Mortgage Loan Options

At Primary Residential Mortgage, we offer a wide range of loan options to our local borrowers. We have a full list of 30- and 15-year fixed rate mortgages for those looking to go the traditional route, along with adjustable-rate mortgages (ARMs) for those interested. We also feature programs like manufactured housing loans and 2/1 buy down mortgages.

In addition, we can help line you up with several different government-backed mortgage loan options:

First-Time Homebuyer

There’s a Loan For You. Everyone deserves a home they love.

Thanks to our hundreds of loan options, the door is wide open for you to step inside your first home. We offer full service lending support from start to finish, so we’ll be there to guide you through this exciting new journey. Some of our popular loan options for first-time homebuyers are…

Conventional Offers flexible down payment options, or options allowing for no mortgage insurance premium.

FHA Caters to low-to-moderate income customers looking for a low minimum down payment.

USDA Finances rural and suburban properties with no down payment and a minimum qualifying credit score of 620.

VA Works for military veterans who are first-time homebuyers with limited savings for down payments and closing costs.

HomeOne Allows for a low down payment with no geographic or income restrictions.

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Dream Home Renovation

Apply for a Dream Home Renovation Loan Today

If you’re ready to get out of the rental rut, you’re ready for our Dream Home Renovation loan. This program allows you to find a great property that needs some work and transform it into the home of your dreams—all with one monthly payment.

Our Dream Home Renovation loan program…

  • Works for almost any renovation project
  • Allows you to start improvements without spending out of pocket
  • Provides financing based on the value of the property when finished

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Home Equity Conversion Mortgage

Apply Now for a Home Equity Conversion Mortgage

If you’re 62 years or older, our Home Equity Conversion Mortgage (HECM) program could increase your monthly cash flow by allowing you to access your home equity without selling. The money can be used for any purpose, like paying down debt, home repairs, medical costs or just improving your lifestyle.

Our HECM loan programs…

  • Live in your home with no mortgage payments*
  • Choose to receive monthly payments, a lump sum of cash or a line of credit
  • Qualify with a poor credit score without raising your interest rate

*Borrowers must have the financial ability to pay ongoing property expenses including taxes, insurance or other homeowner’s assessments and fees.

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Down Payment Assistance

No Down Payment, No Problem Buy a home without spending all of your savings.

If you’re ready to buy a home but worry you don’t have enough saved for a down payment, we have a loan program that can help. The Chenoa Fund program is designed for homebuyers who have good credit and would like to keep their savings for a rainy day.

Features of the Chenoa Fund Program

  • Minimum qualifying credit score of 620
  • First mortgage must have a fixed interest rate and meet FHA guidelines
  • Second mortgage part of the sales price or appraised value
  • Receive a refund of earnest money deposit and other third-party costs

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VA loans are designed to help active or former military service members get a great loan option after or while they serve our country. They come with no down payment, low closing costs, great mortgage rates and zero private mortgage insurance. 

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Backed by the Federal Housing Administration, these loan programs come with low fixed rates that require very little cash up front to close. They offer less stringent credit requirements, low down payments and the ability to bring in a co-signer.

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These are government-insured loans that come with no down payment and low insurance premiums. They’re meant to help with the acquisition of rural and farming land, primarily.

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These fixed-rate loan programs are one of the most common types of mortgages you can apply for.  These loans offer protection to the buyer from unexpected rate increases which would result in increased monthly mortgage payments.  These fixed-rate mortgages are offered in either 15 or 30 year options.  

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