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.

  • 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

Equal Housing Lender