St. Simons Island & the Golden Isles: Your Mortgage Headquarters
ABOUT US
Why Should You Choose Us?
We are a locally owned and operated mortgage broker. We have both the experience and expertise to guide you through the mortgage process smoothly and efficiently. As a bonus, you also get the best rates.
NMLS #133595
Georgia Residential Mortgage Licensee #15527
OUR SERVICES
Mortgage Loan Programs
CONVENTIONAL
This is the regular Fannie Mae or Freddie Mac loan. Maximum L ...
This is the regular Fannie Mae or Freddie Mac loan.
Maximum Loan Amount: $766,550
Terms: The most common is 30 year fixed, followed by 15 year fixed, but almost any term is possible now.
Down-payment choices start at 3%, then 5%, then 10% with some benefits as down payment increases to each level. At 20% down, you can eliminate the PMI – Private Mortgage Insurance.
FHA
This is a government loan insured by HUD and is probably the m ...
This is a government loan insured by HUD and is probably the most popular lower down payment program available.
Maximum loan amount: $498,257 – in most Georgia counties; $649,750 – Metro Atlanta counties.
The minimum down payment is 3.5% and can come from a gift. The minimum middle credit score required is 620, although lower scores can be approved with additional requirements and the Seller is allowed to pay 6% of the sales price towards closing costs.
Mortgage Insurance for FHA consists of both an up-front premium of 1.75% added to the loan amount, plus a .55% of the loan amount (annual) divided by 12 for the monthly amount to be included in your payment.
VA
This is a loan benefitting qualified Veterans, including spous ...
This is a loan benefitting qualified Veterans, including spouses of deceased veterans, and is a 100% loan. There is no limit to the Sales Price and Loan Amount on a VA loan, and you can still do 100%. The VA Funding Fee (Mortgage insurance) is required and consists only of an up-front premium added to the loan and this premium varies based on number of previous uses and if the Veteran has a service-connected disability, in which case there is no Funding Fee.
USDA
This is a 100% loan in targeted in more rural areas and does h ...
This is a 100% loan in targeted in more rural areas and does have income limitations. The minimum middle credit score is 620 and the Seller is allowed to pay all the closing costs.
To determine both the geographic boundaries and the income limits, visit the Rural Development website here. Borrowers may generally not own other real estate, and Mortgage Insurance is required.
Reverse Mortgage
A Reverse Mortgage allows borrowers age 62 and older to use th ...
A Reverse Mortgage allows borrowers age 62 and older to use the equity in your home to enhance your retirement years. The proceeds are generally available either in a lump sum, a line of credit or monthly payments. There are some credit and income requirements to ensure the taxes and insurance will be paid on the property. Typically, a reverse mortgage is a refinance, although a Reverse for Purchase program allows you to buy a home on a Reverse Mortgage. Click here for more information on Reverse Mortgages.
JUMBO
A Jumbo loan program is a loan over $802,650 the Conforming F ...
Modal Title
A Jumbo loan program is a loan over $802,650the Conforming Fannie Mae limit. You can go to 90% or more for Owner-Occupied loans and 80% for 2nd homes. They are available in various fixed rate terms as well as ARM programs.
Specialty – Condominium
Condominium financing has become more restrictive over time bu ...
Condominium financing has become more restrictive over time but we still specialize in financing them on Conventional, FHA and VA loan programs. They typically involve a little more paperwork, such as Condo Questionnaires as well as a budget and other condo documents. Most of the condo complexes on St. Simons, for instance, are eligible for normal financing.
What Our Clients Say
TESTIMONIALS
Amanda Luffman2024-08-28Luv did a WONDERFUL job in helping my family purchase our first home! She was always on top of everything, organized, and very quick to respond to any and all questions (even when we asked a question more than once)! She treated us like family and is an honest woman. The process of buying a home is draining in and of itself, but she made it simple and always broke everything down to where we understood. HIGHLY recommend her if you are looking for someone who will look out for your best interest and give it to you straight without “beating around the bush”.Joy Townsend2024-08-28Luv is absolutely the best! She is a true pleasure to work with!Cristine Iseli2024-07-16I’m not even sure I can gather all the right words to begin describing how incredibly wonderful it has been working with Luv Bailey. As a first time homebuyer, I was definitely intimidated going into this process, but Luv was there for me more than I could’ve imagined. As busy as she is, she was always just a phone call, text, or email away. She made me feel like her only client and the most important one. She lead me into the right direction and would calm my nerves so easily, constantly reassuring me. What a supportive, intelligent, humble, just overall beautiful human being! I immediately felt like a best friend was on the other line, definitely on my side. I trusted her and boy did it pay off! Luv is AMAZING at what she does but also she’s such a wonderful person whom quickly became a woman I admire and look up to! Please oh please, trust in Luv! She will go over and beyond for you! My whole process went seamlessly. She’s just awesome, I assure you as much. Beyond informative, professional, engaging, and supportive, you can’t go wrong with Luv Bailey!Kathy Clancy2024-02-14We had a wonderful experience working with Luv McDowell/Somerset mortgage on the mortgage for my dear friend Ben. She was always available for any questions and kept us informed on what was happening with the mortgage. Her and her team were a pleasure to work with and we would highly recommend.Brooke Turner2023-11-04An amazing experience working with Luv and Somerset Mortgage. Great communication as she kept us updated every step of the way.David Bailey2023-10-10Luv McDowell-Bailey was amazing, and she represented Somerset Mortgage Corporation to the highest degree. She was exceedingly kind and considerate. She answered all my question in a timely format. She is not just an amazing loan originator and organizer; she is an amazing person. I was buying a new house in a new city and was incredibly nervous and concerned. She quickly took away all my concerns, and walked me step by step, through the entire process. She cared and was concerned with getting the best possible deal available and did not stop until she did. The next time I go through a loan process Luve McDowell will be the ONLY person that I call. I cannot say enough of how helpful she was, and how easy she made my transition into my new home. I thank God for her, and I do not think I would be in the home that I am in now if it were not for her guidance, leadership, wisdom, and overall character. I am so happy that I got to meet and collaborate with her. She was truly a blessing and most importantly she demonstrated every single day how much she cared!Jacobs Annemarie2023-10-05Luv, I love you,my whole family loves you !Somerset mortgage is the best place to buy a home! The care is unbelievable!!!Thank you for helping me buy this beautiful home!Sharon Williams2023-07-15LuV was very knowledgeable and a pleasure to work with. Very responsive, and patient with our questions. She made sure we understood everything, and I'm very glad she was in our corner.Jill Bailey2023-06-25Luv made our recent loan process a breeze! She advocated for our best interest every step of the way, often going above and beyond our expectations. She stayed in constant communication, was extremely proactive and helped us cover all the bases quickly and efficiently. We will definitely trust her with our future loan needs due to her diligence and expertise.Jodi M. Murray2023-06-07Mr. Paul has my full trust! He was so helpful and full of knowledge when it came to helping with my loan process. I had plenty of questions and he was willing to answer all of them. He helped my dad and brother with their home buying process, so he’s someone we’d recommend 100%. Thank you Mr. Paul for all your help.
