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Financing Your New Home

Learn More About Financing Your Home

Through our partnership with Silverton Mortgage, we’ve made the mortgage loan process even easier! Silverton Mortgage, a recognized leader in the mortgage industry, has a dedicated team of loan originators that specializes in Mungo home buyers and are experts in new home construction lending.

To give you peace of mind, Silverton Mortgage offers an On-Time Closing Guarantee that will give you up to a $2000* credit on your closing costs if they are responsible for a delay in your closing.

You may also receive up to $3500** towards your closing costs if you choose Silverton Mortgage for the financing of your new Mungo home. This credit is from the builder, so it does not impact your interest rate in any way.

Both Silverton Mortgage and Mungo Homes are part of the Berkshire Hathaway® family of companies, so not only are we working toward the same end goal, we’re also familiar with each other’s processes and have streamlined communication, making your closing that much smoother.

    Get Pre-Approved with Silverton Mortgage

    Founded in 1998, Silverton Mortgage has grown from a one-person shop to a top residential mortgage lender. Silverton Mortgage believes that maintaining the entire loan process in-house keeps everyone involved: borrower, realtor and Silverton Mortgage. They credit their years of success to the trust of clients and the hard work of the talented individuals on their team. Learn more about what makes Silverton Mortgage different.

    Contact a Mortgage Loan Originator for a free confidential review of your financial situation. Then you can visit one of our model homes with a pre-approval letter and confidence of your ability to purchase a new home.

    Apply Now

    Use the mortgage calculator to help you understand how much home you may be able to afford.

    • Estimate your monthly payment based on a specific loan amount.
    • Depending on interest rates, mortgage products and credit scores, you may be able to afford more home than you think!
    • The calculated Monthly Payment amount includes only the principal and interest amounts. Taxes and insurance are not included.
    Mortgage Calculator Icon

    The Mungo HomesMortgage Calculator

    After applying for your new home mortgage, keep these things in mind.


    Things to Remember

    After applying for your new home mortgage, keep these things in mind.
    • 1
      Do not increase your debt by making any major purchases such as a car, furniture, or electronics.
    • 2
      Do not move funds between accounts.
    • 3
      Save all documentation on any deposits into your accounts.
    • 4
      Keep balances on all revolving accounts as low as possible.
    • 5
      Be sure payments on all current accounts are paid on time!

    Financing FAQs


    What is the benefit of using Silverton Mortgage to finance your loan?


    Silverton Mortgage has a team of processors and underwriters specifically for Mungo Homes’ buyers, who are available for pre-approval and to answer questions seven days a week. A mortgage loan officer will do a free, confidential review of your financial situation and advise you on the home loan that best suits your needs. There are a wide variety of products (different types of loans) available specifically for Mungo buyers. Silverton is familiar with our sales team and closing coordinators, offers competitive rates. In addition, Mungo Homes does not provide a closing cost contribution if you use other lenders.


      What documents do I need to apply for a new home loan?


      Items needed for a loan application may include W-2s and tax returns from the last two years, current pay stubs with year to date earnings, statements for checking, savings, other bank or investment accounts, proof of monthly rental or mortgage payments, and the names of current or past employers. There are also programs available for buyers with non-traditional careers; don’t let the fact that you don’t have access to some of these documents keep you from applying. Two years of employment history is required.


        What is a credit score?


        Along with a credit report, lenders will request a credit score (FICO) to help determine whether or not you are eligible for a loan. The score is a credit overview and is weighed by the following:

        • 35% payment history
        • 30% amounts owed
        • 15% length of credit history
        • 10% new credit
        • 10% types of credit used
        • A median credit score (FICO) ranges from 690 to 740, though many loan programs consider scores as low as 580.

          Can you explain the mortgage process?


          You’ve found your dream home and are in the process of closing on your loan, but you haven’t crossed the finish line yet! In this blog, Silverton Mortgage breaks down what you should NOT do leading up to your closing day so that there are no roadblocks as you near the end of your homebuying journey.


            Can you define basic mortgage terminology?


            Adjustable Rate Mortgage (ARM) – a mortgage whose interest rate changes over time-based on the index.

            Annual Percentage Rate (APR) – the total yearly cost of a mortgage expressed as a percentage. It includes interest and other finance charges such as points, origination fees and mortgage insurance.

            Debt-to-Income Ratio – the ratio used as a factor in determining if you qualify for a mortgage. Compares your total monthly housing expense and other debt (the amount you pay out) with your total monthly gross income (the amount you earn).

            Deed – the legal document conveying title to a property.

            Down Payment – the difference between the sales price of the home and the mortgage amount. Buyer pays with cash and does not finance with a mortgage.Load More

              All loans are subject to credit approval.

              All trademarks are property of their respective owners.

              *On-Time Closing Guarantee Conditions: The up to $2,000 Closing Cost Credit On-Time Closing Guarantee (the “Guarantee”) available from Silverton Mortgage (“Silverton”) for loans financing the purchase of a Mungo Homes (“Mungo”) property with a signed purchase agreement dated on or after November 1, 2020. If Silverton fails to meet the Guarantee scheduled closing date, the $2,000 Guarantee will be in the form of a Silverton credit toward closing costs otherwise required to be paid by applicant. The Guarantee scheduled closing date is determined by mutual agreement of the applicant, Mungo and Silverton but must be a minimum of forty-five (45) days from the date of application with Silverton. Silverton will communicate the agreed upon scheduled closing date to the applicant by email. To be eligible for the Guarantee, all applicant(s)s must provide any information requested by Silverton within forty-eight (48) hours of Silverton’s request and must meet all of the following eligibility requirements: All information on the loan application must be accurate and must not contain fraudulent information or material misrepresentations. The appraised value for the property purchased from Mungo must be equal to or greater than the purchase price listed on the purchase agreement with Mungo. Applicant(s) must lock the Silverton loan rate and satisfy all loan requirements and conditions, including payment of all advance fee deposits, at least seven (7) business days prior to the Guarantee scheduled closing date. No loan or program changes are permitted less than seven (7) business days prior to the Guarantee scheduled closing date. For FHA loans, the property purchase being financed with the Silverton loan must qualify for FHA financing. The following loan programs/applicants are not eligible for the Guarantee: Loans requiring a subordination of a prior loan; Loan applicants who have disputed credit accounts; loans to be secured by properties requiring repairs or re-inspection; loans to be secured by properties purchased through a “short-sale” or as a bank owned property; ; Mortgage Revenue Bond Programs; Construction or Renovation Loan Transactions; Jumbo Loans; Non-warrantable condominiums; Manufactured homes; Refinance Transactions. Silverton is not responsible for the performance of third parties, such as Appraisers, Attorneys, Title Companies, Governmental Agencies or anyone not under direct control of Silverton, that may delay the closing. Certain financing programs may limit the total amount that Silverton may credit the applicant at closing if the Guarantee credit is awarded and applicant closing costs may be less than $2,000. Therefore, not all Guarantee closing credit awards will be $2,000, some may be less. Silverton is not responsible for an applicant losing any earnest money deposit or other funds resulting from a closing date not occurring as scheduled. Guarantee is void if prohibited by law.

              **Silverton Mortgage closing cost credit is paid by Mungo Homes® and is only available for borrowers financing the purchase of a new home from Mungo Homes® with Silverton Mortgage. Buyer must use Mungo’s selected closing attorney/title company to close the purchase of the property. Closing cost credit will be limited to the amount of the actual closing costs, up to $3,500. Closing costs that exceed $3,500 are the responsibility of and must be paid by the buyer financing with Silverton Mortgage. The amount of the closing cost credit may be limited by other loan program restrictions and may not be available with all loan programs. See your purchase agreement for complete details. Promotion available for purchase contracts signed on or before 12/31/2023.

              Vanderbilt Mortgage and Finance, Inc., dba Silverton Mortgage, 1201 Peachtree St NE, Ste 2050, Atlanta, GA 30361, 404-815-0291, NMLS #1561, (, AZ Lic. #BK-0902616, Licensed by the Department of Financial Protection and Innovation under the California Residential Mortgage Lending Act license, Licensed by the N.J. Department of Banking and Insurance, Licensed by PA Dept. of Banking, Rhode Island Licensed Lender. Licensing information: . All information is believed accurate and is subject to change without notice. Equal Housing Opportunity.

              New home buyers walking outside with their dog

              My experience with Mungo as a first-time builder despite all the COVID restrictions, has been stress free. I enjoyed every moment. I was amazed and will definitely refer them to anyone!

              Coastal Point West | Conway, SC

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