Your Trusted Mortgage Company in Plano, TX

Buying a home is a big commitment; it is likely the most significant financial investment you’ll ever make. Before agreeing to terms on a home loan, be sure to arm yourself with the right information. More importantly, have a seasoned mortgage professional by your side who will guide you through the process and show you the best options based on your unique financial situation.

Seek help from one of the most trusted mortgage lenders. Call PRMI Plano, TX today!

Choose from Our Mortgage Options

We specialize in all types of home loans. Our experienced mortgage loan officers help you determine the type of loan that meets your needs and matches your financial requirements. As Plano and Dallas area residents, we are specialists in the local market and industry. We can advise you on finding the right loan program so you can make a well-informed decision that will work best for you and your family.

Primary Residential Mortgage in Plano, TX provides outstanding programs for government-funded home loans, such as VA, FHA, and USDA mortgages. If you prefer a conventional, reverse, or jumbo loan, we also specialize in those loan programs. Get in touch with our team of mortgage lenders today.

Loan Options:

Jumbo Loans: These loans have higher loan limits that help you purchase high-value Property. Low down payments are possible. *Limited Availability in some areas

New Construction Loans: When you're having trouble finding a home with everything you want, you could opt for a new construction loan in Plano and surrounding areas. 

First-Time Homebuyer: The first house you buy can affect your financial health for the rest of your life. If your starter home is more expensive than you can afford, you could be saddled with debt for decades. It would be difficult to buy a permanent home where you can raise your family in comfort. Be smart and seek a viable first-time homebuyer loan!

Home Loan: Texas A&M University's Real Estate Center Reports that the median price of a single family in Dallas- Fort Worth Area is $255,000. You do not need to have $45,000 (for a down payment) in the bank before buying a home. 

Low Credit Loan: home ownership is a privilege that comes easier to people with high credit scores, and who can afford a down payment for a house. Those with lower credit scores still have hope. However, if your credit score is below 600 you might qualify for a low credit home loan. 

Refinance: Financial circumstances can change over the course of a mortgage term. If your income is lower than when you first bought your home, you might want to reduce your monthly payments. We'll help you adjust your mortgage terms to a more affordable payment schedule. *

When it comes to refinancing your home loan, you can generally reduce your monthly payment amount; however, total finance charges, may be higher over the life of your mortgage loan.

VA Loans: Help make homeownership more attainable for veteran and military service members. The loans are federally insurance and available with no downpayment. *Plus, they do not require private mortgage insurance *

VA home loan purchases, have options for 0% down payment, No private mortgage Insurance requirements, competitive interest rates, with specific qualification requirements. VA Interest rate reduction loans (IRRRL) are only for Veterans who currently have a VA loan, current loan rate restrictions apply, and limits to recoupment of costs and fees apply. VA Cash-out Refinances are available for Veterans with or without current VA loans. Policies and guidelines may vary and are subject to the individual borrower(s) qualification. Program and Lender overlays apply.

FHA Loans: comes with low downpayment options, and lenient credit requirements.  These federally insured loans are designated to help more people achieve their homeownership goals. 

USDA Loans: are government insured loans that help people purchase homes in rural areas. These loans are often available with low or no downpayment. *Closing cost fees may still apply. 

Conventional Loans: offer affordable rates and flexible downpayment options. 

 

 

 

Local Specialists, National Resources

When you work with our Primary Residential Mortgage, Inc. team, you get to work with people who live in your community and know your area well. We’re your neighbors, and we’re passionately invested in your success and the future of our community. We truly want to get to know you and help you today as well as years down the road.

And while you get the benefit of working with locals, you also get the perks of working with a nationwide company with the resources to provide a huge selection of loan options so you can choose the right one for your specific needs.

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Nov 6, 2018 01:50 PM

by: Primary Residential Mortgage, Inc.

Whether you’re a first-time buyer or a seasoned real estate investor, getting the best mortgage rate possible is a vital consideration. At Primary Residential Mortgage, it’s our goal to get the best available option for you and your family.

One such option is an FHA loan. “FHA” stands for Federal Housing Administration, and these are loans that this government organization covers with federally-backed guarantees. Rather than you, the borrower, mortgage insurance is covered by the government. There are several other great benefits of FHA loans – let’s look at a few.

Rates and Credit Scores

Everyone wants a good mortgage rate, and you’ll get one with an FHA loan. A credit score of 660 will qualify you for an FHA interest rate equivalent to what a score of 740 would have gotten you in a conventional loan format, normally a sizable difference in credit scores.

Qualification Thresholds

There are several requirement areas where FHA loans are far less stringent than other popular loan formats. The first of these is credit score, for which requirements are far lower across the board

In addition, you’ll also pay a much lower down payment – as low as 3.5 percent in some cases, compared with the standard 20 percent for conventional loans. There are no prepayment penalties, and we may even be able to offer down payment assistance if you’re in need of it.

Refinancing

Because of their flexibility, FHA loans are often used for refinancing projects. In many cases, you can finance nearly 100 percent of your home in these situations.

Closing Costs

Closing costs are often a large expense, but this can be reduced with FHA loans. FHA loans allow the seller to pay up to 6 percent of the buyer’s closing costs, double the normal amount allowed.

Assumable

An “assumable” loan means that buyers are allowed to take over an existing loan instead of taking out a new one. This is another area of flexibility, one that allows the buyer to choose the best option – either assuming the old loan at the same rate, or getting a new loan with a better market rate available. Since there are no penalties here, the choice is usually simple.

To learn more about FHA loans, or any of our mortgage services, speak to the brokers at Primary Residential Mortgage today.