Looking to enjoy the many benefits of homeownership? The Rueth Team is dedicated to securing a mortgage that enables you to enjoy your home and achieve financial security for years to come. Our mortgage specialists will guide you through the purchase process to ensure that you feel confident in your housing decision.
“Less Restriction, Same Results”
Conventional loans provide a variety of options for individuals in the real estate market but the mortgage is not guaranteed by any other government agency similar to other loans. This gives a conventional loan more flexibility when being underwritten and lower costs to you, the buyer.
Included in the flexibility of conventional loans is the down payment amount required in order to close, the amount of time on the job (or even the use of future income), and the combination of loans to avoid mortgage insurance.
“Minimize Up Front Expenses”
Federal Housing Administration (FHA) Loans can help to reduce the amount of money needed for closing, a downpayment or if a buyer lacks the necessary credit to qualify for other loan types. These variations can make securing the necessaring funding for a purchase eaesier for those who qualify.
FHA loans are so flexible that you can have a credit score as low as 600, a recent bankruptcy, foreclosure, or short-sale, and more debt as compared to your income than their conventional loan counterpart.
“Purchasing In A High-Priced Neighborhood”
Jumbo loans allow buyers the opportunity to purchase a residence within a high priced area. Jumbo loans typically start $1 above the area conforming loan limit. For example, in the Denver market the 2018 conventional loan limit is $453,100. The "High Balance" conventional loan limit is $529,000 (based on higher media income by county). This means Jumbo loans can start at $453,101 or $529,001, depending on the cost-benefit to you, the buyer.
There have been exciting changes recently in Jumbo loan options offering as little as 5% down; loans for primary, second, and investment homes; and options for buying before you sell your current home. Often Jumbo loans require more documentation and stronger borrowers since they are larger loan amounts.
“Active Military and Veterans”
The VA Loan is specific to those who have or are actively serving in the armed forces. Only the individual themselves, or a qualifying family member, are eligible to receive this loan type with 100-percent financing available and no monthly mortgage insurance.
VA loans are an incredible option for those who have served our country as they allow for the lowest credit score, the highest loan amounts as compared to income, and the shortest time since any personal credit issues. They typically have the lowest interest rates and no monthly mortgage insurance giving our Veterans the lowest monthly payment.
“For Living Outside the City”
If purchasing in a designated rural area, USDA loans offer buyers the ability to purchase with no downpayment. You will want to check the USDA map or talk to your loan officer as USDA defined areas are typically outside of major populated areas.
If you are looking in USDA eligible areas, you absolutely want to check out this loan option! They can have less down payment, lower interest rates, and smaller mortgage insurance fees than FHA, giving their buyer a low monthly mortgage payment.
HECM Retirement Mortgage
“Reap the Reward of a Long-Term Investment”
Home Equity Conversion Mortgages are specifically designed for individuals ages 62-years or older who have established equity in their home. By optimizing this equity and working in partnership with your financial advisor and family, an individual can purchase a home and never have a mortgage payment again . . . or take advantage of building wealth through alternate opportunities.
While equity in someone's home can provide a sense of comfort, a Retirement Mortgage puts that money to work AND guarantees that home can never be compromised.
Physician and Dentist Loan
A loan type specific to those in the medical, dental, or chiropractic fields can receive special funding targeting their specific needs. Recognizing a professional's path from medical student to resident to practice; this loan program offers solutions at every stage.
Benefits for this loan include 3-5% down; no mortgage insurance, no prepayment penalty, the use of future income and forgiveness of student loan debt. This is an incredible option for those who persevere in medicine.
“Buy a Fixer Upper”
Found a home that needs some love and attention? A renovation loan is a lot like a construction loan and a purchase all rolled into one. These loans give the buyer the option of rolling in renovation costs based on a "to be" value.
Renovation loans are available for primary homes, second homes, and investment properties. Now you can buy a property at a lower price point, knowing improvements will be made through money borrwed. By electing to focus on the future potential of an investment, there can now be a lot of excitement about the outcome!
Get started on your loan application today!