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 $453,100* for single family homes
  • Non-conforming conventional loans are called jumbo

*In federally designated “high cost” areas, it may be as high as $679,650

Conventional Loan 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

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

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 $453,100, with no down payments. Loans above $453,100 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

VA Manufactured Homes

Manufactured housing offers an affordable solution for an ever-growing number of Americans. For your clients who have served our country in the armed forces, PRM’s VA manufactured home loan program may provide the opportunity they need to purchase the home of their dreams, or restructure an existing loan into more favorable terms.

Program requirements include, but are not limited to:

  • Minimum credit score only 620
  • Primary residence only
  • No parks condos, mixed use or leasehold properties
  • 400 sq. ft. or larger
  • Engineers / Foundation certification required; must meet clear engineer cert showing home meets HUD minimum standards
  • Home must be newer than June 15th, 1976 with visible HUD tags

VA Manufactured Homes

VA Jumbo Loans

Rising housing prices shouldn’t make homeownership impossible for America’s heroes. PRM now offers high loan amount options for qualified veterans, combining all of the money-saving benefits of a VA loan but with more purchasing power!

VA Jumbo Loan Details:

  • PRMB Underwritten: no pesky middle man, just our expert origination and underwriting staff, putting your client first.
  • Minimum credit score of 620
  • Loan amounts up to $1.5 million (down payment required on loans over conforming loan limit)
  • Primary residence only
  • No MI: Your clients can save hundreds of dollars a month that would otherwise be spent on private mortgage insurance.

VA Jumbo Loans

VA Energy Efficient Mortgage

Be kind to your client’s wallet and the planet by exploring VA Energy Efficient Home Mortgages! This unique program allows the borrower to wrap the cost of performing energy efficient upgrades into a standard VA home loan. You can help your borrowers avoid expensive utility costs for older, less efficient homes that can drain their financial resources every month.

What Will It Cover?

  • Purchase or Refinance OK!
  • Financing in improvement costs is simple!
  • Improvement costs up to $3,000 only require a copy of bids/receipts itemizing improvement costs.
  • Improvements costing $3,000-$6,000 have the lender verify that the increase in mortgage payment is not greater than utility bill reduction.
  • Improvements greater than $6,000 require property value increased by the same amount as the improvements.

Examples of Energy Efficient Upgrades:

  • Solar heating and cooling systems
  • Heat pumps
  • Storm windows and doors
  • Furnace efficiency upgrade modifications like replacement burners, boilers, electronic ignitions, etc.
  • Programmable thermostats
  • Caulking and weather-stripping
  • New or upgraded insulation – ceiling, attic, wall and floor
  • Water heater insulation

VA Energy Efficient

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.


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


  • 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

Oregon Bond

Incredible Rates Available through Oregon Bond

PRM brings our customers two new exciting programs to add to our many mortgage solutions; The Oregon Bond Rate Advantage program and The Cash Advantage Program!

The Rate Advantage program offers below-market interest rates for qualified borrowers.

  • Conventional, USDA and FHA financing allowed.
  • 1-unit properties, including SFR, PUD, Condo, even Manufactured Homes are acceptable.
  • No special credit requirements beyond the borrower’s actual loan program.
  • Low down payment.
  • Other restrictions may apply.

The Cash Advantage Program can help your client offset closing costs with substantial grant funds, while still providing an excellent rate.

  • Same requirements as the Rate Advantage Program.
  • Interest rates are slightly higher than the Rate Advantage Program, but still competitively low.
  • Helps bridge gap for closing costs with 3% grant (cannot be used to meet FHA down payment requirements).
  • Grant funds never need to be repaid.

Note for both programs: Income and purchase price limitations apply. Applicable recapture tax if borrower sells, transfers or rents out the property within repricing time frame. Clients who intend to live in the property as a primary residence for the long term will not be affected by the tax.

Call today for a no-obligation consultation on these financing options or any other loan products that may be available to you.

Oregon Bond

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

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

Power Purchase

PRM believes the benefits of homeownership shouldn’t be for the wealthy few. That’s why we’re bringing the dream within reach for your clients with our Power Purchase Program with 2% down payment grant assistance. This new option makes conventional financing a possibility for those without access to a traditionally-sized down payment.

Basic Program Requirements and Terms:

  • 2% grant never needs to be repaid!
  • Excludes Washington properties
  • Minimum credit score of 620 required
  • Not limited to first time homebuyers
  • Normal closing costs and prepaid items apply
  • Single family and manufactured properties acceptable
  • Minimum 1% down payment of borrower’s own funds required
  • Income limits apply

Power Purchase

Within Reach™

At Pacific Residential Mortgage, we understand the unique financial challenges many of our customers face. Therefore, we supply programs which help support our borrowers working through those challenges.

The Within Reach™ program is designed to provide down payment assistance in conjunction with the purchase of a primary residence. This may help increase opportunities for low to moderate income homebuyers and their families.

Key benefits:

  • Grant of up to 4.5%; no repayment required
  • Grant may be used for down payment and or closing costs
  • Conventional and Manufactured homes allowed
  • May be combined with USDA, Conventional and FHA financing
  • Income limits apply
  • Flexible credit score requirements
  • Homeownership counseling required

Within Reach™

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

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

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

Good Neighbor Next Door

Do You Know a Good Neighbor?

The Good Neighbor Next Door (GNND) program offers eligible law enforcement officers, teachers, firefighters and emergency medical technicians special financing. Simply purchase specific HUD properties with an FHA mortgage and finance all reasonable and customary closing costs.

Program highlights:

  • Eligible buyers can receive up to 50% off listing prices on qualifying HUD properties
  • Must occupy the property as your sole residence for 36 months
  • Low down payment for qualified applicants, as little as $100
  • Eligible applicants include first-time buyers or buyers without homeownership rights for the past year
  • HUD maintains the second “silent” mortgage for the discounted amount; forgiven once homebuyer fulfills the 36 month occupancy requirement

Some restrictions apply. Contact us today for financing conditions and eligibility.

Good Neighbor Next Door

Home Ready

Today’s first-time homebuyers are facing unique financial situations that can make homeownership a challenge. For some, large down payments or student debt makes qualifying seem overwhelming. Others rely on non-traditional income sources such as assistance from parents and extended family members to qualify. Pacific Residential Mortgage’s (PRM) HomeReady loan product can help overcome those challenges and make homeownership a reality.
HomeReady was created to help credit worthy, low to moderate income borrowers acquire financing by enhancing the profile of acceptable income sources. In addition, borrowers purchasing in low income Census Tracts enjoy unrestricted income limits.

HomeReady features:

  • Low down payment – first-time and repeat homebuyers can purchase a home.
  • Permits “income pooling” for non-borrower members of the household – in multigenerational households, the income of parents, grandparents and other extended family may be considered as a compensating factor allowing for higher debt ratios
  • Co-borrower flexibility – not all borrowers are required to reside in the property
  • Additional income sources accepted – rental and boarder income may be considered as additional income
  • Conventional home financing with cancellable monthly MI – plus the added benefit of reduced MI coverage requirements when the LTV is > 90%
  • Homeownership education (Framework) – helps borrowers prepare to buy a home and understand the responsibilities of homeownership

Home Ready


Construction-to-Permanent Financing

Introducing Construction-to-Permanent Financing

Building a home is a big task with many moving parts, costs and deadlines. At Pacific Residential Mortgage, our construction-to-permanent loans help streamline the process, making it easier to put your plans into action.

Financing solutions built for ease:

  • Saves time, money and paperwork
  • Once construction is complete, the transition to permanent financing is fast and hassle free
  • PRM’s in-house underwriting provides you with more efficiency, less bureaucracy and more customer satisfaction then a brokered construction loan

To get details about loan terms or how our construction-to-permanent loans work, please contact PRM today. We’re here to help!

Construction-to-Permanent Financing

The Doctor Loan

Introducing The Doctor Loan!

The Doctor Loan program is a fantastic solution to common challenges that many medical doctors face when buying a home.
From student loans, to changing income, doctors face unique challenges not faced by other professions.

Program Benefits:

  • As little as 5% down payment.
  • Medical student loan debt can be waived from your Debt-to-Income ratio (DTI).
  • Income received from future primary employment or salary raise within 90 days of the note date can be used to qualify.
  • Gift funds can be used for down payment, closing costs and reserves!

Program Available To:

  • Medical Resident
  • Medical Doctor (MD)
  • Doctor of Dental Science (DDS)
  • Doctor of Optometry (OD)
  • Doctor of Podiatric Medicine (DPM)
  • Doctor of Osteopathic Medicine (DO)
  • Doctor of Dental Medicine (DMD) or be a dental surgeon specializing in oral and maxillofacial surgery

The Doctor Loan