Iowa City, IA: Residential Mortgage Network, Inc. has been locally owned since 1987. They are a mortgage bank (not a broker) and provide home loans to borrowers anywhere in the State of Iowa. The loan officers are passionate about providing excellent home loan programs and customer service. The staff at Residential Mortgage Network, Inc. can originate USDA Rural Development, VA, Conventional, FHA, and new construction loans with confidence.
Because Residential Mortgage Network, Inc. is a mortgage bank, they fully underwrite all loan programs in-house, which allows the Mortgage lender to reduce the waiting period for their clients. The average turn time from application to completion of a loan approval is 3 weeks. This mortgage lender is one of the top producing USDA Rural Development home loan providers in their region and is an Equal Housing Opportunity Lender.
Taking a deeper dive into the loan programs Residential Mortgage Network, Inc. offers, the USDA Home Loan (Rural Development) is designed to help grow home ownership in communities with a population of 20,000 or less. There are towns in all of the 99 counties in Iowa that are eligible. Some of them include North Liberty, Solon, Tiffin, Williamsburg, Swisher and Newton. There are many more eligible towns than ineligible ones! This loan program requires zero down payment and typically has a lower interest rate than a Conventional loan.
Next, Residential Mortgage Network, Inc. is an Iowa City mortgage lender who offers VA loans for active duty service members and veterans. Anyone that served in the US Military for 2 years of active duty – OR – 6 years in the Reserves or National Guard is eligible for a VA home loan in Iowa. This loan program also requires no down payment with lower interest rates than Conventional. Also, there is no monthly mortgage insurance added on to a borrower’s monthly payment — ever.
Next, Residential Mortgage Network, Inc. offers standard Conventional loans as well. Conventional loans require as little as 3% down payment, however, anything less than 20% requires monthly Private Mortgage Insurance. The good news — it drops off once a borrower reaches 80% loan-to-value. PMI can also be paid in one lump sum up-front. Loan officers encourage borrowers not to be scared of PMI! It is less expensive with good credit and often keeps your interest rate lower.
Lastly, the mortgage lender offers FHA loans. These loans are guaranteed by the Federal Housing Administration and not limited to first time home buyers. FHA loans also have monthly and upfront mortgage insurance. This program requires 3.5% down payment. There are still credit requirements, but it is typically more lenient than other loan programs.
Along with their competitive loan program options, Residential Mortgage Network has access to exceptional First Time Home Buyer programs, $5,000 grants for veterans, and the ability to offer fixed rate condo financing to their buyers. The loan officers are highly trained to understand these programs and will always offer the best to their clients. They are also available to answer all the questions clients may have regarding the loan and, more importantly, understanding their responsibility.
For more information regarding loan programs, interested clients can contact Residential Mortgage Network, Inc. via 319-354-7501. They can also visit the office at 2507 Highlander Place, Iowa City, IA, 52245. Alternatively, they can write to Residential Mortgage Network, Inc. through [email protected] Check the website for more information.
Residential Mortgage Network, Inc.
2507 Highlander Place
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