You may have heard some buzz this spring about mortgage giant Fannie Mae and trended credit data, changes which were set to take effect in June. Just days before the launch, however, the new system was delayed unexpectedly. Well folks, long-awaited Desktop Underwriter 10.0 launched this past weekend, and with it, the requirement that lenders… Read more »
Using Gift Funds for your Down Payment Not everyone has thousands of dollars lying around for a down payment when they are in the market to purchase a home, so receiving a gift can be a great option! Here’s what you need to know, if you’re lucky enough to receive a down payment gift. There… Read more »
USDA Lowers Fees for RD Loans Great news for homebuyers considering a USDA rural development home loan (RD Loan)! The already popular zero down mortgage is getting even better. The USDA announced this week that they will be decreasing both the upfront guarantee fee—a closing cost which is financed into the total loan amount at close; and… Read more »
If you’ve ever been in the market for a mortgage, you’ve probably heard the phrase ‘loan-to-value ratio’ or ‘LTV’ for short. Obtaining a new mortgage can be nerve-wracking, even without the financial jargon and acronyms—so let’s talk about LTV, what it means, and how it affects you and your mortgage. How are Loan-to-Value ratios calculated?… Read more »
Finding a lender who will finance a manufactured home can be quite a task, but luckily Riverbank Finance is able to provide programs to help you! It is important to know what to expect and the difference between financing a stick built home and a manufactured home. There are various programs that will allow for… Read more »
Happy 4th of July! Enjoy time with friends and family as we celebrate America’s birthday! In observance of the national holiday, Riverbank Finance will be closed Monday July 4th.
Mortgage rates have dropped yet again in the wake of the Brexit (Britain voting to leave the European Union). The world markets have been very volatile since the news broke early Friday morning. Financial instability brings lower mortgage rates. Now is the best time to buy a home or refinance your mortgage to a lower… Read more »
The first step in considering any home purchase or refinance should always be speaking to a licensed loan officer about getting pre-approved. It is important to have all of your information ready so you do not delay the process. Once you get the good news, comes the fun part, finding out how much your refinance… Read more »
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