Sometimes things are not always as they appear and advertised mortgage rates are no exception. Published rates are intended for a select few & most clients don’t qualify for the rate being offered.

The majority of advertised rates have several assumptions factored into them including:

• 740+ Credit Score
• 20% Down or more
• Low Debt to Income Ratio (DTI)
• Owner Occupancy
• Single Family Residence
• Discount Points

At PRM, we assess the entire client picture upfront before we simply toss out a rate. This includes a free credit pre-approval so they know exactly what they qualify for. Additionally, we can provide coaching to help them improve their credit profile which may allow them to qualify for a better loan.

Check our credibility by visiting the Better Business Bureau and see our A+ Rating!

We’ll be at the Portland Home & Garden Show February 22^nd through the 26^th Follow the link for a complimentary coupon for $2 off your admission. Don’t forget to stop by our booth #414 and enter for a chance to win a flat screen TV. 

The sooner your buyers open a Gift Registry Account, the quicker funds can accumulate. Friends and family will be happy to help your buyers achieve their dream of homeownership. To learn more about the advantages of our FHA Gift Registry program, follow the link

What is MCC? If you are in the city of Portland and planning on purchasing a home you need a certified MCC specialist who can offer this homebuyer assitance tool. PRM has several exclusive Mortgage Bankers who are certified to offer this. For more information follow this link. http://www.pacresmortgage.com/lo/anettesieverson/MCC_Tax_Flier_FINALr1.pdf

Anette Sieverson, Denise Prothe & Angelique Arnason, Located in our Lake Oswego Branch, and  Mark Aalto located in our Clackamas branch are all certified MCC Specialists.

If you’re asked, “can I ever buy a home again?” 
the answer is YES!  

For your convenience we’ve created an at-a glance eligibility timeline

With this honor, PRM joins a very special group of Oregon-based businesses. This year, out of 263 companies participating in the statewide selection process, those emerging as the 100 Best, including PRM, have been recognized for their excellence in all these areas:

• Work environment
• Management and communications
• Career development and learning
• Benefits and compensation
• Decision-making and trust.

This was the 19^th year of 100 Best polling by Oregon Business Magazine.

It has become common place to see seller concessions on most new real estate sales contracts. While this can be a tremendous benefit to a home buyer, it’s important to be aware of the limitations that are placed on the amount of concessions by the various loan programs that exist today. Listed below are the maximum amounts – expressed as a percentage of the purchase price – that the seller can contribute towards the buyer’s settlement costs:

Conventional
LTV 91% or higher = 3%
LTV 76% to 90% = 6%
LTV 75% or less= 9%
Investment = 2%

Homepath
All = 6%
Investment = 2%

FHA
All = 6%

USDA
All = 6%

VA 
All = 4%

The contribution from the seller can be used to pay for the buyer’s closing costs, prepaid items (such as property taxes, insurance, and interest), and deposits with the lender to establish reserve accounts. Note that the amount of seller contribution cannot exceed the actual costs that the buyer incurs, which prevents the buyer from receiving cash back at closing.  

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for renewables & efficiency? Follow this link: www.dsireusa.org

PRM, Your Solution Based Lender.

For Conventional loans, these conditions include:

• Properties acquired by an employer/relocation agency in connection with the relocation of an employee.
• Resale by a lender when the property is obtained through foreclosure or a deed (in lieu of a foreclosure).
• Resale of property obtained through an inheritance, acquired from a family member, or as part of the property settlement in a divorce.
• Properties acquired for the purpose of rehab/upgrading.

For FHA loans the following expectations apply: 

• If the sales price is not greater than 20% above what the seller paid for the property.
• If the increase is greater than 20% a second appraisal will be required along with a home inspection ordered directly by the lender. 
• It’s important sellers are aware that health and safety issues identified in the home inspection will need to be addressed prior to closing.

Now you know all about why lenders are flipping over flipping.

PRM, Your Solution Based Lender