Dennis Hutera

NMLS # 209553


Dennis Hutera President

Loan Programs

The following is a partial list of programs offered by RDS Mortgage Corporation with a brief description of the key elements of each. For a complete list of the programs that we offer, please contact us at 708-415-8979 .



Conventional loans come in two main types: fixed-rate or adjustable-rate. These loans tend to have stricter requirements than government-backed loans, such as: a minimum score of 620 to qualify however, to secure the lowest interest rate and the best deal, you’ll want a 740 or higher. In most cases your debt-to-income ratio can’t exceed 45%. Minimum down payment starts at 3% for first time home buyers and 5% for non-first-time buyers.  

Jumbo Loans

Allows financing up to $3 million for purchase and or refinance on a primary home, vacation home or an investment property. Flexible eligibility requirements, including FICO’s from 680! Loan sizes above $647,200.  

FHA Loans

This a government-backed mortgage insured by the Federal Housing Administration. FHA home loans allow lower minimum credit scores and lower down payments compared to many conventional loans. FHA loans come in 15-year and 30-year terms with fixed interest rates. Borrowers must pay FHA mortgage insurance, which is designed to protect the lender from a loss if the borrower defaults. Mortgage insurance is required on most loans when borrowers put down less than 20 percent.

FHA Streamline Refinance: Allows a refinance of a current FHA mortgage on your primary residence where you may be able to lower your monthly mortgage payments- in some instances, even if you owe more than the value of the home!  It is very quick and simple because: No appraisal is required, no income verification is required, the credit requirements are simplified!!  

FHA 203(K) Standard & Limited Renovation: This is a perfect loan program if you want to finance a home that requires renovations or repairs and wrap the remodeling or repair costs into your mortgage.  You can finance the following:  corrections of deferred maintenance, remodel a kitchen or bathroom, create an open floor plan, foundation repairs, room additions, updates to old plumbing or septic, and repair of driveways or sidewalks. Standard is not capped at $35,000 of repairs but does require a HUD consultant to sign off on the project. Limited is capped at $35,000 of repairs but does NOT require a HUD consultant to sign off on project.  

FHA Reverse Mortgage: Allows borrowers aged 62 or older to purchase a home or convert equity in their home into income or a line of credit.  

FHA Good Neighbor Next Door: Discounts of up to 50% with as little as $100 down payment for HUD-owned properties.  Exclusively for law enforcement officers, firefighters, EMT’s and pre-kindergarten to Grade 12 teachers.  

FHA HUD REO: $100 down payment in select area with HUD approval.  Repair escrow of up to $10,000 is available. Must be a HUD owned property.  

All FHA loans require the borrower to pay two mortgage insurance premiums:

  • Upfront mortgage insurance premium: 1.75 percent of the loan amount, paid when the borrower gets the loan. The premium can be rolled into the financed loan amount.
  • Annual mortgage insurance premium: 0.45 percent to .85 percent, depending on the loan term (15 years vs. 30 years), the loan amount and the initial loan-to-value ratio, or LTV. This premium amount is divided by 12 and paid monthly.
  • FICO score of 500 to 579 with 10 percent down, or a FICO score of 580 or higher with 3.5 percent down.
  • Have verifiable employment history for the last two years.
  • Have verifiable income through pay stubs, federal tax returns and bank statements.
  • Use the loan to finance a primary residence.
  • Ensure the property is appraised by an FHA-approved appraiser and meets HUD guidelines.


The RefiNow and Refi Possible programs offer an affordable refinancing option aimed at making it easier and less expensive for qualifying homeowners to reduce their monthly housing costs by taking advantage of today’s historically low interest rates. Available to borrowers at or below 100% of the area median income with debt-to-income (DTI) ratios up to 65%, offers features that help to address some of the barriers to refinance and is a great option for creditworthy borrowers who may not have previously qualified.

To qualify for the refinance option, homeowners must have:

  • a Fannie Mae owned mortgage secured by a 1-unit, principal residence.
  • current income at or below 100% of the area median income.
  • no missed payments on their current mortgage loan in the past six months, and no more than one missed payment in the past 12 months; and
  • a mortgage with a loan-to-value ratio up to 97%, a debt-to-income ratio of 65% or less, and a minimum 620 credit score (applies to the new refinance loan).

HomeStyle Renovation

The Fannie Mae® HomeStyle® program allows you to purchase or refinance a home and bundle renovations, repairs, and even upgrades in the same loan. Make the home of your dreams a reality by taking advantage of this program. And when combined with Fannie Mae HomeReady®, HomeStyle offers even more flexibility and affordability. Using the HomeStyle program, you can finance in Improvements to an outdated home. You can complete corrections to deferred maintenance, build an addition, modernize the floor plan, upgrades to electrical, plumbing, roofing or energy efficiency. You can add a granny flat, also known as an Accessory Dwelling Unit (ADU), remodel bathrooms or the kitchen, add a swimming pool, build a garage and much more! 

HomeStyle offers n as low as 3% down and Financing on owner-occupied single-family residence, 2–4-unit properties, condos, homes in planned unit developments, or single-unit second homes and investment properties.

VA Loans

These programs are designed to help active Military duty, Reserves & National Guard, honorably discharged veterans, and eligible surviving spouses become homeowners.

VA Purchase Loans: No down payment required, no monthly mortgage insurance, and VA funding fee can be financed. 

VA Interest Rate Reduction Refinance Loan (IRRRL): Hassle-free refinancing for veterans to help you obtain a lower interest rate by refinancing your existing VA loan. Simple and fast closing In most cases, with no new appraisal or income verification is required and little or no out-of-pocket costs.  

VA Renovation Loan Program: This innovative renovation loan program is like having two loans in one with no down payment if you are a VA-qualified borrower! This is available to purchase a home or refinance your current loan, and you can take up to $50,000 in additional finances to use toward remodeling, renovations, or repairs.  


A non-qualified mortgage — or non-QM — is a home loan that is not required to meet agency-standard documentation requirements as outlined by the Consumer Financial Protection Bureau (CFPB). 

  • Flexible loan eligibility requirements, including credit scores and debt-to-income (DTI) ratios
  • Lenient application review processes, such as financial documentation and employment verification
  • Borrowers not eligible for VA, FHA, or other government loan programs
  • Alternative financing options for people who do not generate consistent income (contract workers, freelancers, small business owners, etc.)
  • Additional loan options including extended loan terms exceeding 30 years, interest-only payments and negative amortization
  • Note: Interest rates may be higher compared to conventional mortgages due to overall risk factor. 

Homes for Heroes

Homes for Heroes saves firefighters, EMS, law enforcement, military, healthcare, teachers money on house purchase, sale, refinance or mortgage. Here are some of the benefits of this program: 

  • 0.7% of price gets paid back to HFH Realtor Affiliate/Client whether you buy or sell.
  • Discounted lender fees on purchases or refinances with HFH preferred lender.
  • Discounted home inspections with HFH preferred home inspection company.
  • Discounted closing fee with HFH preferred closing company in states where allowed.

Note: Heroes include, but are not limited to, military personnel, teachers, firefighters, police officers, healthcare workers, and all personnel affiliated within these fields.

Ready to Get Started?

Whether you're refinancing your home, buying your first house, or consolidating your debt, we have the expertise to make it an easy, enjoyable process. 

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