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RCMF News
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Join RHS Realty in Their Annual Charitable Garage Sale
posted: 04/17/2008
RHS Realty will hold its annual charitable garage sale at it Apple Valley location on May 10th from 9:00 AM until 2:00 PM. All proceed go to Dakota Woodlands, People Serving People and Habitat for Humanity.
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| RHS Realty will hold its annual charitable garage sale at it Apple Valley location on May 10th from 9:00 AM until 2:00 PM. All proceed go to Dakota Woodlands, People Serving People and Habitat for Humanity. |
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River City Mortgage & Financial and Northern Star Bank Announce Merger.
posted: 03/30/2008
Northern Star Financial, Inc. (OTCBB: NSBK) today announced merger plans for NSBK and River City Mortgage and RHS Title, wholly owned subsidiaries of River City Group of Eagan, Minnesota. The Agreement is subject to regulatory approval.
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River City Mortgage is a mortgage banker involved in the origination of residential real estate mortgage loans for various lenders. RHS Title is a title insurance agency providing title insurance, escrow and closing services in connection with residential and commercial real estate properties. The Company was founded in 1984 as an originator of high quality conventional and government guaranteed loans. River City Mortgage and RHS Title will continue to operate under their current name as an operating division and a subsidiary of Northern Star Bank. Northern Star Bank is a wholly owned subsidiary of Northern Star Financial.
"We are very pleased to have reached this agreement providing for a merger of equals," said Thomas Stienessen, Chief Executive Officer of Northern Star Financial. "This is a major undertaking for our organization that will be made easier by the long-term relationship we have enjoyed and the commonality of interest. I have known and admired the company and its principals for years, and we are excited about our future potential together. We believe the resulting organization will benefit from an expanded footprint in the market place and from the managerial resources, clients, products, services and capital the merger of our two companies brings."
"We are very excited about the opportunity to merge with Northern Star," said Louis Olsen, the founder of River City. "We look forward to becoming part of Northern Star Financial. Our long-term relationship and trust lead us to this opportunity to grow together while benefiting our customers, communities and shareholders. This is a natural fit for both companies and will help us contribute to the bank's growth and earnings. We expect that we will double our mortgage originations and significantly raise our visibility in the mortgage industry with an expanded menu of loan products and services while positioning the organization for continued growth and expansion."
The Northern Star organization will be joined by 65 additional River City employees at seven title insurance offices and six prime production offices in the Minneapolis - St Paul metro area in addition to an office in Grand Forks, North Dakota and Melbourne, Florida.
The Company commenced operations on January 25, 1999 as a bank holding company whose subsidiary provides financial services. Northern Star Bank's business is that of a financial intermediary and consists primarily of attracting deposits from the general public and using such deposits, together with borrowings and other funds, to make secured and unsecured loans to business and professional concerns and mortgage loans secured by residential real estate and other consumer loans. The Bank operates two full-service offices that are located in Mankato and St. Cloud, Minnesota.
THIS PRESS RELEASE CONTAINS FORWARD-LOOKING INFORMATION AND ACTUAL RESULTS MAY DIFFER.
Statements that Northern Star Financial may publish, including those in this announcement that are not strictly historical, are "forward-looking" statements made under the safe harbor provisions of the Private Securities Litigation Reform Act of 1995.
Forward-looking statements are inherently unreliable and actual results may vary. Factors which could cause actual results to differ from these forward-looking statements include changes in the competitive marketplace, changes in the interest rate environment, economic conditions, outcome of pending litigation, risks associated with credit quality and other factors discussed in the Company's filings with the Securities and Exchange Commission. The Company undertakes no obligation to publicly update or revise any forward-looking statements, whether as a result of new information, future events or otherwise. |
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The Federal Reserve has cut US interest rates sharply
posted: 03/18/2008
The Federal Reserve has cut US interest rates sharply in a bid to restore confidence to nervous financial markets and boost the ailing economy.
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The Federal Reserve has cut US interest rates sharply in a bid to restore confidence to nervous financial markets and boost the ailing economy.
The central bank lowered rates to 2.25% from 3%, but the cut was smaller than financial markets had expected.
Many economists believe the US economy is already in a recession.
The Fed has taken strong action this week to avert a financial panic after investment bank Bear Stearns was forced into a fire sale to avoid collapse.
US Treasury Secretary Henry Paulson admitted earlier on Tuesday that the US economy was facing a "sharp decline" at the moment, but hoped for a recovery later in the year.
The Fed has now lowered rates six times since mid-September in a bid to boost the economy, which is reeling from the credit crisis that was triggered by a slump in the US housing market.
"Today's policy action, combined with those taken earlier, including measures to foster market liquidity, should help to promote moderate growth over time and to mitigate the risks to economic activity," the Federal Reserve said.
US stocks trimmed sharp gains after the announcement.
Recession fears
The Fed is hoping its actions will stave off both a recession in the wider economy and go some way to ease unprecedented conditions in the financial system.
"The cut continued the Fed's efforts to calm the markets after the steps they took over the weekend with Bear Stearns and to calm the market's fears," said K. Daniel Libby at Sands Brother Select Access Fund.
"The Fed has shown that they are focused on getting the economy back on its feet first and foremost, and they will worry about inflation later," he said.
"There can be no health in the economy until the banking system is working properly."
Banks have been unwilling to lend to each other because they are worried about losses on investments backed by US mortgages.
Those investments have been hit by the slump in the US housing market.
Source "BBC" |
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US Congress and President Bush Raise FHA Loan Limits
posted: 03/08/2008
U.S. Congress quickly passed a national economic stimulus package and many trade groups thanked President George W. Bush for his leadership and willingness to promptly enact legislation that will help thousands of families, the housing market, and the U.S
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WASHINGTON, Feb 08, 2008 /PRNewswire-USNewswire via COMTEX/ -- The National Association of Realtors congratulated the U.S. Congress for quickly passing a national economic stimulus package and thanked President George W. Bush for his leadership and willingness to promptly enact legislation that will help thousands of families, the housing market, and the U.S. economy.
"We believe the economic stimulus bill that Congress sent to the president today is strong legislation that will quickly impact the nation's families and economy," said NAR President Richard Gaylord, a broker with RE/MAX Real Estate Specialists in Long Beach, Calif. "We are pleased that both the Federal Housing Administration (FHA) and the Fannie Mae and Freddie Mac (GSE) loan limits have been increased, even if only temporarily. This will be a major stimulus for the housing industry and for people who want to own a home."
Increasing FHA loan limits will help an additional 138,000 Americans achieve the dream of homeownership and will allow nearly 200,000 homeowners to refinance and potentially keep their home, according to NAR research. In addition, NAR believes that increasing the loan limits for Fannie Mae and Freddie Mac will bolster the severely stressed housing finance market by immediately infusing much needed liquidity into the nation's mortgage market. "While such an increase will not solve the full range of housing challenges, it will play a vitally important role in improving the nation's economy and making the dream of homeownership more attainable for thousands," said Gaylord.
An economic impact study conducted by NAR earlier this month estimated that increasing the GSEs' conforming loan limits would result in as many as 500,000 refinanced loans and could help reduce foreclosures by as much as 210,000. In addition, over 300,000 additional home sales could be generated, housing inventory would be reduced and home prices would be strengthened by two to three percentage points. "These are real results and will have an immediate and sustainable impact for families across our country," said Gaylord.
The National Association of Realtors, "The Voice for Real Estate," is America's largest trade association, representing more than 1.3 million members involved in all aspects of residential and commercial real estate industries. NAR is the leading advocate for homeownership, affordable housing and private property rights.
Information about NAR is available at http://www.realtor.org. This and other news releases are posted on the Web site's "News media" section in the NAR Media Center.
REALTOR(R: 55.51, -0.71, -1.26%) is a registered collective membership mark which may be used only by real estate professionals who are members of the NATIONAL ASSOCIATION OF REALTORS and subscribe to its strict Code of Ethics. Not all real estate agents are REALTORS. All REALTORS are members of NAR.
SOURCE National Association of Realtors |
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Get Help Before You Get Behind
posted: 02/23/2008
There is little help for homeowners once they get behind on their house payment. River City Mortgage & Financial recommends that you seek advice on your options before you get behind on your payments. Tips on how to avoid foreclosure..
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If you are unable to make your mortgage payment:
1. Don't ignore the problem.
The further behind you become, the harder it will be to reinstate your loan and the more likely that you will lose your house.
2. Contact your lender as soon as you realize that you have a problem.
Lenders do not want your house. They have options to help borrowers through difficult financial times.
3. Open and respond to all mail from your lender.
The first notices you receive will offer good information about foreclosure prevention options that can help you weather financial problems. Later mail may include important notice of pending legal action. Your failure to open the mail will not be an excuse in foreclosure court.
4. Know your mortgage rights.
Find your loan documents and read them so you know what your lender may do if you can't make your payments. Learn about the foreclosure laws and timeframes in your state (as every state is different) by contacting the State Government Housing Office.
5. Understand foreclosure prevention options.
Valuable information about foreclosure prevention (also called loss mitigation) options can be found on the internet at www.fha.gov/foreclosure/index.cfm.
6. Contact a HUD-approved housing counselor.
The U.S. Department of Housing and Urban Development (HUD) funds free or very low cost housing counseling nationwide. Housing counselors can help you understand the law and your options, organize your finances and represent you in negotiations with your lender if you need this assistance. Find a HUD-approved housing counselor near you or call (800) 569-4287 or TTY (800) 877-8339.
7. Prioritize your spending.
After healthcare, keeping your house should be your first priority. Review your finances and see where you can cut spending in order to make your mortgage payment. Look for optional expenses-cable TV, memberships, entertainment-that you can eliminate. Delay payments on credit cards and other "unsecured" debt until you have paid your mortgage.
8. Use your assets.
Do you have assets-a second car, jewelry, a whole life insurance policy-that you can sell for cash to help reinstate your loan? Can anyone in your household get an extra job to bring in additional income? Even if these efforts don't significantly increase your available cash or your income, they demonstrate to your lender that you are willing to make sacrifices to keep your home.
9. Avoid foreclosure prevention companies.
You don't need to pay fees for foreclosure prevention help-use that money to pay the mortgage instead. Many for-profit companies will contact you promising to negotiate with your lender. While these may be legitimate businesses, they will charge you a hefty fee (often two or three month's mortgage payment) for information and services your lender or a HUD approved housing counselor will provide free if you contact them.
10. Don't lose your house to foreclosure recovery scams!
If any firm claims they can stop your foreclosure immediately if you sign a document appointing them to act on your behalf, you may well be signing over the title to your property and becoming a renter in your own home! Never sign a legal document without reading and understanding all the terms and getting professional advice from an attorney, a trusted real estate professional, or a HUD approved housing counselor.
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President George W. Bush is scheduled to sign H.R. 5140
posted: 02/23/2008
President George W. Bush is scheduled to sign H.R. 5140, better known as the economic stimulus package into law on Wednesday.
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President George W. Bush is scheduled to sign H.R. 5140, better known as the economic stimulus package into law on Wednesday. The package, which was passed by both houses of Congress at what looked like warp speed compared to the way most legislation is handled these days, is intended to address the fear of recession that is paralyzing the stock market and causing consumers to cut back on spending. Still, the housing industry will get one bit of help out of the new legislation. Title II will temporarily raise the conforming loan limits for loans that can be purchased by Fannie Mae and Freddie Mac and for loans that can be guaranteed by the FHA. This will make it easier to obtain mortgages to purchase or refinance homes in more expensive markets; the more loans the two Government Sponsored Enterprises can purchases the more money there will be available for lending. The current maximum loan that Freddie or Fannie can purchase is $417,000 and the limit for FHA loans is somewhat lower.
The legislation is geographically specific and will provide assistance only in those areas where housing prices are well above the national average. The legislation reads that the loan limitation "on the maximum original principal obligation of a mortgage that may be purchased...shall be the higher of-
the limitation for 2008 (i.e. $417,000); or
125 percent of the area median price for a residence of the applicable size, but in no case to exceed 175 percent of the limitation for 2008.
In other words, Fannie and Freddie cannot purchase any loan for which the original principal balance exceeds $729,750 or 175% of the 2008 limitation. However, in most parts of the country where median prices are under $250,000 the limit will remain at $417,000.
It is not possible to know specifically what the impact will be on one area or another but the legislation mandates that the Secretary of Housing and Urban Development publish the median prices and corresponding loan limits within 30 days of the enactment of the legislation.
As an example (thanks to the website of Congressman Vita J. Fossella (R-NY), in the 13th Congressional District (Staten Island, Brooklyn, and New York City) among the highest cost areas in the country, the median price of a single family home is approximately $550,000, therefore the new loan limits for Fannie or Freddie approved mortgages will be raised to $687,000 (median price x 125 percent) in that area.
While the point of the change in conventional loan limits is to free up funds for new loans, Congressman Fossella points out an additional benefit to homeowners when "jumbo" loans become conventional:
"The current national average for a 30-year fixed jumbo loan is 6.56% while the interest rate for a 30-year fixed conforming loan is only 5.45% for qualified buyers. For example, on a $550,000 mortgage, the savings is about $390 per month, or more than $4,600 a year - or $138,000 over the life of the mortgage. The savings on a $650,000 mortgage would be about $460 a month, more than $5,500 a year and more than $165,000 over 30 years."
The changes for FHA borrowers are more complicated. Existing loan limits for FHA are lower than those for Freddie and Fannie and vary by metropolitan statistical area. For example the maximum FHA loan in Boise, Idaho is currently $230,850. In Omaha Nebraska it is $200,160; and in New York's 13th District $362,790. The latter amount appears to be the highest limit in the contiguous 48 states. Thus, using 175 percent of current limits the new limit for New York will be $634,882 and Boise would be, under the formula, $403,987. However, Boise will actually have a new limit of $417,000 because the new loan limit for FHA loans will, in no case, be less than that amount.
Peter Coy, writing in Business Week maintains that this change in loan limits will only impact 20 of 160 metro areas in the United States where home prices are highest. These generally tend to be on the East and West Coasts. He also claims that the market will be charging a premium for mortgages that are close to the higher limits and that premium may partially offset the reduced interest rates home buyers would enjoy under the higher loan limits.
As stated at the beginning, this provision is indeed very temporary. It was made retroactive for loans that were originated during the period beginning July 1, 2007 and it ends on December 31, 2008. The retroactive nature of the legislation will allow lenders to package and sell many of the so-called jumbo loans that were originated earlier, thus freeing up money to make more loans. However, the new limits will apply to loans originated during this period for the life of the loan, so the loans can be repackaged and resold at any time. |
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Federal Reserve Lowers Rates Again.
posted: 01/31/2008
New York -- Forging ahead Wednesday with an aggressive strategy for warding off a feared recession, the Federal Reserves Open Market Committee cut interest rates again.
The central bank slashed its federal funds rate, the interest that banks charge ea
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| New York -- Forging ahead Wednesday with an aggressive strategy for warding off a feared recession, the Federal Reserve’s Open Market Committee cut interest rates again. The central bank slashed its federal funds rate, the interest that banks charge each other, by a half point to 3%, marking the fifth time rates have been cut since September. |
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Mortgage Rates Fall To Lowest Level In Four Weeks
posted: 01/04/2008
Freddie Mac today released the results of its Primary Mortgage Market Survey (PMMS) in which the 30-year fixed-rate mortgage (FRM) averaged 6.07 percent with an average 0.5 point for the week ending January 3, 2008, down from last week when it averaged 6.
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| Freddie Mac today released the results of its Primary Mortgage Market Survey (PMMS) in which the 30-year fixed-rate mortgage (FRM) averaged 6.07 percent with an average 0.5 point for the week ending January 3, 2008, down from last week when it averaged 6.17 percent as well. Last year at this time, the 30-year FRM averaged 6.18 percent. |
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Congress Renews Extension of Mortgage Insurance Deductibility
posted: 12/20/2007
This week, Congress has approved or renewed several tax relief measures to keep the dream of homeownership alive for both new homebuyers and existing homeowners. The legislation itself is no different than what was passed last year. MI premiums are still
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| This week, our United States Congress has approved or renewed several tax relief measures to keep the dream of homeownership alive for both new homebuyers and existing homeowners. The extension of MI tax deductibility is top among them. The legislation itself is no different than what was passed last year. MI premiums are still fully deductible for taxpayers earning up to $100,000, and partially deductible for those with incomes between $100,000 and $109,000. The only difference is that the deduction now applies to policies written through the 2010 calendar year. |
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RHS Realty Agent Recieves Southern Twin Cities Association of Realtors® Prestigious Award
posted: 12/09/2007
Rick Kettereling, an RHS Realty agent, received the prestigious "Agent of the Year" award from the Southern Twin Cities Association Realtors. Thank you Rick for your contributions to our industry and our country.
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| Rick Kettereling, an RHS Realty agent, received the prestigious "Agent of the Year" award from the Southern Twin Cities Association Realtors®. Thank you Rick for your contributions to our industry and our country. |
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Freddie Mac (NYSE:FRE) today released the results of its Primary Mortgage Market Survey®
posted: 12/06/2007
Freddie Mac (NYSE:FRE) today released the results of its Primary Mortgage Market Survey® (PMMS®) in which the 30-year fixed-rate mortgage (FRM) averaged 5.96 percent with an average 0.4 point for the week ending December 6, 2007, down from last week when
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| Freddie Mac (NYSE:FRE) today released the results of its Primary Mortgage Market Survey® (PMMS®) in which the 30-year fixed-rate mortgage (FRM) averaged 5.96 percent with an average 0.4 point for the week ending December 6, 2007, down from last week when it averaged 6.10 percent as well. Last year at this time, the 30-year FRM averaged 6.11 percent. The 30-year FRM has not been lower since the week ending September 29, 2005, when it averaged 5.91 percent. |
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Considering a Reverse Mortgage?
posted: 11/25/2007
Reverse Mortgages are becoming popular in America. The U.S. Department of Housing and Urban Development (HUD) created one of the first. HUD's Reverse Mortgage is a federally-insured private loan, and it's a safe plan that can give older Americans greater
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1. What is a reverse mortgage?
A reverse mortgage is a special type of home loan that lets a homeowner convert a portion of the equity in his or her home into cash. The equity built up over years of home mortgage payments can be paid to you. But unlike a traditional home equity loan or second mortgage, no repayment is required until the borrower(s) no longer use the home as their principal residence. HUD's reverse mortgage provides these benefits, and it is federally-insured as well.
2. Can I qualify for a HUD reverse mortgage?
To be eligible for a HUD reverse mortgage, HUD's Federal Housing Administration (FHA) requires that the borrower is a homeowner, 62 years of age or older; own your home outright, or have a low mortgage balance that can be paid off at the closing with proceeds from the reverse loan; and must live in the home. You are further required to receive consumer information from HUD-approved counseling sources prior to obtaining the loan. You can contact the Housing Counseling Clearinghouse on 1-800-569-4287 to obtain the name and telephone number of a HUD-approved counseling agency and a list of FHA approved lenders within your area.
3. Can I apply if I didn't buy my present house with FHA mortgage insurance?
Yes. It doesn't matter if you didn't buy it with an FHA-insured mortgage. Your new HUD reverse mortgage will be a new FHA-insured mortgage loan.
4. What types of homes are eligible?
Your home must be a single family dwelling or a two-to-four unit property that you own and occupy. Townhouses, detached homes, units in condominiums and some manufactured homes are eligible. Condominiums must be FHA-approved. It is possible for individual condominiums units to qualify under the Spot Loan program.
5. What's the difference between a reverse mortgage and a bank home equity loan?
With a traditional second mortgage, or a home equity line of credit, you must have sufficient income versus debt ratio to qualify for the loan, and you are required to make monthly mortgage payments. The reverse mortgage is different in that it pays you, and is available regardless of your current income. The amount you can borrow depends on your age, the current interest rate, and the appraised value of your home or FHA's mortgage limits for your area, whichever is less. Generally, the more valuable your home is, the older you are, the lower the interest, the more you can borrow. You don't make payments, because the loan is not due as long as the house is your principal residence. Like all homeowners, you still are required to pay your real estate taxes and other conventional payments like utilities, but with an FHA-insured HUD Reverse Mortgage, you cannot be foreclosed or forced to vacate your house because you "missed your mortgage payment."
6. Can the lender take my home away if I outlive the loan?
No! You do not need to repay the loan as long as you or one of the borrowers continues to live in the house and keeps the taxes and insurance current. You can never owe more than your home's value.
7. Will I still have an estate that I can leave to my heirs?
When you sell your home or no longer use it for your primary residence, you or your estate will repay the cash you received from the reverse mortgage, plus interest and other fees, to the lender. The remaining equity in your home, if any, belongs to you or to your heirs. None of your other assets will be affected by HUD's reverse mortgage loan. This debt will never be passed along to the estate or heirs.
8. How much money can I get from my home?
The amount you can borrow depends on your age, the current interest rate, and the appraised value of your home or FHA's mortgage limits for your area, whichever is less. Generally, the more valuable your home is, the older you are, the lower the interest, the more you can borrow.
9. Should I use an estate planning service to find a reverse mortgage?
I've been contacted by a firm that will give me the name of a lender for a "small percentage" of the loan? HUD does NOT recommend using an estate planning service, or any service that charges a fee just for referring a borrower to a lender! HUD provides this information without cost, and HUD-approved housing counseling agencies are available for free, or at minimal cost, to provide information, counseling, and free referral to a list of HUD-approved lenders. Call 1-800-569-4287, toll-free, for the name and location of a HUD-approved housing counseling agency near you.
10. How do I receive my payments?
You have five options:
Tenure - equal monthly payments as long as at least one borrower lives and continues to occupy the property as a principal residence.
Term - equal monthly payments for a fixed period of months selected.
Line of Credit - unscheduled payments or in installments, at times and in amounts of borrower's choosing until the line of credit is exhausted.
Modified Tenure - combination of line of credit with monthly payments for as long as the borrower remains in the home.
Modified Term - combination of line of credit with monthly payments for a fixed period of months selected by the borrower.
Need more information? Call us for details...
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River City Mortgage Offers FHASecure Mortgage
posted: 11/25/2007
WHAT IS FHASecure. FHASecure is a refinancing option that gives credit-worthy homeowners, who were making timely mortgage payments before their loans reset but are now in default, a second chance with a FHA insured loan product.
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WHAT IS FHASecure
FHASecure is a refinancing option that gives credit-worthy homeowners, who were making timely mortgage payments before their loans reset but are now in default, a second chance with a FHA insured loan product.
WHO IS ELIGIBLE
To qualify for FHASecure, and include the delinquent loan payments, homeowners wishing to refinance must meet the following requirements:
Have a non-FHA insured ARM that has reset;
Sufficient income to make the mortgage payment; and
A history of on-time mortgage payments before the loan reset.
Homeowners who are current on their conventional mortgages must have sufficient income to make the mortgage payment.
By refinancing into a FHA insured mortgage, you can expect to pay lower monthly mortgage payments. FHASecure can improve the quality of life for many communities by helping to reduce the number of mortgage defaults and bringing greater stability to local housing markets.
Need more information? Contact a River City Mortgage & Financial Loan Officer or go to www.fha.gov |
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New Home Sales Rebound in September
posted: 10/25/2007
According to Martin Crutsinger, an AP Economics Writer:
"Sales of new homes posted an unexpected gain in September although the improvement came after sales had fallen to the slowest pace in more than a decade."
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Martin Crutsinger, an AP Economics Writer, "Sales of new homes posted an unexpected gain in September although the improvement came after sales had fallen to the slowest pace in more than a decade.
View the entire article at http://biz.yahoo.com/ap/071025/economy.html |
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RIVER CITY MORTGAGE & FINANCIAL AGAIN RANKS IN TOP 25 TWIN CITIES LENDERS
posted: 08/28/2007
The Minneapolis-St. Paul Business Journal ranked River City Mortgage & Financial in the top 25 locally owned Twin Cities mortgage companies in mortgage volume. We want to thank all of our customers for their support and referrals.
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| The Minneapolis-St. Paul Business Journal ranked River City Mortgage & Financial in the top 25 locally owned Twin Cities mortgage companies in mortgage volume. We want to thank all of our customers for their support and referrals. |
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The Federal Reserve Lowers Key Interest Rate .50%
posted: 08/17/2007
The Federal Reserve surprised Wall Street by cutting the discount rate, which the central bank charges qualified lenders - mainly banks - for temporary loans, by 50 basis points to 5.75 percent.
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| The Federal Reserve surprised Wall Street by cutting the discount rate, which the central bank charges qualified lenders - mainly banks - for temporary loans, by 50 basis points to 5.75 percent. The move, while largely symbolic, was an attempt by the central bank to "promote the restoration of orderly conditions in financial markets," the Fed said in a statement. |
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Our Thanks To All Of Our Troops For Their Sacrifices. We Honor You This Memorial Day and Every Day!
posted: 05/28/2007
All of the employees at River City Mortgage & Financial, RHS Realty, RHS Title and Amerippraisals wish to thank all of the troops, past and present, for the sacrifices that they have made for our freedom. Our thoughts and prayers are with all of you and
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| All of the employees at River City Mortgage & Financial, RHS Realty, RHS Title and Amerippraisals wish to thank all of the troops, past and present, for the sacrifices that they have made for our freedom. Our thoughts and prayers are with all of you and your families on this Memorial Day. |
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RHS REALTY CELEBRATES GRAND OPENING OF NEW APPLE VALLEY OFFICE
posted: 05/24/2007
RHS Realty celebrated it's grand opening of it's new Apple Valley office located on the corner of Pennock Ave and 147th Street. We are proud to be a part of the Apple Valley community and thank the City of Apple Valley and the Chamber of Commerce for the
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| RHS Realty celebrated it's grand opening of it's new Apple Valley office located on the corner of Pennock Ave and 147th Street. We are proud to be a part of the Apple Valley community and thank the City of Apple Valley and the Chamber of Commerce for the warm welcome. |
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RIVER CITY MORTGAGE & FINANCIAL ACHIEVES A 96% APPROVAL RATING FROM ITS CUSTOMERS
posted: 04/27/2007
Our customers have once again given us the thumbs up on our service. 96% of our 2006 customers would recommend us to somebody else. We thank all our employees for their dedication and hard work and, our customers for their support. We look forward to a
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| Our customers have once again given us the thumbs up on our service. 96% of our 2006 customers would recommend us to somebody else. We thank all our employees for their dedication and hard work and, our customers for their support. We look forward to another great year in 2007. |
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PATRIOT GUARD HONORS ONE OF ITS OWN
posted: 04/19/2007
The Minnesota Patriot Guard Honors a fallen member, Michael Hanson on Saturday, April 21st at 11:00 AM at the Mount Olive Lutheran Church in Anoka, MN.
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| The Minnesota Patriot Guard will honer a fallen MN Patriot Guard Member, Michael Hanson on Saturday, April 21st at 11:00 AM at the Mount Olive Lutheran Church in Anoka, MN (700 Western Street). After the service in Anoka they will welcome home an American Hero, Sgt. Neil Duncan. If you would like more details, go to www.mnpatriotguard.org. |
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TO THE FAMILIES, STUDENTS AND FACULTY AT VIRGINIA TECH
posted: 04/18/2007
This is truly a sad time for all of us. Please accept our thoughts and prayers from everyone at River City Mortgage & Financial, RHS Realty and Title. You are all in our hearts and in our minds...
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| This is truly a sad time for all of us. Please accept our thoughts and prayers from everyone at River City Mortgage & Financial, RHS Realty and Title. You are all in our hearts and in our minds... |
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RHS Realty Agents Receive President's Council Award
posted: 01/20/2007
RHS Realty Agents receive top honors by acheiving the President's Council Award in 2006. Their hard work and professional ethics make us proud to be a part of their success.
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| Joe Baker, David Barr, Gregg Bjorklund, Jim Davis, Dennis Guldseth, Keith & Sheila Hittner, Bill Jensen, Rick Ketterling, Shirley & Phil Larson, Mike Murphy, Melony Schmitz, Craig & Linda Smith, Mike Smith, Jon and Jan Valimas, Sue Wadsworth and Jill Waite received the RHS Realty President's Council Award. All of us at Rvier City Mortgage & Financial are proud to recognize them as the top agents in the real estate industry. |
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WAYNE GILBERT INDUCTED AS THE PRESIDENT OF THE SOUTHERN TWIN CITIES ASSOCIATION OF REALTORS
posted: 12/08/2006
Wayne Gilbert, general counsel for River City Mortgage & Financial and RHS Realty, was recently inducted as the President of the Southern Twin Cites Association of Realtors. Wayne will bring positive changes and results to our local real estate market.
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| Wayne Gilbert, general counsel for River City Mortgage & Financial and RHS Realty, was recently inducted as the President of the Southern Twin Cites Association of Realtors. Wayne will bring positive changes and results to our local real estate market. |
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RHS Realty Ranks 36th Fastest Growing Privately Held Company in Minnesota.
posted: 10/22/2006
RHS Realty ranked 36th in the Business Journals Top 50 Fastest Growing Privately Held Companies in Minnesota. Our congratulations go out to all of the employees and agents that make RHS Realty one of the best real estate companies in Minnesota.
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| RHS Realty ranked 36th in the Business Journals Top 50 Fastest Growing Privately Held Companies in Minnesota. Our congratulations go out to all of the employees and agents that make RHS Realty one of the best real estate companies in Minnesota. |
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HomStar USA Real Estate Services and RHS Realty Join Together!
posted: 10/11/2006
HomStar USA Joins RHS Realty, a subsidiary of River City Mortgage & Financial, to make it one of the largest independent real estate companies in the Twin Cities area. Please contact RHS Realty's dedicated agents to help purhase and sell your next home.
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| HomStar USA Joins RHS Realty, a subsidiary of River City Mortgage & Financial, to make it one of the largest independent real estate companies in the Twin Cities area. Please contact RHS Realty's dedicated agents to help purhase and sell your next home. |
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Wensmann Homes Ranks 4th Among All Builders In Customer Satisfaction
posted: 09/15/2006
Wensmann Homes, a proud business partner of River City Mortgage & Financial, was ranked 4th this year by J.D. Powers in customer satisfaction for Minnesota Homebuilders. Congratulations to all the employees of Wensmann Homes for a job well done.
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| Wensmann Homes, a proud business partner of River City Mortgage & Financial, was ranked 4th this year by J.D. Powers in customer satisfaction for Minnesota Homebuilders. Congratulations to all the employees of Wensmann Homes for a job well done. |
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RHS Realty Breaks Ground for New Apple Valley Office
posted: 07/27/2006
RHS Realty had a ground-breaking ceremony on June 13, 2006 for its new Apple Valley office located on the corner of Pennock & 147th Street. Completion will be late fall of this year. RHS Realty is an affiliate of River City Mortgage & Financial.
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| RHS Realty had a ground-breaking ceremony on June 13, 2006 for its new Apple Valley office located on the corner of Pennock & 147th Street. Completion will be late fall of this year. RHS Realty is an affiliate of River City Mortgage & Financial. |
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RHS Realty and Title Celebrates Grand Opening of New Prior Lake Office
posted: 07/20/2006
RHS Realty and Title celebrated their grand opening last week in Prior Lake. Present for the ribbon cutting was Tony Ashworth, Lynn Collins, John Parrish, Dennis Guldseth, Louis Olsen and Jenny Nagy. Many thanks to the Chamber for their support.
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| RHS Realty and Title celebrated their grand opening last week in Prior Lake. Present for the ribbon cutting was Tony Ashworth, Lynn Collins, John Parrish, Dennis Guldseth, Louis Olsen and Jenny Nagy. Many thanks to the Chamber for their support. |
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The Federal Reserve on Thursday raised a key interest rate for the 17th consecutive time.
posted: 06/29/2006
WASHINGTON -- The Federal Reserve on Thursday raised a key interest rate for the 17th consecutive time and signaled that further rate hikes may still be needed to fight inflation.
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WASHINGTON -- The Federal Reserve on Thursday raised a key interest rate for the 17th consecutive time and signaled that further rate hikes may still be needed to fight inflation.
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\\r\\nThe central bank boosted the federal funds rate, the interest that banks charge each other, by a quarter-point to 5.25 percent, the highest level in more than five years. When the Fed started its credit tightening campaign two years ago, the funds rate stood at a 46-year low of 1 percent. |
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River City Mortgage & Affliliates Recognized For Their Donations To Bush-Clinton Katrina Fund
posted: 06/15/2006
River City Mortgage & Financial, RHS Realty and Title's employess were recongnized for their generous donations to Bush-Clinton Katrina Fund. Our companies are proud to have employees that realize the importance of these worthy causes.
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| River City Mortgage & Financial, RHS Realty and Title's employess were recongnized for their generous donations to Bush-Clinton Katrina Fund. Our companies are proud to have employees that realize the importance of these worthy causes. |
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Matt Birk's Celebrity Golf Tournament Scores Bid For Kids
posted: 06/15/2006
River City Mortgage & Financial, a major sponsor of the Matt Birk HIKE Foundation, is proud to provide at risk Twin Cities' children with the educational opportunities needed to excel in the classroom and in life.
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| River City Mortgage & Financial, a major sponsor of the Matt Birk HIKE Foundation, is proud to provide at-risk Twin Cities\\' children with the educational opportunities needed to excel in the classroom and in life. |
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HUD Proposes Modernization to Increase Homeownership
posted: 04/28/2006
WASHINGTON - In an effort to increase homeownership opportunity for many Americans, the Department of Housing and Urban Development today announced a far-reaching proposal to modernize the Federal Housing Administration (FHA).
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HUD PROPOSES MODERNIZATION OF FEDERAL HOUSING ADMINISTRATION
Legislative Proposal would increase access to FHA for potential homebuyers
WASHINGTON - In an effort to increase homeownership opportunity for many Americans, the Department of Housing and Urban Development today announced a far-reaching proposal to modernize the Federal Housing Administration (FHA) and make it an important financing option in today's housing market.Assistant Secretary for Housing- Federal Housing Commissioner Brian D. Montgomery presented the House Subcommittee on Housing and Community Opportunity with the FHA Modernization Act, a legislative proposal that would enable FHA to reach deeper into the pool of prospective borrowers. Many of these borrowers are currently willing to pay subprime rates to become homeowners because they believe they have no other option.
"FHA was created during the Depression to stimulate the housing market at a time when homeownership simply wasn't a reality for most people," said Montgomery. "FHA has been able to help over 33 million families become homeowners since that time, but now it needs to be able to adapt to today's marketplace. A new, modern-era FHA would offer many hard-working Americans a variety of homeownership options that are safer and at a fair price."
The FHA Modernization Act would:
1) Create a new, risk-based insurance premium structure for FHA that would match the premium amount with the credit profile of the borrower . It would replace the current structure, in which there is standard premium amount for all borrowers, while still protecting the soundness of its Insurance Fund. FHA would have the flexibility to charge higher-risk borrowers a slightly higher premium, and to charge a lower premium for low-risk borrowers.
2) Eliminate the current statutory three percent minimum down payment, reducing a significant barrier to homeownership . FHA's existing down payment requirement does not meet the demands of today's marketplace, where most first-time homebuyers put down two percent or less. The "new" FHA would offer a variety of down payment options.
3) Increase and simplify FHA's loan limits. FHA's loan limit in high-cost areas would rise from 87 to 100 percent of the GSE conforming loan limit and in lower-cost areas from 48 to 65 percent of the conforming loan limit. This change is crucial in today's housing market. In many areas of the country, the existing FHA limits are lower than the cost of new construction, eliminating FHA financing as an option for buyers of new homes in those markets. FHA has simply been priced out of the market in other areas, such as California, where FHA insured only about 5,000 home mortgages in all of 2005.
The legislation would also expand the availability of the Home Equity Conversion Mortgage (HECM) program for the elderly by eliminating the cap on the number of these loans that FHA can insure. In addition, a new HECM for Home Purchase product would enable the elderly to move from the family home to housing more suitable for them as they age.
Other proposed reforms would make it easier for FHA to serve purchasers of affordable housing such as manufactured homes and condominiums. FHA would eliminate a feature of its Manufactured Housing program that limits how much a lender can recoup from mortgage defaults, providing greater incentive for lenders to make these loans. The proposal would also increase the loan limits to reflect the real cost of manufactured housing today. The legislation would also eliminate burdensome statutory provisions for insuring condominiums, which serve as one of the primary forms of affordable housing for first-time homebuyers.
HUD is the nation's housing agency committed to increasing homeownership, particularly among minorities; creating affordable housing opportunities for low-income Americans; and supporting the homeless, elderly, people with disabilities and people living with AIDS. The Department also promotes economic and community development as well as enforces the nation's fair housing laws. More information about HUD and its programs is available on the Internet at www.hud.gov and espanol.hud.gov. |
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Mortgage Rates Slip
posted: 03/19/2006
Rates on 30-year mortgages, which had jumped to the highest level in 2 1/2 years, edged down slightly this week.
Mortgage giant Freddie Mac reported Thursday that rates on 30-year, fixed-rate mortgages averaged 6.34 percent this week.
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Rates on 30-year mortgages, which had jumped to the highest level in 2 1/2 years, edged down slightly this week.
Mortgage giant Freddie Mac reported Thursday that rates on 30-year, fixed-rate mortgages averaged 6.34 percent this week. |
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Federal Housing Administration (FHA) Raises Minnesota Loan Limits
posted: 02/22/2006
FHA, a branch of the U.S. Department of Housing and Urban Development (HUD), raised their loan limits in the Minneapolis-St. Paul area to $251,750. Loan limits are posted by county on the HUD website at: https://entp.hud.gov/idapp/html/hicostlook.cfm.
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| The Federal Housing Administration (FHA), a branch of the U.S. Department of Housing and Urban Development (HUD), raised their loan limits in the Minneapolis-St. Paul area to $251,750. They also raised the loan limits for most counties outside the Twin Cities area to $200,160. Loan limits are posted by county on the HUD website at: https://entp.hud.gov/idapp/html/hicostlook.cfm. |
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FIXED RATE MORTGAGES REMAIN LOW
posted: 02/20/2006
Despite Alan Greenspan raising short-term interest rates prior to his recent departure, 30-year fixed rate mortgages hover around 6.0%.
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Despite Alan Greenspan raising short-term interest rates prior to his recent departure, 30-year fixed rate mortgages hover around 6.0%. Expert predicted a 1.5% rise in mortgage rates in 2006 because of a strong US economy and the recent action by the outgoing Fed Chairman.
The decision by Fed Chairman Alan Greenspan and other central bank policy-makers, which was widely expected, brings the overnight federal funds rate to 2 percent, up from 1 percent in June when the Fed began raising the benchmark from its lowest level in 46 years.
"Output appears to be growing at a moderate pace despite the rise in energy prices, and labor market conditions have improved," the Fed said in a statement explaining the decision. |
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River City Mortgage & Financial purchases Perimeter Mortgage
posted: 01/13/2006
On January 1, 2006 River City Mortgage & Financial (RMCF) purchased Perimeter Mortgage. RCMF looks forward to providing the same excellent service to all of Perimeter's past and current customers. Questions? Contact Shirley Haapala at 651-406-5000.
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RHS Realty Tops The 50 Fastest Growing Private Companies In The Twin Cities Area
posted: 11/15/2005
RHS Realty, LLC, an affiliate of River City Mortgage & Financial, tops The Business Journal's fastest growing top 50 companies for 2004. RHS Realty soared to $8.6 million in 2004, up 125.7 percent from two years earlier.
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River City Mortgage & Financial No. 10 in the The Business Journal's Top 25 Mortgage Companies
posted: 10/17/2005
River City Mortgage & Financial comes in No. 10 in the Twin Cities Business Journal's Top 25 Residential Mortgage Companies for 2004. Our heart-felt thanks go out to our customers and employess for everything that they do to help us grow.
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RCMF Helps Katrina Victims
posted: 10/03/2005
RCMF, RHS Realty and RHS Title employees donate over $20,000 to Katrina Victims through the American Red Cross, Bush-Clinton Relief Fund and the Videau Family in Melbourne, Florida.
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| RCMF, RHS Realty and RHS Title employees donate over $20,000 to Katrina Victims through the American Red Cross, Bush-Clinton Relief Fund and the Videau Family in Melbourne, Florida. |
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RCMF Originates Over $53 Million in Loans
posted: 09/20/2005
RCMF would like to thank all of it's customers, employees and real estate agents for helping to originate over $53 million dollars in loans in the month of August. It would not have been possible without your support.
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RCMF Closes Early
posted: 09/02/2005
We will be closing our offices at 2:00 PM today, September 2nd.
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| In appreciation for the great job that our employees do, River City Mortgage & Financial will be closing it's offices today, September 2nd at 2:00 PM. We wish everyone a safe and happy Labor Day Weekend. |
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RHS Realty Opens New Prior Lake, Minnesota Office
posted: 08/26/2005
RHS Realty opens new real estate office in downtown Prior Lake. Through this office they will service west Dakota and Scott County residence. This is the fifth office opened in as many years.
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| RHS Realty opens new real estate office in downtown Prior Lake. Through this office they will service west Dakota and Scott County residence. This is the fifth office opened in as many years. Please free to contact them for a free market analysis of your home today. They look forward to serving all your home and financial needs.
16154 Main Avenue Southeast, Suite 110C, Prior Lake, Minnesota 55372 Phone: 952-224-3300 |
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River City Mortgage & Financial Receives U.S. Department of Defense's Above and Beyond Award
posted: 06/20/2005
River City Mortgage & Financial (RCMF) recently received the prestigious Above and Beyond Award from the U.S. Department of Defense for its support of our employees in the Guard and Reserves. RCMF was nominated by Loan Officer Sergeant Bridget Davidson.
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Elimination of Refunds of Upfront Mortgage Insurance Premiums (MIP)
posted: 06/10/2005
Refunds of the Federal Housing Administrations (FHA) upfront mortgage insurance premiums (MIP) on purchase transactions has been eliminated effective for those mortgages endorsed for insurance on or after December 8th.
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| Refunds of the Federal Housing Administrations (FHA) upfront mortgage insurance premiums (MIP) on purchase transactions has been eliminated effective for those mortgages endorsed for insurance on or after December 8th, 2004, except when the borrower refinances to another mortgage to be insured by FHA. New refund schedules for those borrowers who refinance to another FHA-insured mortgage is modified to a three-year time period. |
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New Lakeville Offices
posted: 06/10/2005
Eagan, MN - River City Mortgage & Financial is proud to announce the opening of our newest office in Lakeville. Together with RHS Realty and RHS Title we now have a Lakeville office.
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| Eagan - River City Mortgage & Financial is proud to announce the opening of our newest office in Lakeville. Together with RHS Realty and RHS Title we now have a Lakeville office. |
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RCMF Honored in Minnesota
posted: 10/22/2004
Minneapolis, MN - Once again River City Mortgage & Financial was honored as one of the fastest growing privately held companies in Minnesota. River City was ranked as the 21st fastest growing company in Minnesota. Our continued growth is proof that we
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| Minneapolis, MN - Once again River City Mortgage & Financial was honored as one of the fastest growing privately held companies in Minnesota. River City was ranked as the 21st fastest growing company in Minnesota. Our continued growth is proof that we are exceeding our customers expectations. |
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RCMF Plymouth Moves to Maple Grove
posted: 07/16/2004
Maple Grove, MN - River City Mortgage & Financial has outgrown our Plymouth location thus opening new doors in Maple
Grove. The Maple Grove office is located about a mile from the new main
street plaza attractions. This newest location will also soo
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RHS Title Opens New Office
posted: 03/17/2004
Prior Lake, MN - RHS Title, a proud partner, of RCMF opened a new office in Prior Lake. The office is located in Lakefront Plaza building on Main Ave SE.
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RCMF Launches New Website
posted: 03/09/2004
Eagan, MN -- RiverCity Mortgage
& Financial launches a brand new updated website.
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RCMF Opens New Offices in Cambridge
posted: 02/10/2004
Eagan, MN -- RCMF recently opened its new offices near the downtown are of Cambridge, Minnesota. The new building, designed and built for River City Mortgage and its affiliate company RHS Title, is one of the newest in the area.
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| RCMFl recently opened its new offices near the downtown are of Cambridge, Minnesota. The new building, designed and built for River City Mortgage and its affiliate company RHS Title, is one of the newest in the area. |
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