Ross Mortgage Corp., a full-service residential mortgage lender headquartered in Troy, announced an expansion to include four new specialty loan options.
The new specialty loans include a one-time close construction loan, a doctor loan, a manufactured home loan, and a Veterans Affairs (VA) renovation loan.
“In the competitive housing market, Ross Mortgage continues to offer value by delivering home financing options and lending solutions that are equally as competitive for our clients,” says Tim Ross, CEO of Ross Mortgage Corp. “These specialty loan options will offer more flexibility in our clients’ home buying journeys and aid them in getting into their next home in one seamless transaction.”
The one-time close construction loan provides a financing solution for people who are considering building a new home. This loan offers a lower down payment depending on 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 doctor loan was created for physicians with potentially high student loan debt looking to start their career or residency. 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.
The manufactured home loan can be combined with Federal Housing Administration, VA, USDA Rural Development, or conventional financing, giving those interested in buying a manufactured home access to more housing options and competitive financing. Borrowers only need a minimum credit score of 600 to be eligible.
The VA renovation loan combines the benefits of a VA mortgage and renovation loan into one financing option exclusive to veterans. Benefits include zero down payment, no monthly private mortgage insurance, low rates and fees, and flexible qualifying and credit requirements.
Ross Mortgage Corp. was founded in 1949. The company operates 15 locations in Michigan, Florida, and Maryland.