purchase

 

Purchase

RedRock is proud to offer a variety of mortgage solutions to meet your needs.  Talk with your mortgage banker to discuss the options that work best for you.  Here is some basic information on the primary loan products we offer.

Down Payment - generally 5% but there is a 3% down Conventional HomeReady option available in some instances
Maximum Loan Amount - $424,100
Down Payment Sources - Your own funds (checking, savings, 401k, IRA, etc); Gift funds from a family member (must be a close relative); Secured loan against collateral (car, jewelry, etc)
Mortgage Insurance - no mortgage insurance if the down payment is 20% or more; if less than 20% down, mortgage insurance will be included in the monthly payment
Seller Concessions - Seller can pay a portion of the buyer's closing cost (exact % acceptable depends on the down payment %).  Seller can provide up to 2% for investment property purchases
Borrower Benefits - Fixed rates or adjustable rates; great program to build equity in your home; monthly mortgage insurance drops off when equity in home reaches 20% of home's value
Down Payment - minimum down payment of 3.5%
Maximum Loan Amount - $275,665
Down Payment Sources - Your own funds (checking, savings, 401k, IRA, etc); Gift funds from a family member (must be a close relative); Secured loan against collateral (car, jewelry, etc)
Mortgage Insurance - FHA loans have both an up-front mortgage insurance fee (currently 1.75% that can be rolled into the loan) and also a monthly mortgage insurance as part of your monthly payment (currently .85% annually based on 3.5% down)
Seller Concessions - Seller can pay up to 6% of the buyer's closing cost
Borrower Benefits - Fixed rates; Higher debt-to-income ratios allowed than most programs (means more buying power for you); Flexible on credit; low down payment
Down Payment - NO down payment required
Maximum Loan Amount - $424,100; Loans greater than $424,100 are allowed if borrower meets down payment criteria
Down Payment Sources - Your own funds (checking, savings, 401k, IRA, etc); Gift funds from a family member (must be a close relative); Secured loan against collateral (car, jewelry, etc)
VA Qualifications - Must have at least 180 days active duty OR military reserves must have served for at least 6 years to qualify
Mortgage Insurance - No monthly mortgage insurance.  There is an up-front VA funding fee that is rolled into your loan amount (% varies based on status and whether VA benefits have been used before).  Veterans with military-related disability are exempt from the VA funding fee.
Seller Concessions - Seller can pay up to 6% of the buyer's closing cost
Borrower Benefits - Fixed rates; No down payment; flexible on credit; no monthly mortgage insurance
Down Payment - NO down payment required
Maximum Loan Amount - No maximum loan amount for USDA loans
Down Payment Sources - Your own funds (checking, savings, 401k, IRA, etc); Gift funds from a family member (must be a close relative); Secured loan against collateral (car, jewelry, etc)
USDA RD Qualifications - check with your mortgage banker for details on this program; the house must be located in an RD-eligible area; there are also income guidelines that must be met to qualify
Mortgage Insurance - low monthly mortgage insurance.  There is an up-front RD funding fee that is rolled into your loan amount
Seller Concessions - Seller can pay up to 6% of the buyer's closing cost
Borrower Benefits - Fixed rates; No down payment; low monthly mortgage insurance/funding fee
Down Payment - minimum down payment of 2.25% required
Maximum Loan Amount - $275,665
Down Payment Sources - Your own funds (checking, savings, 401k, IRA, etc); Gift funds from a family member (must be a close relative); Secured loan against collateral (car, jewelry, etc)
Section 184 Qualifications - Borrower must be a member of a federally-recognized tribe and provide proof od their tribal membership (typically the tribal ID card)
Mortgage Insurance - low monthly mortgage insurance.  There is an up-front Section 184 funding fee that is rolled into your loan amount
Seller Concessions - Seller can pay up to 6% of the buyer's closing cost
Borrower Benefits - Fixed rates; low down payment; low up-front and monthly mortgage insurance
Down Payment - Typically a 20% down payment is required; however some loans allow 15% down payment
Maximum Loan Amount - Jumbo loans are loan amounts that exceed $424,100.  Jumbo loans have flexible maximum values up to $3,000,000
Down Payment Sources - Your own funds (checking, savings, 401k, IRA, etc); Gift funds from a family member (must be a close relative); Secured loan against collateral (car, jewelry, etc)
Jumbo Qualifications - generally requires a minimum credit score of 680
Mortgage Insurance - no monthly mortgage insurance in most cases since 20% equity in the home
Seller Concessions - Seller can pay up to 6% of the buyer's closing cost
Borrower Benefits - fixed rates; term options; keep your savings/investments
RedRock offers options on renovations loans.  Program details are determined by the amount and type of renovations required.  Contact your Mortgage Banker for details on our renovation loan programs