Residential Loan Services
Resident Lending Group’s loan officers work to find the loan program best suited to the borrower’s needs with the best price. A loan officer should be the first step when shopping for a home so that the borrower can get a realistic idea of a home price they will qualify for.
Type of Loan Programs
There are an infinite number of conforming loan products available. A Conforming loan usually refers to loans that are secured by government sponsored entities or GSE's such as Fannie Mae and Freddie Mac.
Government FHA/VA Loans
The Federal Housing Administration and the Veteran’s Administration have spent years leading the industry with innovative underwriting guidelines to help the public and Veteran’s get into homes. These loans have competitive rates and fees and offer many opportunities for home ownership that a standard Conforming loan may not offer, depending on the borrowers qualifications. Resident Lending Group is approved by the Federal Housing Administration and the Veteran’s Administration to provide our clients the opportunities for these government loans and we go through a rigorous auditing process to maintain this privilege. We do this so we can feel confident we have every resource to the best financing options available to meet our clients needs.
Federal Housing Administration (FHA)
The Department of Housing and Urban Development (HUD) offers a flexible type of home loan known as FHA Section 203(b), referred to as an FHA Loan. There are low credit score requirements, individuals with no prior credit history can be eligible, 3% of the purchase price is the minimum down payment requirement, sellers can pay up to 6% of the sales price towards the buyers costs and participation in FHA approved Grant Programs and the required down payment can be gifted by family, employers and Grant Programs. In addition, FHA most often has lower Private Mortgage Insurance (PMI) requirements than conventional loans. Although commonly thought of as a "First Time Home buyer's Loan", FHA Loans are available to anyone who meets the requirements for qualification and can even be used for some cash-out refinances.
Veterans Administration (VA)
VA loans are guaranteed by the Department of Veterans Affairs and can be used to purchase or refinance a primary residence. VA financing is designed to benefit veterans of the armed services, those currently in active duty or the reserves, and their spouses. In order to qualify for a VA loan veterans must be eligible as defined by the Department of Veterans Affairs. Veterans can qualify to put no money down on a loan up to $417,000. Before closing, a funding fee must be collected from the borrower and can be financed into the loan. Funding fee exemption is possible upon proper verification of disability. Sellers can pay up to 4% of the sales price towards the buyers closing costs. Fixed rate and adjustable rate mortgages are available. There is no private mortgage insurance (PMI) required and VA loans have flexible credit qualifying requirements. Loans are assumable under certain conditions and do not have a prepayment penalty.
Reverse Mortgage Loans
A reverse mortgage is much different than a conventional mortgage. With a conventional mortgage, the homeowner borrows a large lump sum of money and makes monthly payments. As payments are made, the loan balance gets smaller and the equity grows. With a reverse mortgage, the loan balance grows while the equity gets smaller. Instead of using income to gain equity, you can use your equity to gain income. To qualify for a Reverse Mortgage you have to be at least 62 years of age, your home is your primary residence and you have accumulated equity in your home. A Reverse Mortgage gives you access to the equity you have built in your home, has no monthly payments, you receive tax-free monthly income and you eliminate your existing mortgage payments and other debts. Social Security and Medicare benefits are not affected by a reverse mortgage, lender does not take control of the title, no re-payment is made until the home is sold or the owner permanently moves out, you will never owe more than the value of your home, interest is paid at the time the loan is repaid, there are no prepayment penalties and most types of homes accepted.
Building relationships with our clients to provide successful home ownerships.
What to bring to the loan application appointment.
- Current 30-days pay stub with year-to-date earnings
- Last 2 months bank and investment account statements
- Last two year’s W-2s.
- Self-employed - last 2 years tax returns
- Photo ID
Did You Know?
There are two sets of documents that are typically needed to process a loan. One set is provided by the borrower, the other is collected by the loan officer. The loan officer will complete the application, pull a credit report, and order an appraisal, title report and insurance binder.
“Lois was awesome. I feel she went above and beyond the call of duty to help this go through. My hat goes off to her.”
—Robert D. S
“Very pleased, Maxine was great to work with, very friendly. Couldnít have asked for anything better.”
“Jocelynís communication and follow-up was very impressive. We will refer to her definitely!”
—Breanna and John K
“Superb and friendly service, easy to understand and available and efficient.”
“Absolutely pleased! Sarahís the best and I would recommend her services to anyone looking to finance a home.”
—Sheri and Craig L