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 Program
Conventional 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). For more details, read the first time buyer program descriptions above.
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.
6. Special Government products:
- FHA $100 Down: This is a special FHA program where the allowance of only $100 down for the down payment is a sales incentive placed on certain HUD REO listings.
- HUD Good Neighbor Next Door: his program is available for teachers, emergency technicians, firefighters, and law enforcement officers. The buyer gets a 50% discount on the sales price. The HUD property listing must say that the property is eligible for GNND. The buyer must live in the property at least 36 months, must be employed in the same vicinity as the home, and the home must be located in a revitalized area of the community
- VA Jumbo: A great way to purchase a primary residence in which the purchase price is over the conforming loan limit for the area. There is no monthly pmi and it is a much lower down payment than a regular jumbo loan.
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. Homepath Renovation: This is a great way to purchase a home at a great price and finance the improvements you want to make your dream home. See more details in the HomePath Renovation program description in the next section.
Special Property, Foreclosure, and Refinance Programs
1. Condominium Mortgages: These are difficult to finance in today’s market but we have loans for primary residence, second homes and investment. Learn more about condos below.
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 Mortgage: To view Fannie Mae foreclosed properties for sale, go to www.homepath.com. When you see the Homepath logo in the “Property Features” section for a listing on HomePath.com, this means the property is eligible for a HomePath Mortgage. Features of the HomePath Mortgage include:
- No PMI on any mortgage over 80% of the sales price
- No appraisal required
- Primary Residence up to 97%, Second homes and investment properties up to 90%
- 10 – 30 year fixed rates or 3/1, 5/1, 7/1, & 10/1 Libor ARM’s available
- 660 credit score required for > 80% LTV
- We do not lend on HomePath manufactured homes
- Up to 50% debt ratio allowed with strong compensating factors
- Very quick closing because no appraisal is required
- Condos do not have to go through the condo approval process to warrant the project meets Fannie Mae guidelines. Just need to verify sufficient insurances are in place
5. Fannie Mae HomePath Renovation Mortgage: When you see the HomePath Renovation logo in the “Property Features” section for a listing on HomePath.com, this means the property is eligible for a HomePath Renovation Mortgage. This is a great way to purchase a home at a great price and finance the improvements you want to make your dream home. Features of the HomePath Renovation Mortgage include:
- PrimeLending is one of just a handful of lenders who are approved to close HomePath Renovation Mortgages
- No PMI on any mortgage over 80% of the sales price
- One loan covers percentage of the sales price plus renovations to be completed after closing
- Finance up to $35,000 or up to 35% of the “as completed value” of the home in improvements or renovation
- Primary residence up to 95%, Second homes up to 90%, and investment properties up to 75%
- 15 & 30 year fixed rates available
- 660 credit score required for all LTV’s
- We do not lend on HomePath manufactured homes
- Minimum loan amounts: Primary residence = none, 2nd homes = $30,000, investment properties = $50,000
- Buyers cannot do their own improvements and we must have the improvements and contractor approved with PrimeLending
Read more about Fannie Mae Homepath here. Read more about Fannie Mae HomePath Renovation here.
6. Multiple Financed Properties Program: Investors are having difficulty in financing a mortgage when they own more than 4 financed properties. Our solution to help real estate investors purchase or refinance investment properties or a 2nd home is our Multiple Financed Properties program which is a Fannie Mae product allowing between 5 and 10 financed properties.
Highlights of the Multiple Financed Properties Program include:
- 30 & 15 year fixed, 5/1 Libor Arm options
- Purchase LTV: Second home= 75% for 1 unit, Investment = 75% for 1 unit, 70% for 2 - 4 unit
- Rate/term refinance LTV: Second home = 70% for 1 unit, Investment = 70% for 1 - 4 units
- Cash-out refinance LTV: Second home = 70% for 1 unit, Investment = 70% for 1 unit, 65% for 2 - 4 units
- 720 minimum credit score
- Minimum loan amounts: $30,000 for 2nd homes, $50,000 minimum for investment. NO EXCEPTIONS
- Borrowers who purchase are only eligible for a cash-out refinance loan within 6 months of ownership if guidelines are met
- Most lenders will only allow up to 4 financed properties
- Not available for primary residences
- Additional 6 months asset reserves on each other financed 2nd home or investment property is required
7. 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
There are so many condos for sale today yet the number of approved condominium projects is pretty low. We have a condo department to help in going through the condo review process. Please contact us if you have a condominium project you would like us to compare against our approved condo list.
Common condo issues causing condos not to be approved:
- High rental concentration
- Condotel characteristics: check in desk
- Construction defect litigations
- Commercial space over 20% of project
- Mandatory rental pool agreements
- Daily rentals
- Single entity owning more than 10% of the project
Common items needed to request condo project approval:
- Complete our PrimeLending Condo Questionnaire
- Copy of the project budget
- Recorded declaration & Bylaws
- Master insurance policies
- Commercial General Liability policy
- Fidelity coverage if over 20 units
