Loan Programs
The following is a partial list of programs offered by Residential Capital Mortgage Corporation with a brief description of the key elements of each. For a complete list of the programs that we offer, please contact us at 702-739-9053.
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FHA Mortgage
Backed by the Department of Housing and Urban Development, this mortgage offers the borrower the ability to put as little as 3.5% down payment – and they can even finance “allowable” closing costs. Seller can contribute up to 6% of the purchase price to the buyer towards closing costs.
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VA Mortgages
Backed by the Veterans Administration and the federal government, financing up to 100% and you have to be a qualified Veteran or military person.
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Conventional
Traditional loan programs that usually require 5%-10% down and offer competitive interest rates. Documentation and fair-to-good credit are necessary.
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Jumbo Loans
Offers 30 and 15 year fixed rate mortgage and competitive ARM products with full document and alternate documentation
Cash out and No cash out refinance are allowable. Single family detached, Condo's, PUD's and single-family second homes can be financed with no prepayment penalty.
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Investor Loans
Used to finance 1-4 family properties that will be for investment with as little as a 10%-20% down payment. Aggressively priced, these programs have many variations, Program may not be available in some states.
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Reverse Mortgage
Many homeowners have found that a reverse mortgage is a great way for them to take advantage of the equity they have built up in their homes.
A reverse mortgage is different than a traditional mortgage. With a traditional mortgage you make monthly mortgage payments, but with a reverse mortgage the lenders pays you money through monthly installments or a one-time lump sum payment. The money that you receive is dependant on your age and the value of your home.
One of the great advantages of a reverse mortgage is that you are not required to pay the loan back until the home is no longer your primary residence For more information on when a reverse mortgage comes due click here. Another great feature of a reverse mortgage is you can never owe more than the value of your home. No matter what.
If you’re aged 62 or older and own your home you might be eligible for a reverse mortgage. Contact us to find out more about reverse mortgages and ways to make it work for you, or apply now and start the process of tapping the equity in your home.
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Challenged Credit Loans
These mortgages are for borrowers with less-than-perfect credit. They can vary from slightly damaged credit to severely damaged. Regardless of your situation, we may have a mortgage that will get you back on track.
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Credit Problems
Troubled credit? Bankruptcy? Been turned down somewhere else? We offer loan programs for customers with credit problems.
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