Home Purchase

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Everyone’s financial situation is different. To begin the loan process you need to answer these basic questions. How much money do you make monthly? What other monthly expenses do you have? What is your credit score? All of these questions and more need to be answered before you begin shopping for a new home. Working with an experienced professional at RSMC will keep this process simple.
Use our loan calculators to estimate your loan limits

By getting pre-qualified for a maximum loan amount, not only are you ensuring real estate agents and sellers alike that you have the means necessary to purchase the home they represent, but you are also setting the bar in your mind as you shop for your new home. Pre-qualification is a simple process and typically required prior to submitting an offer on a home.  We are here to get you started.

For a list of information we will need to get you started, see suggested documents below.

There are many loan types to consider and just as many reasons why one loan type might be better for you than another.  Your yearly income, the amount of funds you have available for a down payment, and your credit history help determine the types of loans available to you. Once we understand your financial situation, we can look at what type(s) of loans will perform most efficiently for you long term. There are many factors that ultimately impact your home loan obligation and the right loan type is square one.

As you can imagine, the more money you have upfront, the less you’re going to pay over time. The purchase price is the biggest weighing factor, of course, but different loan types require different down payments too. It is important to understand the types of loans that are available to you but also your current and long-term financial needs. For example, if you are buying a home but have no furniture to put in it, you may opt for a loan type that requires less of a down payment and enables you to maintain your cash reserves.

To explore the affects of different down payments, click here.

The following is a partial list of programs offered by Republic State Mortgage with a brief description of the key elements of each. It's good to understand some of the basic information about the available loan types, but our experienced loan officers will make suggestions based on your individual status. For a complete list of the programs that we offer, please contact us.

  • FHA MORTGAGE LOANS
    Backed by the Department of Housing and Urban Development, FHA loans offer the borrower the opportunity for a lower down payment and they can even finance allowable closing costs. Seller can also contribute up to 6% of the purchase price to the buyer towards closing costs.
  • CONVENTIONAL LOANS
    Traditional loan programs, or conventional loans, are known for offering competitive interest rates. Complete documentation and fair-to-good credit are necessary.
  • RURAL DEVELOPMENT LOANS
    100% government loans that do not require a monthly mortgage insurance premium. Rural development loans are only available in rural areas and are usually written on a case by case basis.
  • INVESTOR LOANS
    Used to finance 1-4 family non owner-occupied properties.
  • SECOND MORTGAGE LOANS
    Subordinate to the first mortgage, second mortgages offer the borrower the ability to get money for home improvement, debt consolidation, or many other reasons without disturbing their first mortgage. Convenient when you have a low interest first mortgage.
  • JUMBO LOANS
    Offers fixed-rate mortgage and competitive ARM products with full documentation, alternate documentation and limited documentation. Cash out and no cash out refinance are allowable. Single family detached, Condos, PUDs and single-family second homes can be financed.
  • VA LOANS (Veterans)
    Backed by the Veterans Administration and the federal government, it is similar to FHA except that you have to be a qualified Veteran or military personnel.
  • RENOVATION LOANS
    Are you tired of looking at ugly houses? Do you love you home but wish that kitchen or bathroom looked more updated and inviting? Whether you are purchasing a home that needs major remodeling or want to refinance to update a room, or rooms, RSMC has a number of renovation products that can be tailored to your specific needs.

Depending on your employment type and the class of property or properties involved in the transaction, there are different requirements for  information you will need to provide once you have expressed intent to proceed.  See below for help in learning about the various documenation.  Keep in mind, different loan programs require varying amounts of documentation so the one you ultimately select may require more or less information.

Are You a Salaried Employee?

This includes anyone who is compensated 100% by your employer through an annual salary. If you are looking to move forward with a home purchase or refinance soon, it is a good idea to start getting this information compiled. Luckily for you, we've created a easy checklist for you to print that will help you keep track of what documents you have and what you still need. Download & Print

  • Past two (2) years W-2 statements
  • Pay stubs covering the last thirty (30) days
  • Three (3) most recent monthly bank statements
  • Most recent transaction summary of 401K, IRA or Mutual Fund Accounts
  • Photocopies of any stocks or certificates of deposits
  • Copy of the purchase and sale agreement, if purchasing a home
  • If you are currently renting, either 12 months canceled rent checks or the name and address of your current landlord
  • If divorced, a fully executed divorce decree
  • If refinancing, a copy of the deed and most recent tax bill
  • A letter of explanation for any known credit problems

Documentation may be requested for the pre-qualification and pre-approval process.  It is the policy of Republic State Mortgage Co. that once a complete application has been submitted to a mortgage professional, that no additional documentation will be required, but may be voluntarily provided by the consumer at his or her own free will.

Are You Self-Employed?
Anyone self-employed or who owns rental real estate will need two (2) years signed personal tax returns (including all schedules). If self-employed through a corporation, the last two years corporate returns as well as a year-to-date profit and loss statement and balance sheet are also required once intent to proceed has been expressed.

Here is catalog of the various forms your Republic State Mortage loan officer may ask you to fill out along the way. They will lead you to this directory when necessary. We also supply some third-party handbooks on this page that will offer up-to-date facts and insight into the homebuying process.

DEPARTMENT OF HUD/ FHA DOCUMENTS

DEPARTMENT OF HUD/VA DOCUMENTS (Veterans)

TAXPAYER RELATED DOCUMENTS

MORTGAGE APPLICATION HANDBOOKS

Use the calculators below to get an idea of various costs you could encounter along the way. These also allow you to play with different down payments, interest rates and more to weigh your options. Calculators are only meant to be used as an example. Your actual loan will be constructed from your individual situation and the numbers will more than likely vary from the results received here.

HOW MUCH CAN I AFFORD?
Estimates a required salary for a desired mortgage. Calculate

HOW MUCH ARE MY PAYMENTS?
Calculates loan payments based on mortgage length, interest, loan amount, and annual tax and insurance. Calculate

COMPARE TWO DIFFERENT LOANS
Compares two different loans on one page. Calculate

The following is a partial list of programs offered by Republic State Mortgage with a brief description of the key elements of each. It's good to understand some of the basic information about the available loan types, but our experienced loan officers will make suggestions based on your individual status. For a complete list of the programs that we offer, please contact us.

  • FHA MORTGAGE LOANS
    Backed by the Department of Housing and Urban Development, FHA loans offer the borrower the opportunity for a lower down payment and they can even finance allowable closing costs. Seller can also contribute up to 6% of the purchase price to the buyer towards closing costs.
  • CONVENTIONAL LOANS
    Traditional loan programs, or conventional loans, are known for offering competitive interest rates. Complete documentation and fair-to-good credit are necessary.
  • RURAL DEVELOPMENT LOANS
    100% government loans that do not require a monthly mortgage insurance premium. Rural development loans are only available in rural areas and are usually written on a case by case basis.
  • INVESTOR LOANS
    Used to finance 1-4 family non owner-occupied properties.
  • SECOND MORTGAGE LOANS
    Subordinate to the first mortgage, second mortgages offer the borrower the ability to get money for home improvement, debt consolidation, or many other reasons without disturbing their first mortgage. Convenient when you have a low interest first mortgage.
  • JUMBO LOANS
    Offers fixed-rate mortgage and competitive ARM products with full documentation, alternate documentation and limited documentation. Cash out and no cash out refinance are allowable. Single family detached, Condos, PUDs and single-family second homes can be financed.
  • VA LOANS (Veterans)
    Backed by the Veterans Administration and the federal government, it is similar to FHA except that you have to be a qualified Veteran or military personnel.
  • RENOVATION LOANS
    Are you tired of looking at ugly houses? Do you love you home but wish that kitchen or bathroom looked more updated and inviting? Whether you are purchasing a home that needs major remodeling or want to refinance to update a room, or rooms, RSMC has a number of renovation products that can be tailored to your specific needs.

Depending on your employment type and the class of property or properties involved in the transaction, there are different requirements for  information you will need to provide once you have expressed intent to proceed.  See below for help in learning about the various documenation.  Keep in mind, different loan programs require varying amounts of documentation so the one you ultimately select may require more or less information.

Are You a Salaried Employee?

This includes anyone who is compensated 100% by your employer through an annual salary. If you are looking to move forward with a home purchase or refinance soon, it is a good idea to start getting this information compiled. Luckily for you, we've created a easy checklist for you to print that will help you keep track of what documents you have and what you still need. Download & Print

  • Past two (2) years W-2 statements
  • Pay stubs covering the last thirty (30) days
  • Three (3) most recent monthly bank statements
  • Most recent transaction summary of 401K, IRA or Mutual Fund Accounts
  • Photocopies of any stocks or certificates of deposits
  • Copy of the purchase and sale agreement, if purchasing a home
  • If you are currently renting, either 12 months canceled rent checks or the name and address of your current landlord
  • If divorced, a fully executed divorce decree
  • If refinancing, a copy of the deed and most recent tax bill
  • A letter of explanation for any known credit problems

Documentation may be requested for the pre-qualification and pre-approval process.  It is the policy of Republic State Mortgage Co. that once a complete application has been submitted to a mortgage professional, that no additional documentation will be required, but may be volunatrily provided by the consumer at his or her own free will.

Are You Self-Employed?
Anyone self-employed or who owns rental real estate will need two (2) years signed personal tax returns (including all schedules). If self-employed through a corporation, the last two years corporate returns as well as a year-to-date profit and loss statement and balance sheet are also required once intent to proceed has been expressed.

 

Use the calculators below to get an idea of various costs you could encounter along the way. These also allow you to play with different down payments, interest rates and more to weigh your options. Calculators are only meant to be used as an example. Your actual loan will be constructed from your individual situation and the numbers will more than likely vary from the results received here.

HOW MUCH CAN I AFFORD?
Estimates a required salary for a desired mortgage. Calculate

HOW MUCH ARE MY PAYMENTS?
Calculates loan payments based on mortgage length, interest, loan amount, and annual tax and insurance. Calculate

COMPARE TWO DIFFERENT LOANS
Compares two different loans on one page. Calculate