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.
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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.
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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.
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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.
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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.
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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.
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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.
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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.
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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.
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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.
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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
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