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Already found a house you want to buy? Want to know how much you need to pay for it each month? Use our mortgage calculator and find out which payment terms and interest rates will suit your desired monthly payment.

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We offer a wide range of mortgage options. Choose from 15- or 30-year conventional or government-insured loans such as FHA, VA, or USDA with low interest rates and down-payment requirements.

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PRMI in Hendersonville is represented by local licensed loan officers, all of whom have years of experience in the local mortgage market. You can count on our help finding the ideal mortgage option for your home.

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Trusted Mortgage Company in Hendersonville, TN

Your dream of owning a home can soon become a reality with Primary Residential Mortgage located Hendersonville, TN. Whether you’re looking to buy your first home, relocating to a new one, or purchasing an investment property or vacation home, PRMI Hendersonville is here to help.

In your journey toward becoming a homeowner, choose an established mortgage lender that can help you finance your ideal home in Hendersonville, Nashville, Murfreesboro, or other surrounding areas.

Fulfilling Dreams of Homeownership in Tennessee

We help make the dream of homeownership come to fruition. With nearly 200 loan options to choose from, finding an affordable mortgage program that fits your unique requirements is easier than you think. A local specialist will be with you through each step of the application process, whether you’re applying as a first-time homebuyer or looking to refinance an existing mortgage.

Our team takes great pride in making sure each and every customer has a positive, personal home loan experience. We are not only knowledgeable about the local Nashville market, we are also backed by one of the industries most reputable lenders with a nationwide presence. Purchase a new home or refinance your current one with a trusted local mortgage company in Hendersonville.

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The Mortgage Lender You Can Turn To

PRMI Hendersonville has been helping individuals, couples, families and retirees obtain home financing for over 10 years. We’ve seen small local communities blossom into thriving neighborhoods. We’re proud to specialize in the local mortgage industry and use our knowledge to help borrowers in Hendersonville, Nashville, Murfreesboro, and many other surrounding areas find the best program for their unique situation and goals. Talk to our team today about your home loan needs.

Variety of Mortgage Program Options and Dedicated Service

With a wide variety of home loan options, we can help customize a program that will best meet your needs. Our streamlined application process called ClickApproval™ helps simplify and expedite the application process. Our experienced loan officers pride themselves on excellent customer service and help to ensure that your experience will be as stress-free as possible. Get in touch with us today.

 

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howrenovationloanswork_blog
Aug 25, 2020 02:05 PM

By: Primary Residential Mortgage, Inc.

Are you interested in buying a fixer-upper or remodeling your current house to make it feel more like home? Primary Residential Mortgage, Inc. offers renovation loans that could help you make your goals a reality. Keep reading to learn about renovation loan basics.

What Is a Renovation Loan?

Renovation loans provide additional funds to cover renovations or large remodeling projects when you buy or refinance a home. The loan is combined with the mortgage or refinance loan so you have only one monthly payment.

How Does a Renovation Loan Work?

A renovation loan lets buyers take out max financing based on the “after-improved” value of a home, or how much the house is estimated to be worth after the renovations are complete. That gives them more room in their budget.

Renovation Loans at PRMI

We offer three types of renovation loans.

  • FHA Limited 203(k) loan
  • FHA Standard 203(k) loan
  • HomeStyle Renovation loan

Your Loan Officer will talk to you about your specific needs and goals and help you determine the right loan for you.

FHA Limited 203(k) loan

The FHA Limited 203(k) loan is a government-insured loan program that lends buyers up to $35,000 on top of their mortgage to make minor changes to an existing home.

This is a good option if you need funds for installing new appliances, repairing decks, upgrading roofs and fixing things like drainage systems, HVAC systems, electrical systems and plumbing.

  • No structural repairs allowed
  • No minimum repair amount
  • Maximum repair amount can’t exceed $35,000
  • All work must be completed within six months
FHA Standard 203(k) loan

The FHA Standard 203(k) loan provides renovation financing for homes that require major renovations, structural repairs or other changes exceeding $35,000. It covers everything from minor rehabilitations to complete tear-downs.

As long as the foundation remains in place, a home can be demolished or razed as part of rehabilitation and still be eligible for a Standard FHA loan. If the house is uninhabitable during construction, borrowers can finance up to six months of mortgage payments.

  • One general contractor required
  • FHA-approved HUD consultant required
  • $5,000 minimum repair amount
  • No maximum amount other than county loan limit
  • No luxury items like pools or gazebos
  • All work must be completed within six months
  • Borrower must occupy the property as their primary residence within 30 days of closing

Note: All Standard FHA 203(k) loans require a HUD-approved consultant to help navigate and oversee the construction process.

HomeStyle Renovation loan

The HomeStyle Renovation loan is similar to FHA loans, but it allows buyers to finance luxury items like swimming pools, detached garages or gazebos in addition to basic renovations. It can be used for a primary residence, secondary residence or investment property.

Like the FHA Standard 203(k) loan, the HomeStyle Renovation loan lets borrowers finance six months of mortgage payments if the house is uninhabitable during construction.

  • HUD consultant may be required
  • No minimum borrowing amount
  • Maximum amount of repairs can’t exceed 75% of the “after-improved” value
  • Loan amount can’t exceed max county loan limit
  • All work must be completed within 12 months
Is a Renovation Loan Right for You?

A renovation loan could be just what you need to turn your house into a home you’ll love. We’ll meet with you to discuss your goals, finances and ideas and help you find the right financing for you.

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