Loan Programs & Options

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The conventional mortgage is a mortgage that is typically backed by Fannie Mae & Freddie Mac.  What that means is that there is a standard of guidelines that are set by these two agencies.  Down payment options can start as low as 3% on these loan programs. 

The FHA mortgage is a mortgage that is backed by the Federal Housing Administration.  While these loans are underwritten and given by traditional lenders, they are insured by FHA.  Down payments start at 3.5% 

The VA mortgage is available to Veterans of the Armed Forces.  These loans are guaranteed by the Veteran’s Administration (VA).  Similar to FHA mortgages, they are underwritten and funded by traditional lenders.  VA mortgages do not have a down payment requirement which means Veterans can finance 100% of the purchase price. 

USDA/RD Mortgages are home loans that can be obtained if the buyer is purchasing in a certain geographic area that is deemed to be rural.  This doesn’t always mean what it sounds like.  The best way to find out if a home can be financed via this program is by consulting your lender and having them perform an eligibility search.  There are also income limits (you can’t make more than a certain amount of money annually) that vary based on the county.  RD mortgages do not have a down payment requirement which means they can finance up 100% of the purchase price 

Construction Loans are designed to fund the construction of a newly built home.  These loans are a great tool for getting a home constructed.  The builder will have access to these funds in various stages referred to as draws.  These loans are typically offered by banks and are underwritten to their own guidelines.  Down payment requirements will vary. 

R-B Financial/Mortgages, Inc. (NMLS  130650) is our preferred mortgage lender.  With over 30 years of business experience, R-B Financial/Mortgages, Inc. has all of the tools, programs and experience to make your homebuying experience a pain-free & successful experience.