Mortgage Products
At PrimeLending we have a wide variety of loan products to fit any need. Just click on the category that fits your need.
PrimeLending Programs
First Time Home Buyer ProgramConventional Loans
Government Programs
Rehab & Remodeling Loans
Special Property, Foreclosure, and Refinance Programs
Credit Scoring
Condos
First Time Home Buyer Program
1. FirstHome Mortgage: these are loans for first time homebuyers (certain borrowers such as military or properties in targeted census tract areas can get an expectation on being a first time buyer) that meet NC Housing's criteria, at lower than market fixed interest rates on FHA, USDA, VA, and conventional financing (conventional only at 80%, others at normal financing).
What are the income limits?
Click here to see the household income limits for your county.
What is the maximum sale price?
$225,000 is the maximum price of a new or existing home
What is a first time buyer?
A first time buyer a buyer who has not had ownership in a principal residence during the past 3 years. We prove this by requesting the last 3 years tax returns. There are exceptions to this rule.
What type of properties are eligible?
Single family homes, townhomes, modular, approved condos. We cannot lend on manufactured homes on this product.
2. Mortgage Credit Certificate (MCC) Tax Credit. Click here for details.
3. Down Payment Assistance (new higher, more relaxed income guidelines):
$8,000 Down Payment Assistance available to qualifying first time homebuyers:
- 0% interest, deferred 30 year, non-amortizing loan
- 650 minimum credit score for borrower(s) on the loan
- FHA / VA loan types only
- Must be used with the NC Housing FirstHome mortgage (I am a NC Housing Certified Loan Officer)
- Home must be built after 1978 (lead paint rules)
- 45% maximum debt to income ratio
- Pre-purchase education certification required
- For county household income limits, click here
Conventional Loans
1. Fixed rate loans: These loans give you the security of a guaranteed rate for loan terms from 10 years to 30 years.2. Adjustable rate loans: If you are after a low initial rate and plan on being in the home for a short length of time an adjustable rate loan might be a perfect fit. The fixed period can be from three to ten years.
3. Jumbo and super jumbo loans over $417,000: We have both fixed and adjustable rate jumbo loans for more expensive and exclusive homes. We can loan over $2,000,000. Terms are up to 30 years as well. Click here for details.
Refinance with Cash Out within just 6 months of Purchase using the appraised value with new Fannie Mae Guidelines for Cash-Out Refinances with less than 6 months seasoning!
4. Fannie Mae DU Refinance Plus up to 125% of Appraised Value.
The FNMA DU Refinance Plus program is a product offered by FNMA for most to all currently serviced Fannie Mae loans. This option is designed to assist borrowers who have demonstrated an acceptable pay history on their mortgage, but due to a decline in home values or the lack of available mortgage insurance, have been unable to refinance. If a borrower does not have pmi on the current loan, the new loan will not have pmi as well even though there is not equity in the property.
Guidelines:
Maximum LTV 125%
Maximum CLTV unlimited
Minimum LTV 105%
Minimum credit score 620
Primary, Second Home, and Investment Properties
30 Year fixed rate only
Government Programs
These loans typically require lower down payments and are sponsored by various government organizations.
1. FHA: Requires as little as 3.5 percent down payment. Read more on FHA Loans here, and to find your county FHA loan limits, click here. We have a new program for FHA Flip transactions (within 90 days of previous sale) that allow values/prices up to 150% of the previous purchase price. There are additional requirements for these types of loans compared with regular FHA loans. Call for details.
2. USDA: These are often termed “rural development” programs. Homes that fall into designated areas are eligible. This program has liberal income limitations but allows 100% financing. Get the general USDA guidelines here, and check on property and income eligibility here.
Directions for determining property eligibility on the USDA website: click on “single family housing” under “Property Eligibility,” choose the “accept” button, either enter the specific address or zoom in on the map for more general searches.
Directions for determining income eligibility on the USDA website: click on “single family housing” under “Income Eligibility,” choose the state, choose the county, complete the household members information, click on “next,” complete the “gross monthly income” screen, then press “finish.” You will see if the income is eligible for a USDA Guaranteed Rural Housing Loan.
3. VA: Reserved for veterans only and has many advantages such as 100%, no mortgage insurance and streamline refinance programs as well as purchase programs. Go to my VA page for more details.
4. Government-sponsored first-time homebuyer programs and down payment assistance: These are special programs that offer tax credits and other benefits to first time homebuyers, as well as assistance in making initial down payments. We have NC Housing Finance Agency’s “FirstHome Mortgage” available. We offer this program as a bond program through the NC Housing Finance Agency. It is a 30 year fixed product often below market interest rates available to first time homebuyers (not owned a home a primary residence in the previous 3 years).
5. FHA 203H Loan program helps Disaster Victims. The 203H Loan Program can help get you and your family back on track in a new home. Click here for the details.
Rehab and Remodeling Loans
1. Property Rehabilitation and Remodeling (203K FHA): Whether you are buying a foreclosure or a property that needs upgrading, we have the program for you. Instead of spending extra out of pocket money to upgrade or repair, this program provides financing for this work. Contact me for details.
2. Escrow Holdback up to $5000 in repairs required by the appraiser to meet HUD standards.
* For a USDA or FHA loan we can escrow for required repairs (up to $10,000 or 10% of the loan amount, which ever is less on USDA)
* Licensed contractor must complete work after closing
* Work can include items such as HVAC unit, wiring, repair flooring, roof, etc.
* Will help save loans that would normally be denied in underwriting for property condition
3. Fannie Mae Homestyle Renovation is a program that allows funds for any repairs or renovations that are permanent to the property and add value on primary, secondary, or investment properties. This program may be used for purchases or refinancing. Fannie Mae Homestyle Renovation
4. Purchase and Refinance Plus: Renovation program for new and existing properties with up to $5,000 in improvements!
Special Property, Foreclosure, and Refinance Programs
1. Buying a condominium? These are difficult to finance in today’s market but we have loans for primary residence, second homes and non-warrantable condos!2. Fannie Mae Refinance Plus: If you currently have a home where the loan was purchased by Fannie Mae you can refinance with little or no equity in your property!
3. Freddie Mac Refinance Relief: A similar program to the Fannie Mae Refi Plus for loans bought by Freddie Mac. Again, little or no equity required to refinance.
4. Fannie Mae Homepath & Homepath Renovation: Available for primary, secondary, or investment purchases. One can even finance home improvements and repairs into the mortgage loan. We are one of a short list of approved lenders able to finance Fannie Mae foreclosed properties at special terms specific to these properties. Read more about Fannie Mae Homepath here. Read more about Fannie Mae HomePath Renovation here.
5. Multi Property Borrowers: For borrowers with more than four financed properties who are looking to purchase or refinance a second home or investment properties. Now cash out refinances are allowed on this program: 1 unit second home or investment properties up to 70% of appraised value or 2 – 4 unit second home or investment properties up to 65% of the appraised value; 720 minimum credit score for both.
6. Manufactured Homes or Doublewides: FHA financing available for manufactured homes / doublewides. Go to Manufactured Home Guidelines
Credit Scoring
A credit score is a number that helps lenders and others predict how likely you are to make your future credit payments on time. Each score is based on the information at that time in your credit report. You have probably heard the saying or said it yourself that you “feel like a number”. Well as far as credit scoring goes, you are a number and you want it as high as it can possibly be. Learn more about increasing your credit scores on my page for Credit Scoring. To go over your credit questions you may have or if you have more than minor issues on credit and need to speak with a credit repair specialist, contact me and I can refer you to someone that can speak with you about repairing your credit to the level to purchase a new home today.Condos
Approved Condos List - Conventional Loans Only
Carolina Lake Beach Villas, 408 Carolina Beach Avenue South, Carolina Beach, NC 28428
Malibu Pointe Condos, 1706 South Ocean Blvd, North Myrtle Beach, SC 29582
Topsail Dunes Villas, New River Inlet Road, North Topsail Beach, NC 28460
Modern Baking Company, 801 North 4th Street, Wilmington, NC 28401
Approved Condo List - FHA & Conventional Loans
The Village at Mayfaire, Town Center Drive, Wilmington, NC
Willoughby Park, Willoughby Park Court, Wilmington, NC 28412
