Loan Programs

The following is a partial list of programs offered by BLUE RIBBON MORTGAGE & INVESTMENTS (NMLS #4474) with a brief description of the key elements of each. For a complete list of the programs that we offer, please contact us at 605-343-8087.

Conventional

Traditional loan programs that usually require 5% down and offer competitive interest rates. Documentation and fair-to-good credit are necessary.

VA Mortgages

Backed by the Veterans Administration and the federal government, it is similar to FHA except that you have to be a qualified Veteran or military person.

Rural Development

100% ~one loan with NO private mortgage insurance. One of the last 100% loans left!

FHA Mortgage

Backed by the Department of Housing and Urban Development, this mortgage offers the borrower the ability to put as little as 3% down payment – and they can even finance “allowable” closing costs. Seller can contribute up to 6% of the purchase price to the buyer towards closing costs.

Flex 97%

Similar to FHA, but without maximum mortgage amount limitations. Must be a single family, owner occupied home and borrower must have a credit score of over 680.

Investor Loans

Used to finance 1-4 family properties that will be for investment with as little as a 10% down payment. Aggressively priced, these programs have many variations, including: No Doc, Limited Doc, and Full Doc. Program may not be available in some states.

Construction Loans

Building a new home can be an exciting prospect - unless you get caught up in a construction loan approval process that is overly complicated and time consuming. With this loan, we will finance up to 90% of the cost of land plus the costs of construction. We offer a one-time fixed rate closing or traditional ARM products.

Second Mortgage Loans

Subordinate to the first mortgage, these loans offer the borrower the ability to get money for home improvement, debt consolidation, or many other reasons without disturbing their first mortgage. Convenient when you have a low interest first mortgage.

Jumbo Loans

Offers 30 and 15 year fixed rate mortgage and competitive ARM products with full document, alternate documentation and limited documentation.

Cash out and No cash out refinance are allowable. Single family detached, Condo's, PUD's and single-family second homes can be financed with no prepayment penalty.

No Income Verification

Loans where your income is not requested or verified with as little as 10% down are stated income loans. There are several varieties of the "no-doc" loan today. The type of loan that is best suited for a particular borrower depends on that borrower's situation. Some borrowers choose not to disclose employment, income, or asset information, while others may be willing to disclose employment and asset information but not income. Still others might be willing to disclose income but select a program that does not calculate debt-to-income ratios, allowing those borrowers to exceed the traditional guidelines in order to qualify for a larger mortgage amount. With all the different variations of the no-doc loan, there is definitely a mortgage program for today's non-conventional borrowers.

Credit Problems

Troubled credit? Bankruptcy? Been turned down somewhere else? We offer loan programs for customers with credit problems.

BLUE RIBBON MORTGAGE & INVESTMENTS

NMLS#175203 

2025 Jackson Boulevard
Rapid City, South Dakota 57702
605-343-8087
FAX: 605-343-6018
christina@blueribbonmortgage.com
Branch Manager: Christina M. Riemenschneider NMLS# 175203