows for property taxes and homeowners insurance are always required. A VA Streamline refinance (IRRRL) loan (for payment or rate reduction or shorter term) is available for any existing VA loan customer. You may have more than one VA mortgage at a time subject to Eligibility- call for details.

                           USDA: 100% home purchase financing however this program has property location requirements and earned income limitations (all parties to be living in the home must disclose income, if any, even if not a party to the loan). Life of the loan mortgage insurance is required along with property tax and homeowners insurance escrows. Modular homes and NEW Manufactured homes can be purchased using this program. 

Renovation Loans: Several Home purchase and simultaneous renovation/property improvement programs are available through the FHA and the Fannie Mae loan programs- call us for details. Current homeowners who wish to renovate or improve their residence rather than move are also eligible for this program- called a HomeStyle Renovation. 

Non-Prime Loans: The newest mortgage program(s) being offered- almost exclusively- for borrowers who do not qualify for any of the traditional mortgage programs listed above. All of these programs generally require a minimum down payment of 10-20% but allow recent foreclosures and/or bankruptcies or other credit issues to be ignored- GREAT programs for investors or home buyers who need an interim loan while credit or income issues are addressed/resolved. Some bank statement deposit income programs are available and in some cases, no income verification is required.  

Commercial Loans: Purchase, refinance, and in some cases, cash out refinances available on commercial properties and some non-owner occupied rentals, up to quadreplexes- normally limited to 75% of appraised value or purchase price but some exceptions made. Loan amount as low as $75,000 and in some cases, no DCR (debt coverage ratios) or proof of income required.