Purchase Loan Products
Conventional Loans
A conventional loan is a mortgage that is not insured, or guaranteed, by the federal government. They’re popular with borrowers who have good credit, a stable job and income, who can afford a down payment, and people who are financially stable overall. Government-backed loans like the VA, FHA, USDA and other loan programs are designed for people who can’t afford a significant down payment, have less than perfect credit, are first-time homebuyers, and others who may need some type of financing assistance.
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They are much simpler to apply and qualify for, with less paperwork, and you’ll have fewer rules and regulations to meet. -
You have a lot more options to choose from, the terms are more flexible and easier to customize and match to your financial situation and goals. -
They can be used for almost all types of properties, from single- and multi-family homes to condominiums and even manufactured homes. -
If you have at least 20% to put down on a purchase, or at least 20% equity when refinancing, you are not required to pay mortgage insurance. -
Conventional loan rates are often quite low since we know the borrower is financially stable and has good credit.
FHA Loans
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A low 3.5% down payment -
Flexible income and credit requirements -
Low closing costs
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30-year fixed rate FHA -
25-year fixed rate FHA -
20-year fixed rate FHA -
15-year fixed rate FHA
Veteran Loans
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No down payment -
Higher loan value -
No private mortgage insurance -
Limit on closing costs -
Option for seller to pay closing costs -
No penalty fee for early payoffs -
Possible VA assistance if you have difficulty with payments
Jumbo Loans
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A debt-to-income ratio lower than 43% -
A credit score above 700 -
Cash reserves—it’s not uncommon for some borrowers to ask for proof that you have enough money in the bank -
Financial documentation that extends beyond a conforming loan, including full tax returns, W-2s and 1099s.
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We offer loans up to 80% of the home’s value that require 20% down1 -
Fixed-rate and adjustable-rate jumbo loans are available -
Some jumbo loan programs allow down payments in the form of a gift
New Construction
Down Payment Assistance
BUYING A HOME MAY BE MORE AFFORDABLE THAN YOU THINK
Conventional Refinance
-
They are much simpler to apply and qualify for, with less paperwork and fewer rules and regulations. -
You have a lot more options to choose from and the terms are more flexible and easier to customize. -
They can be used for almost all types of properties, from single- and multi-family homes to condominiums and even manufactured homes.
USDA Refinance
Since the loan is guaranteed, the rate is typically lower because it’s not tied to your credit score or a down payment amount.
As of 2019, the upfront mortgage insurance rate on a USDA loan is just 1%, with an annual fee of only 0.35%, which are the lowest numbers of virtually any mortgage program.
The upfront fee can be rolled into the loan, eliminating an out-of-pocket expense at closing.
If you have lower credit scores or your credit history isn’t perfect, you may still meet the program’s qualifying requirements.
Cash-Out Refinance
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To pay for college or other education -
To pay for other major expenses like a wedding, dream vacation or family reunion -
To make upgrades to the home, like a pool, open concept or new kitchen -
To make improvements like walk-in-showers that will enable older homeowners to "age in place" -
To fund a nest egg or other investments -
To consolidate debt
FHA Refinance
Homeowners start with an introductory rate for the first few years before it adjusts every year after. With an ARM, your monthly payment is typically lower since the rate starts lower. ARMs are great options for people who think they may move and sell the home within five years.
Choosing between a 15-year or a 30-year fixed-rate will make the difference in your monthly payment and how much goes toward the principle balance. A 15-year loan will have higher payments but will build equity faster (while also ensuring you pay off the loan quicker). A 30-year means you will have a lower monthly payment, more goes to interest and you don’t build equity quite as fast.
If you've been in your home for some time or you've made some upgrades – or both – chances are your home may be worth more than what you owe on your mortgage. The difference between your home's value and what you owe on it is your available equity, and when you choose a cash-out refinance, you can gain access to that extra equity as cash.
VA Refinance
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No lender fees* at PrimeLending -
No private mortgage insurance (PMI) -
Easier credit requirements -
Limit on closing costs -
Higher loan value -
Possible assistance if needed
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Active service duty for 90 consecutive days of combat -
Active service duty for 181 days of peace -
Served 6 or more years in the National Guard or Selected Reserve -
Are a spouse of a veteran who died while in service or from a service-connected disability -
Have a Certificate of Eligibility
Refinance Loan Products
FHA 203k
If upgrades are needed to a home, an FHA renovation loan can help finance that work while helping to keep costs as low as possible. These government-backed loans can be used for purchasing or refinancing, and offer lower down payment requirements and lower refinancing interest rates.
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Update existing HVAC, plumbing or electrical systems -
Remodel or finish a basement or kitchen that doesn’t require structural work -
Painting and weatherizing -
Appliances -
Improving disabled accessibility
FHA Loans
What’s so easy about an EZ “C”onventional Repair Escrow? That’s the first question when seeing this renovation loan type (and name). The answer is: it makes it simple to finance small upgrades on a newly purchased home over a short period of time. Also, your bank account takes less of a hit, since EZ “C” helps eliminate duplicate fees or higher fees due to multiple loans.
Pool Escrow
Energy Efficient
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Adding solar electric systems -
Caulking and weather stripping -
Installing “smart” thermostats -
New or additional insulation -
Water heater insulation -
Window and door replacements -
Energy-efficient appliances like AC/furnace, refrigerator, etc.
Renovation Loan Types
Conventional Loans
A conventional loan is a mortgage that is not insured, or guaranteed, by the federal government. They’re popular with borrowers who have good credit, a stable job and income, who can afford a down payment, and people who are financially stable overall. Government-backed loans like the VA, FHA, USDA and other loan programs are designed for people who can’t afford a significant down payment, have less than perfect credit, are first-time homebuyers, and others who may need some type of financing assistance.
-
They are much simpler to apply and qualify for, with less paperwork, and you’ll have fewer rules and regulations to meet. -
You have a lot more options to choose from, the terms are more flexible and easier to customize and match to your financial situation and goals. -
They can be used for almost all types of properties, from single- and multi-family homes to condominiums and even manufactured homes. -
If you have at least 20% to put down on a purchase, or at least 20% equity when refinancing, you are not required to pay mortgage insurance. -
Conventional loan rates are often quite low since we know the borrower is financially stable and has good credit.
FHA Loans
-
A low 3.5% down payment -
Flexible income and credit requirements -
Low closing costs
-
30-year fixed rate FHA -
25-year fixed rate FHA -
20-year fixed rate FHA -
15-year fixed rate FHA
Veteran Loans
-
No down payment -
Higher loan value -
No private mortgage insurance -
Limit on closing costs -
Option for seller to pay closing costs -
No penalty fee for early payoffs -
Possible VA assistance if you have difficulty with payments
Jumbo Loans
-
A debt-to-income ratio lower than 43% -
A credit score above 700 -
Cash reserves—it’s not uncommon for some borrowers to ask for proof that you have enough money in the bank -
Financial documentation that extends beyond a conforming loan, including full tax returns, W-2s and 1099s.
-
We offer loans up to 80% of the home’s value that require 20% down1 -
Fixed-rate and adjustable-rate jumbo loans are available -
Some jumbo loan programs allow down payments in the form of a gift
New Construction
Down Payment Assistance
BUYING A HOME MAY BE MORE AFFORDABLE THAN YOU THINK
1 PrimeLending is not authorized to give tax advice. Please consult your tax adviser for tax advice for your specific situation.
2 Certain restrictions apply. Not available in all areas. Please contact your PrimeLending loan officer for more details.
3 Additional conditions may apply. Please contact your PrimeLending loan officer for more details.
4 Monthly payments for mortgages with an escrow account also applies payment to tax and insurance.