Loan Programs

 

Conventional Loan Programs

Red Oak Mortgage is proud to offer Conventional Loan Programs via Fannie Mae and Freddie Mac. By far, these programs are the most common in the industry thanks to features like:

    • Fixed-rate terms of 30, 27, 25, 22, 20, 15, 12, 10, and 8 years
    • Adjustable-rate loans with fixed periods of 10, 7, 5, and 3 years
    • Purchase and refinance primary residences, second homes, and investment properties
    • Broad underwriting criteria for credit, income, and assets
    • Loan amounts up to $636,150 in qualifying areas
    • The ability to escrow for taxes and insurance, or waive escrows (when qualified)
Purchase a home with as little as 3% down!

We specialize in processing and underwriting these loans to the industry-standard criteria. These guidelines are constantly evolving and we work hard to keep up-to-date on the current programs and rules available.

Many refinances are currently available without appraisals, and many borrowers can be income-qualified without ever providing a single income document to us.

Contact us today to go over the many loan programs available to you at Red Oak Mortgage.

Red Oak Mortgage is proud to offer FHA Loan Programs including standard and renovation products. These loans generally offer a more relaxed underwriting criteria than a conventional loan, and are insured by the Federal Housing Administration. They include benefits such as:

  • Fixed-rate terms of 30, 25, 20, 15, and 10 years
  • Adjustable-rate loans with fixed periods of 5 and 3 years
  • Purchase and refinance primary residences
  • Include renovation funds into a purchase or refinance via the 203k program
  • More relaxed underwriting criteria for credit and income
  • Loan amounts up to $636,150 if qualifying areas
  • Purchase a home with as little as 3.5% down, all from a gift!

We have over a decade of experience with FHA loans, and work to ensure a smooth loan process from application to closing. FHA guidelines are constantly evolving and we work hard to keep up-to-date on the current programs and rules available.

Contact us today to go over the many loan programs available to you at Red Oak Mortgage.

VA Loans-Honoring Those Who Serve

We’re proud to offer mortgage products from the U.S. Department of Veterans Affairs (VA). If you’re a veteran or active duty personnel, you may be eligible to purchase or refinance a new home with favorable loan terms.

Let’s work together to explore the potential savings available. Benefits

  • Purchase, cash-out, refinance, and Interest Rate Reduction Refinancing Loans (IRRRL)
  • 100% loan-to-value available (no down payment required)
  • Fixed and adjustable interest rates
  • All closing costs may be paid by seller
  • No monthly mortgage insurance
  • No prepayment penalty and is assumable

To learn more about VA loans, get Pre-Qualified today (select YES to the question about military service) or contact us.

USDA Loans

Finance your home with no money down*.

The Guaranteed Rural Housing (GRH) Loan Program has fixed-rate and fixed-term mortgage financing guaranteed by the U.S. government. It offers favorable loan terms to give low-income borrowers the ability to purchase homes in rural areas.

Features and Benefits
  • No down payment required
  • Closing costs may be financed on some transactions
  • Flexible credit standards
  • Reserves not required
  • No limitation on seller contributions
  • Property must be located in an eligible rural area

*Programs available only to qualified borrowers. Income limits apply. Programs subject to change without notice. Underwriting terms and conditions apply. Some restrictions may apply.

Contact us today to discuss a USDA loan option.

Construction Loan Programs

Red Oak Mortgage is proud to offer specially crafted loans for custom-crafted homes.

Waterfront views. Game rooms. Granite countertops. Mechanic’s garages.

Everyone has their own ideas of what a perfect home is like, but let’s face it—they’re not always available on the market.

This custom-tailored loan product offers you the chance to both build and finance the home of your dreams, all with just one application and one closing.

Not many lenders offer this unique loan product, so speak with a financial craftsman at Red Oak Mortgage about this simpler way to build and finance your perfect home.

Features and benefits

    • Consolidate construction and purchase for only one set of closing costs and fees
    • Pay just interest-only payments during construction*
    • Option to avoid requalification post-construction available*
    • Rate can be locked at any time during the loan application/process
Simple and flexible draw process with no set schedules

We’ll listen to what you’re looking for, and then work closely with you to craft a solution that can make it all happen.

*Conditions apply. Check with your Mortgage Consultant for details.

Renovation Loan Programs

Consider a HomeStyle Renovation Mortgage to update, expand, or remodel your home**.

This versatile product allows you to purchase a home and finance the cost of improvements, or refinance a home and finance the cost to improve the home beyond its current value.

At closing, all funds for your renovation will be escrowed in an interest-earning account. And, after all of the renovation work is done, any remaining funds will be used to pay down the principal balance of the loan. Not many lenders offer this unique loan product, so speak with a financial craftsman at Red Oak Mortgage about this simpler way to build and finance your perfect home.

Features and benefits

  • Finance your home and renovation costs with one low down payment
  • Escrow your renovation funds in an interest-earning account
  • Use to finance your soft costs (architectural services, engineering, permit fees, etc.)

We’ll listen to what you’re looking for, and then work closely with you to craft a solution that can make it all happen.

**Programs available only to qualified borrowers. Programs subject to change without notice. Underwriting terms and conditions apply. Some restrictions may apply.

Red Oak Mortgage offers many Loan Programs to purchase an investment property, including:

  • The Fannie Mae Multiple Property Program (which allows for up to 10 financed properties)
    • 30 year, 15 year, and 5/1 ARM Loan Options
    • Second homes are also eligible
    • Single family homes, eligible condos, PUDs
    • Allows for purchases up to 90% LTV for Second homes, 85% LTV for Investment Properties
  • Non-QM Rent Based Products
    • 30 year terms and less
    • Most property types are eligible
    • With qualifying credit, purchase an investment property with no income verification (if the property debt services is in line, we fund the loan)
    • Allows for purchases of 10 properties solely based on debt service
    • Can title property in an LLC
  • Hard Money and Other Investor Loan Programs
    • Red Oak Mortgage has partnered with many lenders throughout the country to provide our property investors with a broad range of options.
    • Contact us today to go over the options available to grow your real estate portfolio

If there’s a loan product available on the market, Red Oak Mortgage has access to it. Don’t see your prefered Loan Program on our website? Contact us today and we’ll assist you in accomplishing your mortgage goals.