What are the best options for my mortgage?

Red River Bank offers great service, fast closings, and many options for real estate. Apply Online for any of these options.

  • Conventional loans are available on a fixed rate for the life of the loan for those with stronger credit. Guidelines allow for a 3% down payment for first-time homebuyers and a 5% down payment for all other buyers. There is private mortgage insurance if you put less than 20% down.

  • FHA is perfect for situations when down payment ability and credit score are low—guidelines allow up to a 97% loan to value ratio and credit scores as low as 620.

  • VA loans are available to all eligible veterans and allow for up to 100% financing. However, there are fees charged by the VA that wouldn’t be included on a conventional mortgage. If you’re a veteran with 20% down, you may be better served by a conventional mortgage.

  • Rural Development Loans are a USDA product designed to help low- to moderate-income families purchase a home. If you meet income, credit and other criteria, you could qualify for 100% financing on a home outside the city limits.

  • Red River Bank's Realizing Everyone's Dream (RED) Loan Program provides 100% financing with no private mortgage insurance to individuals purchasing a home in a qualifying neighborhood or area. Borrowers may receive a $2,500 grant and may be eligible for a second mortgage for up to $5,000 to use toward the loan, moving expenses, appliances, and other items. There are no income maximums for this loan.

    Enter the property's street address and city, below, to check eligibility:

    Property location information * required information
    
                        
    To qualify for assistance, certain eligibility requirements must be met. The results indicated by the RED Loan property eligibility tool are no guarantee of eligibility. The property must be confirmed to be in a majority minority census tract in the program’s targeted area. Contact us at 318-561-4034 for more details.
  • There are a number of programs that help buyers with down payment — and we’re one of the few mortgage teams who participate in all of them. Many involve maximum income limits, benefit first-time homebuyers, and provide assistance in the range of 3-7%. There are exceptions to these general guidelines, however — and we look for every opportunity for Red River Bank customers.

  • For customers whose assets, career and/or real estate needs are at a scale that requires customized solutions, our private banking team offers personalized mortgage service.

  • For customers who have outstanding credit and meet the income requirements, we may be able to create combo loans to prevent the cost of mortgage insurance. Learn more.

  • Lot financing needs vary widely, and so do our solutions. For instance, we may write a loan at 100% LTV for a short period while waiting on construction, or up to 85% LTV with a five year fixed rate for customers who want to purchase a lot and build equity before beginning construction. Learn more.

Application checklist

We want to let you know everything that may be needed in this important process.

Download the pdfDownload the mortgage process PDF file

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