Loan Products Overview

What's the Best Loan for Me?

• I'm a First Time Home Buyer or haven't owned a home in 3 years.

  State loan programs, FHA, Conventional 3% down

  You have several loan options available to you. An FHA mortgage allows for a low down payment, as does the Conventional 3% down mortgage. If you live in a rural area or are active duty military or a veteran you may qualify for a no down payment mortgage program. Many states also offer loan programs that are designed to help first time home buyers.

  Connect with an RMS Loan Officer to find out which option works best for you.

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• Can I add repairs to my mortgage?

  Renovation loans

  We offer mortgage programs that allow for certain repairs to be included in the mortgage loan. Connect with an RMS Loan Officer today to find out which renovation loan options are available to you.

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• I might need a small down payment.

  FHA, Conventional 3% down, VA, USDA-RD

  Not a problem! Conventional mortgages can allow for a 3% down payment. FHA mortgages can go down to 3.5% down payment. If you are active duty military or a Veteran and qualify for a VA mortgage, you may not need any money for your down payment. Certain rural areas also qualify for a no down payment USDA-RD mortgage.

  Connect with an RMS Loan Officer to find out which mortgage program makes the most sense for you.

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• I'm Active Duty Military or a Veteran.

  VA

  If you are active duty military or a Veteran you may qualify for a VA mortgage loan. The VA loan program is a low-cost borrowing alternative designed to help eligible Veterans, National Guard, & Reservists become homeowners. Since a portion of the loan is guaranteed by the VA, it allows private lenders to provide veterans with more favorable loan terms.

  Discuss VA eligibility and benefits with a local RMS Loan Officer today.

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• My home is in a rural area.

  USDA-RD

  Certain rural areas qualify for a no down payment USDA-RD mortgage. The USDA-RD loan program offers loans to help citizens purchase affordable homes in rural areas. Sometimes good credit and steady income are not enough to qualify for a home loan under conventional mortgage guidelines. More rural families and individuals may be eligible to become homeowners with the help of a USDA guaranteed home loan. Through USDA's Guaranteed Rural Housing Loan Program, low and moderate-income people may qualify for mortgages even without a down payment.

  The local RMS team can help determine if your property meets RD Guidelines. Connect with an RMS Loan Officer to find out which mortgage program makes the most sense for you.

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• A low interest rate is most important to me.

  ARM

  Adjustable Rate Mortgages (ARM) and Hybrid ARMs are options to look at if you're looking for a low interest rate for a short period of time. An ARM is a mortgage loan where the interest rate adjusts up and down with the credit markets. A Hybrid ARM is a blend between adjustable and fixed rate mortgages. This kind of mortgage typically offers a low fixed rate for a set period of time and then switches to a mortgage where the rate adjusts annually for the rest of the mortgage term.

  If you're interested in looking into whether an adjustable rate mortgage is right for you, contact an RMS Loan Officer today to discuss your options.

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• I don't want my rate to change.

  Fixed Rate Mortgage

  If you want your interest rate to stay the same for the full term of your mortgage then a fixed rate mortgage is the option to ask about. A Fixed Rate Mortgage locks in an interest rate that will not change for the duration of the loan, no matter what happens in the credit markets.

  Connect with an RMS Loan Officer to discuss fixed rate mortgage options today.

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• My mortgage will be over $510,400.

  Jumbo

  We have attractive Jumbo mortgage options available for borrowing more than $510,400. Jumbo mortgage loans exceed the maximum conventional loan limits, typically loans greater than $510,400, set by Freddie Mac and Fannie Mae. This program usually applies to the purchase or refinance of larger, or higher-priced single family properties.

  Our Loan Officers will be happy to discuss Jumbo options with you. Connect with an RMS Loan Officer today.

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• What's the deal with Credit Scores?

  Credit Score education

  When you apply for a mortgage, lenders want to know what risk they would take on by lending you money. This is where your credit score becomes important. Three credit bureau reports are compared to come up with a number that represents that risk, which is referred to as your FICO® score.

  Factors that are considered in your FICO® score are length of credit history, amounts owed, how well you pay debts on time, types of credit used and that sort of thing.

  An RMS Loan Officer will be happy to help you examine your eligibility for a mortgage and discuss your options

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