Special Mortgages for Medical Professionals

It must be tough when the fate of people’s lives is literally at your hand. Or if you have to do a simple procedure like take blood from a patient and you can’t find the right vein to stick the needle in or one of your patients had an accident in their bed. Your job in general is stressful enough, so let us at RHF show you how much we appreciate you.

If your job is in the medical profession, may we show you all about our Mortgages for Champions program? If you are looking to buy a home or refinance your home, our program can help you cut some of the closing costs out, which means more money for you in the long run. Certain closing fees like the loan application fees or the underwriting fee will be waived. As the borrower, you are only responsible for the third party fees like the title and appraisals. The savings are in the thousands when you think about it.

Are you looking for the following?

  • First and Second Time Buyer Programs
  • 203k Streamline to add or update your home
  • Purchase a single family home, or a two, three, or four family unit property, a condominium or manufactured home or mixed usage commercial property like a store with apartments attached
  • Little to no down payment loans
  • Competitive low rates and the flexibility in credit criteria
  • Refinance up to a 97375% loan to value appraised value of your home or a cash-out refinance mortgage for up to 85% the loan value

Then let Residential Home Funding Corp. help you out with the benefits of Mortgages for Champions program on top of it. Doctors, nurses, laboratory techs, pharmacists, or if you work in the medical field, you might be qualified for this special saving on top of your mortgage. We are the experts when it comes to helping you with your home, but we may not be the best when it’s time to scrub in for surgery….

If you want to find out if you qualify or have any questions, call us at (888) 886-5829.

Minimum credit scores and maximum loan limits apply. Not all applicants qualify. RHF is an Equal Housing Lender. Certain products are not available in all states. Credit and collateral are subject to approval. This is not a commitment to lend. Program, rates, terms and conditions apply. Lender application, commitment, processing and underwriting fees waived. Borrower pays 3rd party fees including, but not limited to, title, appraisal and any points.  Licensed Mortgage Banker: NMLS# 34973

The True Meaning Of Memorial Day

On the last Monday of May every year, The United States of America considers this day as a federal holiday and calls it “Memorial Day”. To most people, they are usually off from work as a paid holiday and they take advantage of the three day weekend with barbeques, trips down to the beach, or a nice quick 3 day vacation. As nice as that extra day off can be for us, we need to stop and take a moment to remember what Memorial Day is really about. No, it’s not because the air travel and supermarkets are looking to make a couple extra bucks in a way. Memorial Holiday is observed to remember the brave men and women who’ve died while serving in the armed forces while it could be the Navy, Marines, Army, Cost Guard, or the Air Forces.

It all started back in the Civil War era. People were decorating soldiers’ graves with flowers to show respect to the fallen soldiers. Originally, they made a day out of it on May 30th and it was considered “Decoration Day. However, shortly after World War II, it was becoming more known as “Memorial Day” instead of Decoration Day. Because it was mostly known as “Memorial Day” congressed made it a federal law in 1967 and changed the name. However in 1971, congress changed the date from May 30th to the last Monday in May to make it more convenient for a three-day weekend.

So on Monday, May 29th 2017, let’s take a moment to observe and thank all of the fallen soldiers who fought and sacrificed their lives to keep us free. The ones who make sure we are still the best country to live in.

On behalf of Residential Home Funding Corp. and Mortgages for Champions, we are honored to pay our respects to the men and women who have sacrificed their lives to continue making us free. Thank you.

Teachers: Our Every Day Heroes

An activist for education by the name of Malala Yousafzai once said “One book, one pen, one child, and one teacher can change the world.” A teacher’s basic job definition is to instruct other individuals in any subject matter that’s given. However, we’ve noticed a lot of teachers that constantly go above and beyond the basic definition and make their students inspired. We should be honoring our teachers every day, but today, May 9th, we would like to applaud all of the teachers out there who are making a difference to our youth and others on Teacher’s Appreciation Day.

One of the ways we would like to tip our hats to our educators is by offering a special loan program we would like to call Mortgages for Champions. With Mortgages for Champions, current and retired teachers with verification of past employment can take advantage of saving some money on their closing costs when they apply for a mortgage with us. This program doesn’t require teachers to pay certain closing fees like the loan application fee and mortgage underwriting fee when they want to purchase or refinance their homes*. That’s a lot of money that can be saved in the closing process.

We offer special programs for anyone who’s a first time home buyer, even the second timer buyer! We offer financing for those who are looking to purchase a single family home, a two to four family union, a condominium, a manufactured home, or mixed usage commercial properties like the stores with apartments above them. We also offer a 203K streamline loan to help growing families expand their home with more bedrooms or update their bathrooms. However, if the individual is satisfied with their location and home, but are looking on ways to save more money on their mortgage, they can take a look at refinancing their current home for up to a 97.75% loan to value of the appraised value of the home. Or, if cash money is needed, the borrower can take up to an 85% loan to value with our cash-out refinance program.

There are many reasons why anyone should thank a teacher daily. Not only our teachers should get the recognition, but our school guidance counselors, librarians, tutors, nurses, and athletic directors should be recognized as well.  Residential Home Funding wants to extend their thanks and gratitude to all those individuals who go out there every day to make a difference. Thank you!

*Minimum credit scores and maximum loan limits apply. Not all applicants qualify. RHF is an Equal Housing Lender. Certain products are not available in all states. Credit and collateral are subject to approval. This is not a commitment to lend. Program, rates, terms and conditions apply. Lender application, commitment, processing and underwriting fees waived. Borrower pays 3rd party fees including, but not limited to, title, appraisal and any points.  Licensed Mortgage Banker: NMLS# 34973

Common Causes That Can Start a Fire at Home

Only YOU can prevent home fires

The National Fire Protection Association (NFPA) reported that there are more than 360,000 home structure fires each year which adds up to about $6-8 billion dollars in damages each year. The main cause for fires can be started by daily activities that no one thinks about. So to prevent a fire, you could hire guards with fire extinguishers to watch each room 24/7 secret service style, or you can take a look on what can actually start your common fire and how to prevent them in the first place.

  1. Candles – Candles can bring us a wonderful, romantic atmosphere, but they are still dangerous since you’re dealing with an open flame. NFPA reported that an average of 10,630 fires in the U.S. that were started from candles alone in one year. That is an average of 29 candle fires per day and caused 115 deaths, 903 injuries and approximately $418 million in property damages. They start to begin with because they are left unattended or they are placed closed to objects that are flammable. To prevent an accident, keep lit candles at least 12 inches away from any object that are flammable. Also, do not leave lit candles unattended since a simple bump on the resting object or candle itself can cause the candle to knocked down or your pet cat or dog can walk up to the lit candle and accidently shed their dander on it to ignite a fire.
  2. Smoking – With an average of 17,600 related fires per year that results in an average of 490 deaths and $516 million in property damage, smoking is a dangerous hobby or activity one can take on. It only takes one hot ash from the object to fall on a flammable object to start a fire. The best way to avoid starting a fire from your hobby is to take the hobby or activity outside. If you decide to smoke inside, please make sure to use a sturdy ash tray for the ashes and to put the butts in. Also avoid smoking while tired so you won’t fall asleep with a lit cigarette and have it fall.
  3. Electrical – When it comes from overloaded circuit or an overheated light bulb, electrical fires can cause around 47,700 home structure fires a year which equals to about 418 deaths, 1,570 injured victims and around $1.4 billion in property damage. A couple of simple items and daily activities can prevent the fire to begin with. First, make sure you are using the right cord for the right job – indoor cords for indoor use and outdoor cords for outdoor uses. Avoid crowding and overloading electrical cords, and at Christmas time, don’t leave your Christmas lights on when it is unattended. Is it also time for a quick inspection as well? Having a licensed electrician to inspect your home in general can also save you the headache of a fire to start to begin with.
  4. Children abuse of fire – Children caused around 7,100 home fires per year and approximately $172 million in property damage. It’s mainly younger children who tend to start the fire because they misuse matches and lighting devices that can start the fire. Start teaching your children at a young age how to use matches around you and what a fire can result in. Parents are also advised to hide their matches and any lighting devices and keep them out of reach.
  5. Cooking – The oven alone can be a fire hazard itself! Cooking fires have contributed up to 40% of all house fires, an average of 156,600 fires per year and resulted in approximately $853 million in property damages. To prevent a kitchen fire, make sure you do not leave food being cooked unattended. If you happen to see a fire forming in the kitchen, know the right way to extinguish it. The best way to get rid of cooking fires is to suffocate the fire from oxygen. For grease fires, smother the fire out by putting a lid on the pan and for fires in the oven, shut the oven off and then close the oven door until the fire dissipates. DO NOT ADD WATER TO THE FIRE as they can make the situation worse.

Keep these tips in the back of your mind will help keep you and your family safe. Remember, the common house fire can add up to property damages, injuries, and the worst: you and your family’s safety and lives. Remember the motto from the boy scouts: always be prepared! Have a smoke detector with working batteries on each level of the home and have a fire extinguisher available that’s always within reach for emergencies just in case a fire happens to start. Isn’t your life and your family lives worth it overall?

 

Why Do Millennials Love VA Loans?

As discussed beforehand, millennials are currently dominating the home buyer’s market, and here’s how! When many millennials finish their service in the military, they start to enter the work force. Since many millennials are getting a head start on their career, it’s no wonder why most would want to start settling down and buy their first home. Anyone, from millennial to a different generation, who’s still active or are retired in the military are qualified for a special loan program called the VA loan, a home loan that is guaranteed by the U.S. Veterans Administration.  And with these benefits, it’s no wonder why today’s millennials choose the VA program, especially the one offered by Mortgages for Champions:

  • No down payment required – Most loans that are on the market require a minimum of 3.5% down payment or more, depending on the borrower’s situation of credit and income. VA loans are one of the few programs that are being offered that requires no down payment to start with. In 2016, the average VA loan amount was for $253,000. If the veteran applied for an FHA loan instead of a VA loan, they would be required to put down a minimum of $8,855, the 3.5% required, as a down payment if they want an FHA loan.
  • No mortgage insurance – If a borrower puts down less than 20% of the purchase price, the borrower will be responsible for another monthly fee called mortgage insurance. Depending on the loan and the amount, mortgage insurance can add an additional $100 and up to your monthly payment. However, any active or retired military personnel and their immediate family members are not required to pay mortgage insurance if their down payment is less than 20% or they didn’t put one down to start with.
  • Credit guidelines that are more flexible – The U.S. Veterans Administration has one goal in general: to help any military personnel achieve home ownership. Because of this, their underwriting guidelines are more far more flexible and forgiving to those with a not-so-perfect credit score. The average credit score of a VA borrower was 50 points lower than the average credit score of someone who applied for conventional loan. And despite the flexibility in credit scores, VA loans have the lowest foreclosure rate on the market for most of the past couple of years. The VA’s committed to help veterans obtain and keep their homes.
  • No bank closing costs – There are multiple types of closing costs that are involved when someone obtains and closes on a mortgage. With Mortgages for Champions, we will drop the application fees, loan processing fees, mortgage underwriting fees, mortgage commitment fees, and associated commitment points. Any closing fees one are responsible for, mainly 3rd party fees, can be rolled into their loan to help.

While the work force continues to grow and targeting the age range of 25 to 34 years old, it’s no wonder why millennials in general want to settle down sooner.  With the help of VA loans, millennials who go from active duty to the work force can start settling down and create a stable living situation for them and their families with little to no money to start the process. Active and retired personnel can now worry less about down payments and closing costs that are needed up front and worry more about more important issues like where do they want to live? For more information on the VA loan benefits and how it can help out millennials, give us a call at 1-888-763-3500.

Check out our video on VA loans here:

What is a VA Loan?

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Minimum credit scores and maximum loan limits apply. Not all applicants qualify. RHF is an Equal Housing Lender. Certain products are not available in all states. Credit and collateral are subject to approval. This is not a commitment to lend. Program, rates, terms and conditions apply. Lender application, commitment, processing and underwriting fees waived. Borrower pays 3rd party fees including, but not limited to, title, appraisal and any points.  Licensed Mortgage Banker: NMLS# 34973

Who is Lady Justice?

If you want to see an allegorical personification, or a person based off of human psychology, of justice, you will be presented an image of Lady Justice in front of you. She is known as the Roman goddess of Justice (as Justita) and is equivalent to Themis, a Greek goddess who is described as “[the Lady] of good counsel”. Lady Justice can also be traced as far back as the ancient Egyptians goddess Isis and Maat. She was first sculpted with her blindfold by Hans Gieng, a Renaissance sculptor, in the late 15th century. The blindfolded Lady Justice represents a theory in law: blind justice.

Blind Justice is a theory the law should be determined guilty or not guilty with an open mind and without any bias or prejudice. The Supreme Court motto is “Equal Justice Under Law”. With this belief, the Supreme Court justice takes the following oath:

“I, [name], do solemnly swear [or affirm] that I will administer justice without respect to persons, and do equal right to the poor and to the rich, and that I will faithfully and impartially discharge and perform all the duties incumbent upon me as [title] under the Constitution and laws of the United States. So help me God.”

Some sculptors though leave her blindfold off and create her with a scale in one hand and a sword in the other. Some courthouses leave her blindfold off due to the fact she was originally not blindfolded. Others believe that the blindfold is redundant to her sword and scale and that her “maidenly form” guarantees her impartiality. The scale represents justice that is well balanced and fair while the sword represents the power and strength of justice.

Lady Justice, with or without her blindfold, is a symbol to all on how the court system tries to be fair and grant everyone with a fair trial beyond prejudice and bias. May she continue to raise her sword, make her scale balanced, and continue to be blind to any sort of bias or prejudice to this day.

Loans for Police Officers and Law Enforcement

Thank you for your dedication to protect us!

At Residential Home Funding, we appreciate all the hard work and effort police officers and law enforcement personnel like you do to protect us. That is why we offer two different types of home loans that are special for law personnel just like you. If you are:

  • First or second time home buyer
  • Looking to add a new addition or remodel your home with a 203k streamline
  • Looking to purchase a single family, two to four family unit, a condominium, or a manufactured home
  • Want to purchase a mixed usage commercial property like a store with apartments attached
  • Looking for programs that require little to no down payments
  • Want to refinance your home for up to 97.7% loan to value of the appraised value of your home
  • Cash-out refinance home loan for up to 85% loan to value

Then let us help you obtain those goals. We offer the following types of programs specially for you:

  1. Government Pension Loan – This loan is funded through the state’s housing and financing departments eligible to paid police officers in certain applicable states. With this loan, you would want to read the fine print as there might be some high fees or tax implications you are acquired to pay. Borrowers are responsible for all closing costs as well as the application fees. Under certain circumstances, borrowers may roll the closing costs in their home loans.
  2. Mortgages for Champions – This loan program offers no bank closing costs to you. Application fees, loan processing fees, mortgage underwriting fees, mortgage commitment fees and associated commitment points are waived from your closing cost – an average of 2-3% savings on your loan! This program is for anyone who’s approved for Fannie Mae and FHA program. To qualify, you or someone in your immediate family must be active or retired and are able to provide the proper documentation.

So if you are a state trooper or a corrections and parole officer, or if you are active or retired, we have a special program for you. Consider this as a way of saying thanks for all the hard work you and your fellow officers do every day to make sure we are safe and secure. For more information, feel free to click ”Apply Now“ on the top right corner or give us a call at 1-888-763-3500.

Minimum credit scores and maximum loan limits apply. Not all applicants qualify. RHF is an Equal Housing Lender. Certain products are not available in all states. Credit and collateral are subject to approval. This is not a commitment to lend. Program, rates, terms and conditions apply. Lender application, commitment, processing and underwriting fees waived. Borrower pays 3rd party fees including, but not limited to, title, appraisal and any points.  Licensed Mortgage Banker: NMLS# 34973

Want To Reduce Your Closing Costs?

How to get the best costs and to finish the deal to homeownership

To obtain a mortgage, we have to pay miscellaneous fees regarding the title, land surveyor, the government for their taxes and recording the deed, and other fees. The closing costs alone can be an additional 6% of the loan. However, the closing costs are not set in stone and there are ways to reduce the cost itself.

  1. Know that different areas will equal different costs – Yes, not only does the location of your property depend on the price overall, but it can affect your closing costs. Areas where taxes are more expensive will have a higher closing cost overall. It also depends on what state you live in as well. Bankrated.com did a study where they asked lenders representing each state for an estimated closing cost for a $200,000 single family home mortgage with 20% down. As of August 2016, Hawaii’s average closing cost of $2,655 was the highest while the lowest closing cost was in Pennsylvania with $1,837.
  2. Know what costs you can negotiate on – Some of the fees on your closing costs are negotiable. One of the costs you can negotiate will be your homeowner’s insurance. Shop around to see how much each company will charge you, and try to see if there are deals like if you bundle your auto and other insurance together or discounts like if you are buying a new home versus an existing one. Not too sure what other costs are negotiable and which aren’t? Ask your loan officer and they will help you out.
  3. Don’t pay extra points to lower your interest rate – Homebuyers have the option to pay for points in exchange of lowering your interest rate. While interest rates are low as they are now, it might be a cost not worth putting into. However, you can also refinance in the future if rates are lower than they are now.
  4. Take a look at Reissue Rates – Want a discount on your homeowner’s title insurance policy? Take a look to see if you qualify for a Reissue Rate. In most states, the seller has to purchase the home and insurance policy within 10 years to qualify. Take a look at the seller’s policy to find out. If you can’t find that information, your title company can locate it and see if you qualify for a Reissue Rate or not. This task can save you hundreds on closing costs alone.
  5. Ask the seller if they will pay a portion of the costs – If the seller is desperate and the market is struggling, you can ask if the seller can pay a portion of the closing cost. Trust your real estate expert and ask if it’s the right move. If the seller is motivated enough to sell you their property, you might save some money on your cost.
  6. Review the closing cost forms and take a look for red flags – When you shop around comparing costs, feel free to ask questions. For example, if one lender is not disclosing a fee up front, ask why they didn’t include it. If you notice one company is charging dramatically less than another company, ask about the price difference. By reviewing and asking questions, you will know the estimate of your closing cost will be. If you are not sure what you are being charged for, ask your loan officer.

While there is no “one cost” to rule and set them all, closing costs can easily be negotiated. With the tricks and tips we’ve presented, you can channel your inner “car salesman” and negotiate to save hundreds on your closing cost.

A Top Mortgage Employer for 2017

Residential Home Funding Corp. Named on the Nation’s List Once Again – Here’s Why

top mortgage employer, nmp

Every year, National Mortgage Professional Magazine (NMP) announces its list of the top mortgage employers in the nation. They polled readers on their employers using the following criteria: compensation, speed, marketing support, technology, corporate culture, long-term strategy, day-to-day management, internal communications, training resources, industry participation, and innovation. Residential Home Funding Corp (RHFC) was named on this list once again.

RHFC prides itself on their personalized lending, competitive rates, and quick process. Those valuable company features paired with their passion for helping those is need is what has made their employees proud to be a part of a team that not only does a phenomenal job, but truly cares about its borrowers, its community, and its culture.

At RHFC, employees receive endless support, communication, and access to the most current technology. In-house and remote training is always available, a robust employee website is their central hub for on-demand resources, and company meetings include marching bands, celebrity speakers, and project runway inspired team building exercises.

To see the full January 2017 issue of National Mortgage Professional Magazine, click here: http://www.nxtbook.com/nxtbooks/nmpmedia/nmp_201701/#/54

 

About Residential Home Funding

*In 2016, Residential Home Funding Corp. was named on the list of the Top 100 Mortgage Bankers in America for the fifth time. This list is compiled by Mortgage Executive Magazine annually, ranking companies not only by their total volume, but also crediting them as “high performing” in periods of uncertainty. Founded in 2000, RHFC is a large mortgage lender that doesn’t act like one. As one of the largest mortgage bankers in America, they are licensed direct lenders in 12 states including CT, DC, DE, FL, GA, MD, NC, NJ, NY, PA, SC, and VA, while still treating each and every customer like family. RHFC funds all types of transactions such as basic residential purchases, refinances, investment properties, construction loans, mixed use, and more. Residential Home Funding Corp. is a direct FNMA lender and also originates FHA and VA loans to NJ and beyond. They are a direct FNMA lender and have LAPP approval. At Residential Home Funding, there is a mortgage loan custom suited for almost every borrower, having built their reputation on service and efficiency. We Do Business in Accordance with the Federal Fair Housing Law.