At ROGER Bank, we offer a wide-ranging list of products for whatever your home loan needs may be. From Conventional to VA to Interest Reduction Refinances, we're here to help.
Mortgage products are powered by Citizens Bank of Edmond.
You will be directed to the Citizens Bank of Edmond site to complete your application.
No Mortgage Insurance Premium (MIP):
Conventional loans do not require upfront or ongoing mortgage insurance premiums (MIP). With a down payment of 20% or more, private mortgage insurance (PMI) can be avoided as well.
Flexible Property Types:
Conventional loans can be used for various property types, including primary residences, second homes, and investment properties.
Credit Score Flexibility:
While conventional loans generally require a higher credit score, they offer more flexibility in terms of credit history and credit profiles. Borrowers with excellent credit can access competitive interest rates.
Higher Loan Limits:
Conventional loans often have higher loan limits compared to government-backed loans like FHA. This can be advantageous when purchasing a more expensive home.
Investment Opportunities:
Real estate investors often prefer conventional loans for purchasing rental properties. The absence of strict occupancy requirements allows for more investment opportunities.
Refinancing Options:
Conventional loans offer more refinancing options, including cash-out refinancing.
Lower Down Payment:
FHA loans typically require a lower down payment compared to conventional loans. Borrowers can put down as little as 3.5% of the home’s purchase price. This makes homeownership more accessible, especially for first-time buyers who may not have substantial savings.
Flexible Credit Requirements:
FHA loans are more forgiving when it comes to credit scores. Borrowers with lower credit scores can still qualify.
Additionally, FHA loans are more lenient regarding DTI (Debt-to-Income) ratios. Borrowers can have a higher percentage of their income going toward debt payments and still qualify.
Assumable Loans:
FHA loans are assumable, which means that a buyer may take over the existing FHA loan. This feature can be attractive to potential buyers and may make the home more marketable.
Non-Occupant Co-Borrowers:
FHA loans allow non-occupant co-borrowers (such as parents) to help qualify for the loan. This can be useful for young buyers who need assistance from family members.
Streamlined Refinancing:
FHA loans allow for streamlined refinancing, making it easier to refinance without extensive paperwork or credit checks. This can be helpful if interest rates drop.
Eligibility:
This mortgage program is specifically designed for eligible veterans, active-duty service members, and surviving spouses.
No Down Payment Requirement:
VA loans offer 100% financing, meaning borrowers can purchase a home without making a down payment. This benefit is especially valuable for veterans who may not have substantial savings.
No Private Mortgage Insurance (PMI):
VA loans do not require PMI. This can significantly reduce monthly payments.
Flexible Credit Requirements:
VA loans are more lenient regarding credit scores. While a good credit history is essential, veterans with less-than-perfect credit can still qualify.
Assumable Loans:
VA loans are assumable, allowing a buyer to take over the existing VA loan when the home is sold. This feature can make the property more attractive to potential buyers.
Streamlined Refinancing (IRRRL):
The VA offers the Interest Rate Reduction Refinance Loan (IRRRL), which allows veterans to refinance an existing VA loan to a lower interest rate without extensive paperwork or a new appraisal.
No Down Payment Requirement:
One of the most significant advantages of USDA loans is that they allow for 100% financing. Borrowers can purchase a home without making a down payment.
Flexible Credit Requirements:
While USDA loans consider credit history, they are more lenient regarding credit scores. Borrowers with lower credit scores may still qualify.
Rural and Suburban Eligibility:
USDA loans are specifically designed for properties in eligible rural and suburban areas. The program aims to promote homeownership in less densely populated regions.
Income Limits:
USDA loans have income limits based on the area’s median income. Borrowers must meet these limits to qualify. The program is particularly beneficial for moderate-income households.