Ross Mortgage Corp., a full-service residential mortgage lender headquartered in Troy, Mich., recently added four new specialty loan options, including a one-time close construction loan that provides an affordable and flexible financing solution for people who are considering building new instead of buying used.
The new construction loan offers a lower down payment depending on the borrower’s loan financing preference, one-time application and closing costs, and the benefit of locking in a lower interest rate at the beginning of the process, the lender says in a release.
Ross Mortgage – which operates 15 locations through a network of offices located in Michigan, Florida and Maryland – has also introduced a new “doctor loan” that was created for physicians with potentially high student loan debt looking to start their career or residency and need a mortgage.
This loan removes the need to provide proof of at least two years’ worth of employment, no down payment is required, and closing costs can come from alternative sources, such as financial gifts from family members or seller concessions.
In addition, the lender has delivered a new manufactured home loan that can be combined with FHA, VA, USDA Rural Development or conventional financing, giving those interested in buying a manufactured home access to more housing options and competitive financing.
With flexible credit qualifying requirements, borrowers need a minimum credit score of 600 to be eligible.
Lastly, Ross has introduced a new Veterans Affairs renovation loan that combines the benefits of a VA mortgage and renovation loan into one convenient financing option exclusive to veterans.
Benefits of this loan include zero down payment, no monthly private mortgage insurance, low rates and fees, and flexible qualifying and credit requirements.
The lender says it is introducing these new loan products because the housing market requires specialty loans that are custom-built to fit the needs of today’s homebuyers.