The following is a partial list of programs offered by Republic State Mortgage with a brief description of the key elements of each. It's good to understand some of the basic information about the available loan types, but our experienced loan officers will make suggestions based on your individual status. For a complete list of the programs that we offer, please contact us.
FHA MORTGAGE LOANS
Backed by the Department of Housing and Urban Development, FHA loans offer the borrower the ability to put as little as 3% down payment and they can even finance allowable closing costs. Seller can also contribute up to 6% of the purchase price to the buyer towards closing costs.
Traditional loan programs, or conventional loans, are known for offering competitive interest rates. Complete documentation and fair-to-good credit are necessary.
RURAL DEVELOPMENT LOANS
100% government loans that do not require a monthly mortgage insurance premium. Rural development loans are only available in rural areas and are usually written on a case by case basis.
Used to finance 1-4 family properties that will be for investment. Aggressively priced, these programs have many variations.
(Program may not be available in some states)
SECOND MORTGAGE LOANS
Subordinate to the first mortgage, second mortgages offer the borrower the ability to get money for home improvement, debt consolidation, or many other reasons without disturbing their first mortgage. Convenient when you have a low interest first mortgage.
Offers fixed-rate mortgage and competitive ARM products with full documentation, alternate documentation and limited documentation. Cash out and no cash out refinance are allowable. Single family detached, Condos, PUDs and single-family second homes can be financed.
VA LOANS (Veterans)
Backed by the Veterans Administration and the federal government, it is similar to FHA except that you have to be a qualified Veteran or military personnel.