Conventional Loans

Conventional loans are mortgage loans secured by private investors, not by government agencies. Both fixed rate, and adjustable rate loans are available with conventional financing. These loans adhere to Fannie Mae guidelines and requirements.

  • Usually fixed rate mortgages
  • No mortgage insurance is required if loan to value (LTV) is 80%
  • Maximum amount for conforming conventional loans is $424,000* for single family homes
  • Non-conforming conventional loans are called jumbo

Conventional Loan Financing

*In federally designated “high cost” areas, it may be as high as $636,150

Jumbo Financing

Recent enhancements to Jumbo lending guidelines have created an outstanding opportunity for you to increase your purchasing power, while keeping more of your assets liquid.

If you are looking at a home with a high price tag, you may want to consider a Jumbo loan. Jumbo loans are designed to finance luxury properties and homes in largely competitive real estate markets. They also come with unique underwriting requirements and tax implications.

  • Up to 85% loan to value(LTV) with no Mortgage Insurance
  • Loan amounts up to $5 million
  • Self-employed OK!

As one of the Northwest’s leading mortgage banks, we have the products and resources to provide access to these and other equally attractive financing options.

Jumbo Financing

FHA Loan Program

The Federal Housing Administration (FHA), a part of HUD, has been successfully helping people with home ownership since 1934. There are several government insured loan programs available at low fixed rates, requiring very little cash to close. Minimize the amount of cash needed at closing by utilizing gifted funds from a relative or employer, allowable lender and seller credits, and government grants. The flexibility offered in calculating household income, payment ratios, and credit scores, allows PRM, your approved FHA lender, to structure a better deal for you!

First Time Home Buyer

  • Low down and closing costs
  • Monthly payments comparable to rent
  • Easier credit requirements
  • Co-signer allowed

The Streamlined 203(k) Rehab Loan

  • Utilize for renovation or repairs
  • One close, one loan, all costs included
  • Available for refinance

Reverse Mortgage

  • Benefiting those 62 or older
  • Eliminates mortgage payment with possible lump sum or monthly cash distributions

Streamline Refinance

  • Reduced interest rate
  • No appraisal or equity requirement
  • Less paperwork and speedy processing

FHA Financing

VA Loan Program

Did you know?

The Veteran’s Affairs (VA) Loan was created in 1944 through the original Serviceman’s Readjustment Act also known as
the GI Bill. Eligible veterans can use the VA loan for a loan up to $417,000, with no down payments. Loans above $417,000 will require a down payment.
Veterans are eligible for a VA loan if they have served on active duty and have an honorable discharge, after a minimum of 90 days of service during wartime, or a minimum of 181 continuous days during peacetime.
There is a two-year requirement if the veteran enlisted and began service after September 7th, 1980 or was an officer and began service after October 16th, 1981. There is a six-year requirement for National Guards and reservists with certain criteria.

Benefits of a VA Home Loan

  • No down payment (unless required by the lender or the purchase price is more than the reasonable value of the property)
  • Competitive interest rate
  • Reduced funding fees or funding fee waivers are available for some veterans
  • Low closing costs
  • No monthly mortgage insurance premiums
  • VA loans may be assumed by a qualified veteran
  • Right to prepay without penalty
  • For homes inspected by VA during construction, a warranty from builder and assistance from VA to obtain cooperation of builder
  • VA assistance to veteran borrowers in default due to temporary financial difficulty

VA Financing

USDA Financing

A USDA guaranteed loan is a government insured, 100% purchase loan program. These loans are available through PRM and are for purchases in rural areas. Through the USDA’s Guaranteed Rural Housing Loan Program, low and moderate income individuals can qualify for these mortgages with low down payment. To be eligible, both the property and the applicant must qualify using current USDA standards.

Program

  • Low monthly mortgage insurance
  • Seller concessions and gift for closing costs allowed

Property

  • Must be located in eligible rural area*
  • Primary residence only

Credit / Income

  • Credit – not limited to first-time homebuyers
  • Income Limits Apply – income calculation is based on all working adults living in the home

USDA Financing

*Contact your mortgage banker to verify if the property address is within the eligible area.

Manufactured Home Financing

Pacific Residential Mortgage (PRM) has your manufactured home financing solution. Whether you are looking to purchase or to refinance your existing home, PRM’s in-house financing will streamline the process!

Check out our great terms:

  • Minimum credit score requirement only 620
  • Eligible for all manufactured homes, double-wide or larger, built after June 15th, 1976 with visible HUD tags*, 400 sq. ft. or larger
  • Available for both owner occupied or second home transactions
  • Low down payment
  • Cashout allowed depending on loan to value (LTV); call for details
  • Reverse mortgages available

These often hard to finance properties are now a little easier with our PRM government funded home loan!
*Home cannot have been moved; parks not allowed.

Manufactured Home Financing

Streamline 203K Loan

The Streamlined 203K loan allows for simple repairs that can be easily estimated and completed. Borrowers must occupy the property.The work must start within 30 days from closing and must be completed within six months.

Borrowers can borrow 35K, plus another 8K in energy efficient items.
The 35K can be used for remodel and upgrade items such as:

Allowable Work:

  • Roofs, gutters and downspouts
  • HVAC systems (heating, venting and air conditioning)
  • Plumbing and electrical
  • Minor kitchen and bath remodels
  • Flooring: carpet, tile, wood, etc.
  • Interior and exterior painting
  • New windows and doors
  • Weather stripping and insulation
  • Improvements for persons with disabilities
  • Energy efficient improvements
  • Stabilizing or removing lead-based paint
  • Repair / replace decks, patios, porches
  • Basement completion and waterproofing
  • Septic or well systems
  • Purchase of new kitchen appliances or washer / dryer repairs

Not Allowable Work:

  • Landscaping or yard work
  • New construction
  • Moving a load-bearing wall
  • Room additions or add-ons to the home
  • Structural damage repairs

There can be NO structural issues with the property. Allow yourself at least 60 days to close.

Streamline 203K Loan

Streamline 203K Loan Buyer Checklist
Streamline 203K Loan Realtor Checklist

RuraLiving Mortgage

Think of the possibilities—financing for equestrian properties, vineyards, Christmas tree farms and rural properties with homes and acreage. Pacific Residential Mortgage is proud to offer financing for these properties using our RuraLiving Home Mortgage Program. This is an amazing opportunity to offer flexible, long term financing for properties with acreage and agricultural characteristics.

Pacific Residential Mortgage has flexible, long-term money available at competitive rates and terms.

  • Equestrian
  • Christmas trees
  • Livestock
  • Timber
  • Nursery orchard
  • Vineyard light agriculture
  • Log homes
  • From 5-160 acres (160 acres considered on a case by case basis)
  • Loan amounts to $2.0 Million
  • Outbuildings welcome

Hobby or Full-Time Farmer

  • Primary residence and owner occupied
  • Maximum loan amount up to $2.0 million
  • Properties ranging from 5-160 acres(160 acres considered on a case by case basis)

General Qualifications

  • 700 credit bureau score
  • 39% total debt-to-income (DTI) ratio
  • Up to 43% DTI may be considered on a case by case basis

 

RuraLiving Mortgage

Family Opportunity Mortgage

PRM offers the Family Opportunity Mortgage that allows clients to finance homes for elderly parents or disabled adult children. Traditionally, these types of transactions would be considered investment properties with higher interest rates and costs to close. By utilizing the Family Opportunity Mortgage, family members can lend a helping hand, and benefit from attractive rates, fees and terms.

PRM has the ability to finance the purchase or refinance as an owner occupied residence, meaning low down payments, interest rates and monthly payments.

Take advantage of this program when a family member is disabled, unable to work or has insufficient income to qualify for a mortgage.

Possibilities include:

  • Adult children purchasing or refinancing a primary residence for dependent parent(s)
  • Parents purchasing or refinancing a primary residence for a disabled child

Family Opportunity Loan

Reverse Mortgage

Pacific Residential Mortgage (PRM) offers a wide array of loan products and resources to best meet every client’s needs. Can a reverse mortgage benefit you?

  • Can be used to purchase or refinance – must be primary residence
  • Must be at least 62 to qualify
  • No credit score requirements
  • No mortgage payments – must pay property taxes, homeowner’s insurance, and (if applicable) flood insurance, HOA dues and maintain property
  • Money received from a reverse mortgage is tax free
  • HUD approved counseling required
  • Borrower retains full ownership until home is sold

Reverse Mortgage

Energy Efficient Mortgage

Want a Cost Effective Energy Saving Home? Then Consider an Energy Efficient Mortgage (EEM).

An Energy Efficient Mortgage gives you an opportunity to finance cost-effective, energy saving measures as part of a single mortgage – whether purchasing a new home or refinancing an existing home.
So if you want to upgrade appliances, install energy efficient heating/cooling systems, or add thermal doors and windows, an Energy Efficient Mortgage may be the right answer for you.

Benefits of Energy Efficiency:

  • Helps the Environment: An energy efficient home can help decrease your carbon footprint and reduce greenhouse gas emissions
  • Potentially Lower Costs: After remodeling you may have lower utility bills and may be eligible for an ENERGY STAR tax credit
  • May Help with Resale Value: As energy costs increase, homes that are energy efficient become more attractive to potential buyers

Energy Efficient Mortgage

Home Affordable Refinance Program

The Home Affordable Refinance Program (HARP) is a government sponsored program that provides a new opportunity for homeowners. It helps eligible property owners take advantage of today’s low interest rates, even if the outstanding mortgage* balance is greater than the value of the home.

  • Unlimited loan-to-value rations**
  • Investment and second homes ok
  • Reduce the term of your loan
  • Lower your fixed rate
  • Convert your ARM to a low fixed rate
  • No appraisal needed in many cases***

*Loan must be owned by Freddie Mac or Fannie Mae and originated on or before May 31, 2009 **Call for details, limited scenarios.***Increased use of property inspection waivers. If an appraisal is needed, the appraisal value may affect your rate.

HARP