purchase

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