First Time Home Buyer

Your Own Home, Your Own Space.

Owning your own home is more than just part of the American dream. It’s the freedom that comes from having your own space where pets are welcome. It’s the freedom to live your own lifestyle without having to conform to landlord restrictions. It’s about the pride you feel when friends come over. But most importantly, it’s all about you.

Our economic environment has created an unprecedented opportunity to stop paying rent and start enjoying all the benefits of home ownership:

• Low interest rates offer increased purchasing power.
• Purchase prices are the most affordable in years enabling buyers to get more home, and a higher value, for every dollar.
• Many financing options allow for a low or no down payment.
• Today’s wide range of loan products creates an opportunity for people who thought they could never afford a house payment.
• Home ownership can build an equity nest egg, much like a savings account, that benefits buyers in ways renting can never offer.
• Tax deductions from mortgage interest and property taxes can yield significant annual savings, per the IRS code.
• Stable monthly mortgage payments contribute to a more predictable housing cost while renting costs are subject to landlord fluctuations.

As one of the Northwest’s leading mortgage bankers, PRM is widely recognized for personal, one-on-one client relationships that are grounded on trust and professionalism. Our goal is to take the mystery out of the entire financing process to insure an exciting transition into your own space.

We offer a full spectrum of lending options to first time home buyers, many with low down payment options. 
Click one of the loan programs below to view the description. 

FHA LOANS

These are widely used loans that are backed by the Federal Housing Administration (FHA) and the Department of Housing and Urban Affairs (HUD). They offer product lines that include both fixed and adjustable rate loans for new home buyers. They allow for higher debt-to-income ratios than are typical for conventional financing options. FHA down payments can be as low as 3.5% of the purchase price and most closing costs and fees can be included in the transaction. FHA eligibility requirements include:

• The borrower must meet standard FHA credit qualifications.
• The borrower is eligible for approximately 96.5% financing.
• The borrower is able to finance the upfront mortgage insurance premium into the mortgage – the borrower will subsequently be responsible for paying an annual premium for this mortgage insurance.
• Eligible properties for FHA loans include one-to-four unit structures.
• The Seller and Lender can offer credits to help cover some or all of the costs that are in addition to the down payments.

VA PRODUCTS

These special loans are backed by the Veteran’s Administration of our Federal Government. They are offered to those who have served in any branch of the military or similar service and who qualify for lending eligibility. These loans provide an excellent opportunity to purchase a home with little or no money out of pocket. VA loan benefits include:

• Available to both active duty and honorably discharged members of the military service.
• Qualifying veterans may have a lifetime eligibility to apply for a loan.
• Those veterans who have already passed the 30 year mark may once again be eligible for this loan program.
• There is no monthly mortgage insurance applied to these loans.
• Rates and fees are similar to those available with convention loans.

ORVET LOANS

PRM offers Home Loans exclusively for Oregon Veterans through the Oregon Department of Veterans’ Affairs. The ORVET loan program has expanded standards to enable more Oregon veterans to utilize this program, which includes many of these benefits:

• The current maximum loan amount is $417,000 for a new loan or a veteran’s remaining eligibility if there has been a previous ODVA loan.
• Interest rates generally fall below market rates.
• Veterans can choose between 15 and 30 year loan terms.
• Up to 97% financing may be available.
• These loans are not limited to first time home buyers.

To learn more about ORVET loans, visit the State of Oregon’s special website at: http://www.oregon.gov/ODVA/HOMELOANS/

USDA LOANS

A USDA Guaranteed Loan is a Federal Government insured 100% purchase loan program. These loans are available through PRM and are only offered for purchases in rural areas. PRM meets all federal guidelines to be a provider of this loan-type. Through the USDA’s Guaranteed Rural Housing Loan Program, low and moderate income individuals can qualify for these mortgages with low or no down payment. To be eligible, both the property and the applicant must qualify using current USDA standards.

FARM LOANS

PRM offers our own exclusive Country Home Mortgage (CHM), or Farm Loan, program. This includes a variety of loan types designed for current and prospective homeowners specifically in rural and smaller communities. Country Home Mortgage products offer flexible, long term financing at competitive rates for agricultural properties not accepted by traditional investors. Through our own in-house financing, we tailor this program to two property categories:

• Conventional rural homes.
• Hobby Farm homes such as horse properties and harvest farms, Vineyards, Christmas Tree Farms, Orchards, Farms for growing Tulips, Lavender, and Berries, etc.

 

Your first home is special and we stand ready to provide all the resources needed to help you make your dream of homeownership a reality.