Loan Programs
The following is a partial list of programs offered by RDS Mortgage Corporation with a brief description of the key elements. For a complete list of the programs that we offer, contact us at 630-435-9100.
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100% STATED HOME LOAN - Program allows borrower to either purchase or refinance up to 100% of the value of the property without verification of income or assets.
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NO INCOME VERIFICATION - Loans where your income is not requested or verified are stated income loans. There are several varieties of the "no-doc" loan today. The type of loan that is best suited for a particular borrower depends on that borrower's situation. Some borrowers choose not to disclose employment, income, or asset information, while others may be willing to disclose employment and asset information but not income. Still others might be willing to disclose income but select a program that doesn't calculate debt-to-income ratios, allowing those borrowers to exceed the traditional guidelines in order to qualify for a larger mortgage amount. With all the different variations of the no-doc loan, there is definitely a mortgage program for today's non-conventional borrowers.
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NO MONEY PAYMENT - 0% Down payment required and closing costs paid by the borrower (seller can contribute up to 6% towards closing costs).
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CREDIT CHALLENGES - Late mortgage payments, Bankruptcy prior foreclosure been turned down repeatedly? We offer loan programs for customers with each of these lending issues.
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100-104% PURCHASE – 0% Down payment required and closing costs can be financed up to 104% of the purchase price. Only single-family homes that will be owner-occupied are eligible. First time homebuyer status not required and there are no income limits.
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80/20 - This is a loan which cares a second mortgage for up to 20% of the purchase price of the property. It is usually used to avoid PMI or to keep your first mortgage under jumbo guidelines. This program can also be used in a variety of refinance programs.
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JUMBO LOANS - Offers 30 and 15 year fixed rate mortgage and competitive ARM products with full document, alternate documentation and limited documentation.
Cash out and No cash out refinance are allowable. Single family detached, Condo's, PUD's and single-family second homes can be financed with no prepayment penalty.
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A - THRU D LOANS - These mortgages are for the credit challenged. They can vary from slightly damaged credit to severely damaged. Whatever the situation we have a mortgage that will get you back on track.
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HIGH DEBT RATIO LOANS - A ratio of monthly bills to monthly income higher than 50% is considered a high debt ratio. Loan programs are available for borrowers in this situation, allowing them to finance the purchase of a home or property.
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CONSTRUCTION LOANS - Building a new home can be an exciting prospect - unless you get caught up in a construction loan approval process that's overly complicated and time consuming. With this loan we will finance up to 90% of the cost of land plus the costs of construction. We offer a one time fixed rate closing or traditional ARM products.
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INVESTOR LOANS - Used to finance 1-4 family properties that will be for investment. Aggressively priced, these programs have many variations such as No Doc, Limited Doc and Full Doc. Program may not be available in some states.
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OPTION ARMS - A loan were consumers have the option to make 4 different payment options each month. 30 Yr Fixed payment 15 Yr fixed payment Interest only and differed interest payment.
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1430 Branding Lane, Suite 134
Downers Grove, IL 60515
Phone: 630-435-9100
Fax: 630-435-9101
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