Loan Programs

Who We Are

Primary Residential Mortgage, lnc:s slogan, “Where the Primary Focus is You” is not just a phrase-it is deeply rooted in our day-to-day operations and embodies how we treat each customer. It really is all about you.

Your home. Your loan. Your experience.

Why Choose PRMI?

FLEXIBILITY. Processing, underwriting and funding in­-house. Plus, we’re a direct lender with Fannie Mae, Freddie Mac and Ginnie Mae.

SERVICE. We’ve invested in the education, training, and technology we need to ensure the top quality experience you deserve complete with quick turn around times and quality programs.

STABILITY. PRMI has 2,000 employees nationwide, throughout 49 states meaning you have the support of a knowledgeable company behind you and your loan.

FROM PROCESSING, UNDERWRITING AND CLOSING, we have control at the branch level.

Programs

PRMI understands the unique financial need of doctors. Whether you’re still finishing residency or are a partner in a fast-growing practice. The PRMI doctor loan may be the perfect mortgage option fit.

Program offerings:

Fixed-rate mortgage terms, allows for student loan paymets to be excluded from debt-to-income calculation, LTVs permitted up to 95% on conforming loan limits and 90% on super conforming loan limits.

Want a Cost-Effective Energy-Saving Home?

Upgrade or remodel your home using an energy efficient mortgage.

An Energy Efficient Mortgage gives you an opportunity to refinance cost-effective, energy-saving measures as part of a single mortgage, whether you’re purchasing a new home or refinancing an existing home.

  • Helps the environment: an energy efficient home can help decrease your carbon footprint and reduce greenhouse gas emissions.
  • Potentially lower costs: after remodeling, you may have lower utility bills and may be eligible for an energy star tax credit.
  • May help with resale value: as energy costs increase, homes that are energy efficient become more attractive to potential buyers

If you are hiring a contractor to renovate your home or buying that fixer upper, the FHA 203K loan may be right for you. It lends you the money to purchase or renovate the home plus the extra money necessary to make the upgrades. The FHA 203K offers a low down payment and flexile fixed-rate terms.

  • 3.5% Down Payment (gifts, grants, or community seconds accepted)
  • 15 or 30 year fixed-rate terms
  • Credit score as low as 640
  • Up to 96.5% financing loan to value

PRMI’s FHA Construction One-Time Close loan gives the benefits of a FHA loan combined with construction and permanent loans (3.5% down and down to 620 credit score). It closes upfront before construction begins and there is no requalifying the borrower after the loan is closed.

Beneficial Features:

  • Low Down Payments- as little as 3.5% down will work in most instances, and 5% covers most others.
  • Higher Loan Amounts- In some areas, FHA maximums can exceed conventional loan limits.
  • Lower Total Cash to Close- Sellers can help pay closing costs, and borrowers can receive gift money toward their down payments.
  • Streamlined and Cash Out Refinancing- Subsequent refinancing can be far easier and more lenient than with conventional loans.
  • Purchase and Rehab Financing- Please see the FHA 203k loan and FHA Construction.
  • Of course, we’ll always fully assess your situation, educate you on available options and help guide you to financing that suits your needs.

Down Payment Assistance

  • 3.5% Of original loan amount will be given to qualified applicants for down payment and closing costs
  • 4.5% To qualified veterans, first responders and teachers

Homebuyer Eligibility:

Min FICO score of 640 and max 45% debt-to-income ratio.

Program Eligibility:

Primary residence and purchase only. Must occupy home within 60 days of closing. Limitations: Max credit qualifying income cannot exceed $88,340. Max purchase price of $300,000 for property.

To help home owners create the home of their dreams, Fannie Mae has introduced the HomeStyle Renovation loan. The HomeStyle loan is Fannie’s version of a construction loan, with flexible down payment requirements and lending guidelines.

Guidelines

Eligible Properties:

  • Primary residence, 1-4 units
  • One-unit second homes

Down Payment Requirements: 

Owner Occupied (purchase or refinance)

  • One Unit: 5% down/equity fixed rate
  • Two Units, Multi Fam: 15% down/equity fixed rate
  • Three to Four Units: 25% down/equity fixed rate

Second Home (purchase or refinance) 10% down/equity fixed rate

Mortgage Types:

15 and 30 year fixed

Loan Includes (must be lender approved)

  • Architects/designer expenses
  • Energy efficiency assessments
  • Engeineering and design updates
  • Required inspections
  • Permit fees

It’s important to ask these three questions when you invest in real estate:

  1. How can I increase my rate of return?  The cornerstone of any smart investment strategy is to calculate your rate of return.  With real estate this is done by running the numbers using an internal rate of return (IRR) formula that takes into account:
    • Present Value (PV) – what am I paying out of pocket to get into this investment?
    • Term (N) – what’s my timeline and how long am I going to hold this investment?
    • Periodic Cash Flow (PMT) – what’s my monthly cash flow?
    • Future Value (FV) – what are my net proceeds (after expenses) when I sell the investment?
  2. How does my rate of return with real estate compare with other investment opportunities that may have less headaches?  When calculating your rate of return, make sure to account for:
    • Carrying costs (mortgage, taxes, insurance, maintenance, etc.)
    • Your time spent managing the property
    • Vacancy loss if you don’t find a tenant
  3. How can I reduce my risk?  You may want to consider these strategies to reduce your investment risk:
    • Increase your liability insurance in case something goes wrong and someone sues you
    • Consider a rent-to-own strategy where you find a tenant before you find a property
    • Consider mortgage strategies that result in more cash flow and/or better liquidity 

A Jumbo Home Loan With A Tiny Down Payment

Why pay 10% down on a higher-priced home? We now offer a Jumbo Loan Program that requires a smaller down payment of just 5% to qualify borrowers.

Program Details:

  • $625,500 maximum Loan Amount
  • 740 minimum Credit Score
  • 15,20 and 30 Year Terms Available
  • Primary Residence Only
  • 38% or Lower Debt to Income

Special Financing for Credit Scores Between 500 & 620

Low Down Payment:

  • Credit Scores of 580+ = 3.5% Down
  • Credit Scores Below 580 = 10% Down

Two Months Reserves:

(6 Months if Utilizing Retirement Account)

  • Employment: Min. of 12 months in the same line of work for the borrower’ 6 months for the co-borrower
  • Verifiable rental history of 12 months
  • Must take a HUD-Approved homeownership workshop

WORK WITH A TRUSTED LENDER. CONTACT ME TODAY!