| Ross Mortgage offers many different types of financing and re-financing options. To find the best option for
your situation, we recommend you contact one of our Representatives who will gladly assist you
in deciding on the best program. |
 |
| Conventional Products |
|
A traditional type of financing that lets you establish a fixed monthly payment
for consistency in budgeting. With a Conventional Loan, you may choose from a variety of terms to structure
a payment schedule that best suits your needs. The types of Conventional Loan products we offer are: |
|
|
- Fixed Rate
- Adjustable Rate
- Community Home Buyer
- Five and Seven Year Balloons
- Jumbo Fixed Rate
- Jumbo Adjustable Rate
|
|
|
| Government Products |
- FHA Loans with Minimal Down Payment
- A FHA mortgage is insured by the Federal Housing Authority (FHA). The borrower of this loan can finance
97.75% of the sale price of a home, because FHA will insure timely repayment of the mortgage. The maximum
mortgage amount for a FHA Loan in the greater Detroit area is $271,050. Everyone who has a valid Social
Security Card is eligible for a FHA Loan. FHA financing can be used by individuals repeatedly.
- VA Loans with Zero Down Payment
- A VA Loan is a mortgage that is insured by the Veterans Administration. If you are a veteran or a spouse of a
veteran, you may be eligible for VA financing. The maximum VA mortgage amount is $417,000.
|
|
|
Benefits of FHA Loans
With a FHA Loan you may have
less than perfect credit, a low down payment and typically lower closing costs. The seller is allowed to pay for some
or all of the costs up to 6% of the sales price. Many lenders offer alternative mortgage products for people with
credit difficulties, at significantly higher interest rates. FHA allows for some derogatory credit without interest rate
penalties, prevailing conforming market interest rates apply. FHA allows family members to co-mortgage (co-sign)
for the occupant borrwer who may have not otherwise qualified for the mortgage. All funds to close may be a gift. |
|
|
Benefits of VA Loans
At prevailing market interest
rates, Zero Down financing is available. The funds to close may be in the
form of a gift or borrowed by a relative. The seller is allowed to pay or to contribute in payment of all closing costs and
prepaids up to 4% of the sales price. Generally, VA accepts some borrowers with past credit blemishes. They have
liberal payment qualification standards and a veteran can often maximize a mortgage with a VA Loan. |
|
|
| Specialty Loans for Unique Situations |
- Alternative Lending Products Available
- No Documentation Loans
- 100% Financing for Purchase and Refinance
- Non-Conforming Loans
- Sub-Prime Loans
|
|
| New Construction Products |
- 6 Month Rate Locks
- One Time Close
- Construction Financing
|
|
| Home Equity Loans |
- 100% Financing
- Equity Lines of Credit
- Fixed Rate Equity Loans
|
|