Basic Mortgage Programs

As part of our diversity at Primary Residential Mortgage, Inc.
we are excited to offer the right mortgage program to meet your financial needs:

Conventional Financing Program Minimum of 5% Down Payment
Conventional financing can be an effective mortgage tool for customers with greater means in helping them realize their short and long-term payment goals.  Property types are less restrictive than government insured financing and mortgage insurance can be avoided with 20% equity in the subject property.  Property types include: owner occupied, 2nd homes, investment properties, and 1-4 unit homes.

Conventional FNMA Program  3% Down Payment With Reduced Mortgage Insurance

USDA Rural Development Program 100% Financing Loan
This program provides purchase and refinance money loans for individuals in qualified areas (typically the only area excluded is the Greater Bangor area).  Borrowers are qualified for 100% financing on owner occupied properties.  Maximum income restrictions apply.  This program can be utilized for new construction.

VA Loan – Veteran’s Administration For Those Who Served in the Military
The VA Loan is a mortgage loan issued by approved lenders and are guaranteed by the federal government.  An earned benefit for those who served, the VA Loan allows eligible military service members and veterans to finance 100 percent of the purchase price of a home. Unique advantages include: no down payment, no private mortgage insurance (PMI) and competitive interest rates.  VA Loans offer those eligible a tremendous opportunity to purchase the home of their dreams.

Jumbo Loans Loan Amounts Exceeding $417K
Our Jumbo Loan will finance loans up to $2.5M.  We offer:  30 year fixed, 15 year fixed, and ARM options.  Loans are underwrittenin-house.  The larger the down payment – the lower the rate! 

FHA Program (Federal Housing Administration) 3.5% Down Payment Loan
The FHA program provides mortgage insurance on loans made by FHA-approved lenders.  FHA insures these loans on single family and multi-family homes.  It is the largest insurer of residential mortgages in the world.  Down payment is 3.5%; owner occupied properties; 1-4 unit properties; reduced mortgage insurance.

FHA 203(K)  Renovation Loan
This loan is a cost-effective single close loan that enables borrowers to purchase a home that may need repairs or refinance their existing home for the purpose of remodeling.  The program allows you to finance renovations based on the “as completed” value of the home, rather than the present value.  Property type:  owner occupied; 1-2 units.

 

CLICK HERE TO APPLY or CALL 207-947-6300http://goconnell.valuedlender.com/purl/apply
                                                                                                

   Department of Professional and Financial Regulation Bureau of Consumer Protection License# LO37022

Tim Schuck

Broker Mobile: 207-356-1211

NextHome Experience

57 Washington Street
Bangor, ME 04401