I.                 Buyers may make application for a loan and receive a pre-approval letter from Republic State Mortgage. It is recommended that all required income documents be presented to insure an accurate preliminary underwriting assessment. We encourage our clients to make application on line using our convenient Apply Now! button.

II.               What if we already have a contract in hand? That’s even better. Just fax the fully executed contract to our processing/closing department at 615-377-7683.  Sellers are allowed to contribute up to 6% of buyer’s closing costs so make sure the FINAL contract reflects that. Buyer's closing costs may be financed over and above purchase price if the property appraises high enough.

III.          What are the credit requirements for Easy-Buy? This program is by far the best 100% purchase money loan left on the market today. That being said, it is wise to be aware that it is not a program for clients with a history of poor credit. The program allows for flexibility in credit scores but the credit history should basically be clean for the last 12 months. Exceptions are made case by case.

IV.            What if my client has no credit scores? That’s okay. If borrower can provide a rental history and 3 alternative trade lines they should qualify for this program.

V.              Why are income documents important for a pre approval?  Old-fashioned debt ratio requirements lead to far fewer foreclosures.  Exceptions to the debt ratio requirements are available on a case by case basis.

VI.           Why is there no monthly mortgage insurance premium like other loans have? The Easy-Buy Program allows for a one time 2% USDA guaranty fee that can be financed over and above the purchase price and appraised value. This results in savings of hundreds of dollars per year allowing more buyers to qualify.