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| At Richmond Mortgage Funding L.L.C., we have access to a variety of mortgage products to fill your financing needs. To learn more about our products, select the program below you interested in.
Fixed Rate Adjustable Rate Affordable Housing Special Products FHA/VA Fixed Rate We offer a lot of options to customize a fixed rate loan to your needs including 15 and 30-year terms. Jumbo loan programs are used for the homeowner who wants the security of a fixed rate loan but has a loan that exceeds the "conforming" loan limit. Need the biggest tax break available? If you are Interested in paying your loan off early -- but as painlessly as possible, Bi-Weekly Mortgage Payment Plans may be the right option. Temporary Buydown options, like the ARM Alternative, are available to help ease you into home ownership. Whatever your situation, we will work with you to make sure you get the right loan for your lifestyle! Adjustable Rate Mortgages Adjustable rate mortgages (ARM) offer you the flexibility of a lower initial payment, thus allowing you to qualify for a larger mortgage amount. The start rate can be fixed for varying terms, depending on the program. A wide range of ARM products are available, from 1-Year to 10-Year ARM loans. Programs with periods between interest rate changes of more than 1- year are typically referred to as Intermediate ARMs. Intermediate ARMs can offer the best of both worlds - a lower initial rate than a fixed rate mortgage but also the stability of a fixed rate for a specified period of time. As a result, you retain the opportunity to benefit from any declines in interest rate levels. The LIBOR adjustable rate mortgage program provides additional flexibility by offering higher loan amounts not available on standard Agency adjustable rate mortgage programs. This index is based on the London Interbank Offered Rate (LIBOR). Additional features of this program include rate adjustment caps and lifetime caps, up to 95% financing, and loan amounts up to $1,000,000. Additionally, many loan programs permit the use of temporary buydowns. A temporary buydown is a reduction of your interest rate for a stated period of time. Affordable Housing We offer a wide variety of mortgage loan products customized to meet the various obstacles to homeownership faced by our customers. These unique programs can help overcome obstacles such as:We also work with various non-profit housing agencies in many of our markets that provide gift funds to first-time homebuyers who meet their eligibility guidelines. Such programs provide gift funds for downpayment and closing costs assistance. This lowers the total cash required from the homebuyer's own funds for the purchase of their new home. Special Products We realize homebuyers come in all shapes and sizes, with all kinds of financial histories and saving patterns. That is why non-traditional loans can help our customers achieve the goal of owning a home. Examples of these products include:FHA / VA FHA-insured mortgages are in high demand because of the many advantages they hold for homebuyers and refinances. These programs offer assumability, low down payments and liberal qualifying ratios. In addition, FHA borrowers do not have to meet maximum income qualifications, as with many other government programs. However, maximum loan amounts differ by region across the state and country. As a benefit to veterans, the Department of Veterans Affairs guarantees repayment of loans made to veterans with no down payment in most cases and liberal qualifying guidelines. This makes it easy for veterans to finance their homes. The FHA and VA programs are good for borrowers with a need for:* All products are not available in all geographic locations. Contact us to see what is available in your area. Products offered subject to change without notice. To see examples of monthly payment terms, view our APR Examples. |
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Equal Housing Lender
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