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FHA Home Loans

http://portal.hud.gov/portal/page/portal/HUD

FHA promotes affordable housing by providing mortgage insurance which is less expensive than a 97% Loan-To-Value conventional loan.  Underwriting guidelines are not credit score driven which allows more flexibility to qualify more buyers. RMN has an experienced Direct Endorsement underwriter so the approval does not take longer than any other type of financing.

 

USDA (Rural Development)

http://www.usda.gov/wps/portal/usdahome

USDA loans offer 100% financing to home buyers in locations with a population of 20,000 or less. Competitive 30-year fixed rates. Underwritten at our office by an experienced underwriter so there is no delay with a loan approval. RMN was the leading lender for USDA loans in 2009, 2010 and 2011 in the State of Iowa. 

 

VA Home Loans

http://www.va.gov/

VA loans are home loans guaranteed by the U.S. Veterans Administration, enabling a veteran to buy a home with no money down. RMN, Inc. underwrites VA loans in-house so there is no delay with a loan approval. 

 

Iowa Finance Authority First Time Home Buyer Program

http://www.iowafinanceauthority.gov/ 

IFA provides below market fixed rate mortgages and grants which can be used with any standard loan product such as Conventional, VA, FHA, and USDA.  First time home buyers qualify subject to income and purchase price limitations.

 

Conventional Home Loans

A conventional mortgage is any mortgage that is not insured or guaranteed by the federal government.  Conventional loans typically require higher credit standards and at least 5% down. Monthly PMI applies with less than 20% down payment unless combined with a second mortgage. Ask a RMN loan officer for details.


Construction Lending

Construction loans are short-term, interim loans customized to suit your needs during construction of your home.