Fixed Rate Mortgage
For borrowers who prefer a conservative mortgage financing solution. It provides the security and stability of fixed mortgage payments for clients who plan to stay in their homes for the long term
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Adjustable Rate Mortgage (ARM)
For borrowers who are seeking short-term security and stability. It provides a fixed payment for a specified period of time, normally at lower rates than offered for a fixed rate mortgage.
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Interest Only (IO) Mortgage
For borrowers who are seeking the lowest possible monthly payment. It provides a client the opportunity to only pay the interest on the mortgage, but does allow for reductions of principal.
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Low Down Payment
For borrowers who are seeking to preserve their savings and to maximize their financing options. It provides a client the flexibility of having to pay little or no money out of their pocket, yet receive aggressively priced mortgage programs and rates.
Low to Moderate Income
For borrowers with lower incomes and limited funds available for closing. Programs also allow for limited or no established credit history. It provides more deserving clients the mortgage financing to achieve the dream of homeownership.
Reduced and No Documentation
For borrowers who prefer not to document their income or release their financial statements. Programs allow a client the flexibility of choosing between fixed rate and ARM products with little or no documentation requirements.
A Minus Credit
For borrowers who have less than perfect credit. Programs allow for full documentation with the added flexibility of low down payments. It provides a client the access to mortgage financing previously unavailable.
FHA
A Federal Housing Administration (FHA)-insured loan may be a good option for you if
- you're a first-time homebuyer
- you do not have a lot of money to put down on a house or
- you are looking to have a low stable monthly payment
An FHA loan is also an ideal loan for a borrower without perfect credit. Please speak with a RHMC sales person to see if this program is right for you.
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USDA
United States Department of Agriculture (USDA) loans stand alone as the only zero money down program available to borrowers that have not served in the military. If you are in the market for a home outside a major metropolitan area you may qualify for a USDA Loan. A USDA loan offers:
- $0 down, 100% financing is available
- No monthly mortgage insurance
- Lower income families and those with blemished credit can qualify
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Some of the eligibility standards that determine if you qualify for a USDA loan for your home include what county and zip code the home resides in, your current income and credit history, as well as the number of dependents you can claim. Because these guidelines are very specific, it is important to work with a company that has experience dealing with USDA government financing to help determine your eligibility.
Click here to learn more about USDA