RESIDENTIAL LOAN SERVICES | PRIMARY • 2nd & Vacation home

The lending market changes quickly; shifting terms, rates, and requirements without much warning. Our loan officers stay up-to-date of these changes, so you’ll always have the latest information available.

Vacation homes, otherwise known as 2nd homes, are more attainable than most consumers realize. Interest rates and down payment requirements are very similar to primary residence loans and the options for financing are equally extensive.

Prequalify for your mortgage: This time-saving step gives you a realistic idea of the price range of home you can afford – before you start shopping.

Conforming Loans

Conforming loans can require as little as 3% to 5% down for qualifying borrowers with monthly mortgage insurance and typically offer lower mortgage insurance than other types of government loans. 

  • With 20% down, there is no monthly mortgage insurance. 
  • A conforming loan is a mortgage with terms and conditions that meet the funding criteria of Fannie Mae and Freddie Mac.
  • Seller Concessions vary from 3% to 6% depending on loan to value of the program. 
  • These loans cannot exceed a certain dollar limit, which changes from year to year. In 2022, the limit is $647,200 for most parts of the U.S.

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 little to no prior credit history can be eligible, 3.5% of the purchase price is the minimum down payment requirement.
  • These loans have competitive rates and fees and offer many opportunities for homeownership that a standard Conforming loan may not offer, depending on the borrower’s qualifications.
  • Sellers can pay up to 6% of the sales price towards the buyer’s costs and participation in FHA-approved Grant Programs. 
  • The required down payment can be gifted by family, employers, and Grant Programs.
  • 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 $2,000,000 with full entitlement and $2,500,000 with 5% down.
  • Sellers can pay up to 4% of the sales price towards the buyers closing costs.
  • 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.

Loan Application Options

These days much of the loan application and verification documentation has been streamlined. If you choose, you can apply online and we can verify income and assets electronically most of the time.

Having said that, there’s something to be said for having your loan officer review these items BEFORE they are submitted to underwriting so we can anticipate additional documentation that might be needed in advance. Contact us to schedule a meeting.

Here’s our handy dandy reference guide, RLG Keys to Success

Our team working for you.

“It’s all about getting the right loan at the right time for our clients. Building long-term relationships is icing on the cake.” 
–Lois Mulrooney

Lois Mulrooney, Resident Lending Group

Lois Mulrooney

PRESIDENT, SR. LOAN OFFICER

Maxine Jones, Resident Lending Group

Maxine Jones

SR. LOAN OFFICER

Kellie Alexander, Resident Lending Group

Kellie Alexander

Processor / Loan Officer

Vikkye Fetters-Delfino

Processing Mng. / Loan Officer