Types of Loans

Loan Products:

Conventional Mortgage

Standard Conventional Loans are great for any borrower! Whether you're a first-time homebuyer, looking to purchase a second home, interested in purchasing an investment property or looking to refinance your current mortgage' RAM Mortgage Partners, LLC offers a variety of conventional loan options to fit your needs.

Advantages:

Purchase programs with as little as 3% down (owner-occupied)
Fixed-Rate Mortgage options available with 10 to 30-year terms
Adjustable Rate Mortgages (ARMs) available with low interest rate and adjustable payment over time
Possibility of eliminating mortgage insurance
Minimum Credit Score of 620

FHA Mortgage

FHA loans are a great option for borrowers in need of a low-down payment option or flexible credit score requirements to purchase or refinance a home. RAM Mortgage Partners, LLC offers a variety of FHA options, including FHA Streamline program, which requires reduced documentation and underwriting compared to switching programs.

Advantages:

Down payment as low as 3.5%
Fixed-Rate Mortgage options available with 10 to 30-year terms
Adjustable Rate Mortgages (ARMs) available
High-Balance available in certain counties
Minimum Credit Score of 580

VA Mortgage

Veterans and active duty service members can make home ownership a reality through the VA Loan Program. This program has low down payment options for purchase, competitive rates and streamlined refinance options that reduces documentation needed to close - the VA Interest Rate Reduction Loan (IRRRL). The IRRRL is a longstanding program to honor veterans; this offering allows for qualifying flexibilities and other options not offered in any other loan program.

Advantages:

No down payment
No private mortgage insurance
Fixed-Rate Mortgage options available with 15 to 30-year terms
Adjustable Rate Mortgages (ARMs) available
Refinance with the VA IRRRL
Minimum Credit Score of 580

USDA Mortgage

If you are looking for a home in a rural area, the USDA Loan Program offers low-and moderate- income borrowers more affordable housing finance options with little or no down payment or out of pocket costs. USDA's definition of rural is liberal - 97% of properties can qualify for the program.

Advantages:

No down payment
Only 1 credit score required per borrower
Seller can contribute to the borrower's closing costs
Fixed Rate 30 year
Minimum Credit Score of 620

Home Ready Program

Home Ready is a new loan program offered by Fannie Mae designed for creditworthy low to moderate income borrowers with expanded eligibility for financing a home, such as non-occupant co-borrowers, boarder income, rental income, and even non-borrower household income.

Advantages:

Down payment as low as 3% with no minimum borrower contribution
Lower private mortgage insurance costs
Use income from non-occupant co-borrowers to qualify
Down payment sources can include gifts, cash on hand, and down payment assistance programs
Income from non-borrowing household members can help you qualify
Boarder income (income from a roommate) can help you qualify
Use rental income from the basement apartment or month-in-law unit

Home Possible Program

The Freddie Mac Home Possible loan program is designed for qualified low-and moderate-income borrowers. Through Home Possible borrowers can qualify for conforming conventional mortgage with a down payment as low as 3% of the property purchase price and no minimum borrower financial contribution. This program also can be used for "no cash out" refinance of an existing mortgage.

Advantages:

Down payment as low as 3% down with no minimum borrower contribution
Flexible sources of income are allowed, including rental income from boarders and other units in multi-unit properties
Potentially reduced interest rate for borrowers with low incomes or for properties in underserved areas
No upfront FGA mortgage insurance (MIP) and potentially lower ongoing private mortgage insurance (PMI) costs as compared to the ongoing FHA MIP cost

Jumbo Program

The Jumbo Loan Program are geared toward borrowers looking to finance a loan above the Conventional County Loan Limits - currently $453,100. The Jumbo is a combination of three offerings that have more flexibility than High Balance loans, including an option with no mortgage insurance, more fixed rate options and financing up to $2.5 million. Jumbo loans can be used for a first-time homebuyer, an investment property or to refinance an existing property.

Advantages:

Ability to exceed county loan limits
Finance up to $2.5 million
Fixed Rate Mortgage options available with 10 to 30-year terms
Adjustable Rate Mortgages (ARMs) available
No mortgage insurance required if your loan to value is greater than 80%
Minimum Credit Score of 661

High Balance Program

This program is for borrowers looking to purchase or refinance a loan amount above the Conventional County Loan Limits - $453,100 - through a Conventional fixed rate loan. The High Balance Loan Program may be perfect for you if you're looking to refinance your existing home or purchase a second home or investment property that exceeds the county loan limits.

Advantages:

Ability to exceed county loan limits in select counties
Fixed Rate mortgage options available with 15 to 30-year terms
Adjustable Rate Mortgages (ARMs) available
Minimum Credit Score of 620

Renovation Program

Have you found the perfect home that needs a little work? A renovation loan program may be the perfect fit. With the FHA 203(k) Standard, FHA 203(k) Limited and Home Style Renovation programs, you can finance both the home as well as the repairs needed to fix up the home.

Advantages:

Allows funds to purchase home and make repairs
Low down payment options
FHA 203(k) allows a maximum of $35k for minor repairs
Home Style allows repair costs to be up to 50% of as-completed value
Minimum Credit Score of 620

HELOC / Piggyback

Through TCF Bank, we offer second mortgages on primary and second homes where RAM Mortgage Partners completes the first mortgage. This option is used to take out equity for large purchases or home improvements, such as a kitchen remodel or to pay for upcoming college tuition. This loan option must close in conjunction with the first lien mortgage loan.

Advantages:

Maximum $1.5 million combined loan amount
Maximum $350,000 line amount

Reverse Mortgages

Designed for homeowners age 62 and older, a reverse mortgage can help you unlock the equity in your home or finance a new home purchase.

Non-Qualified Mortgage (Non-QM)

Non-Qualified mortgages loans are typically for borrowers with unique income qualifying circumstances. There are millions of people who may have the income but don't qualify with their tax returns, W-2s or pay stubs alone. Many people have fluctuating incomes, lump sum incomes or are self-employed. This is not a subprime mortgage or a "stated income" loan. Non-QM loans use alternate methods of income verification to help you get approved for a mortgage loan; such as 1-year tax returns or bank statements

Advantages:

Ideal for self-employed and or people with non-traditional financial circumstances
Alternative income verification methods accepted
Multiple fixed and adjustable loan options available
Second homes and investment properties may be eligible
Non-QM loans means you can stay liquid rather than pouring all of your cash assets into a real estate purchase, allowing you to diversify your investments.