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Home » Lending » Home Mortgage Loans

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• Home Mortgage Loans

Home Mortgage Loans
Personal, Professional, and Proven Mortgage Lending Services

Trust, experience and options are key ingredients when considering a mortgage loan. Red River Bank's Home Mortgage Loan Department staff has years of experience and an outstanding reputation in the mortgage origination business. Let us give you the most competitive rates available with a quick and personable loan process.

Lending Options

• Conventional Mortgage — a mortgage loan that is obtained without any additional guarantees for repayment, such as FHA insurance, VA guarantees, or private insurance. This is usually given at an 80% loan-to-value ratio.
• Variable Rate Mortgage — a mortgage in which the interest rate is adjusted periodically based on an index.
• Fixed-Rate Mortgage — a mortgage where the interest rate does not change for the life of the loan.
• FHA Loan — a government-backed mortgage loan supported by the US FHA and the Department of Housing and Urban Development (HUD).
• VA Loan — a government-backed mortgage loan supported by the US Veterans Administration.
• Low interest bond loans — a loan for qualified first time home buyers. Down payment assistance is available by utilizing the "bond programs" provided by state and local municipalities.
• Combo loans — a loan for qualified buyers utilizing a combination of a 1st and 2nd mortgage therefore eliminating the need for private mortgage insurance. For example: 80%/10%: or 75%/15%.
• Jumbo Loan — a loan amount over $417,00. These limits are set by the Federal National Mortgage Association and the Federal Home Loan Mortgage Corporation. Because jumbo loans cannot be funded by these two agencies, they usually carry a higher interest rate.

Lot Financing

Various terms are available and loans are structured to accommodate specific needs.

Construction Loans

Interim construction projects are funded with a line of credit. Advances are made based on the progress of the project. Permanent financing is obtained upon completion of the home.

For assistance or information about our mortgage loans, please call (318) 561-4035 in Alexandria and (318) 675-2900 in Shreveport.