Home Purchase

You have a wide variety of options for purchasing a home with PRM.

Whether you are acquiring your first home or your 10th home, purchasing is always a big step. As one of the Northwest’s leading Mortgage Bankers, we offer a wide array of loan options from which one will be selected that best fits your purchase needs.

The loan options available to you through PRM include:

Conventional and Jumbo loans
Loans with 15 and 30 year terms
Adjustable rate loans
Intermediate Adjustable Rate loans
Reverse Mortgages
And more

Our exclusive Country Home Mortgage (CHM), or Farm Loan, Program is especially appropriate here in the Pacific Northwest. 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.

Click on the loan product to view the description.

The types of home loan products that we offer fall into two categories.

FIXED RATE MORTGAGE

As it’s name implies, a fixed-rate mortgage is a loan with a fixed interest rate that does not change during the life of the loan. The most common fixed-rate loans have a term of 15 or 30 years although these loans are also available on 10, 20, and 25 year terms. Regardless of term, fixed rate mortgages have long stood as the most popular mortgage.

ADJUSTABLE RATE MORTGAGE

Commonly referred to as an ARM, this loan adjusts periodically after an initial fixed-rate period, typically to a term of 30 years. The fixed-rate period can last anywhere from one month to 10 years and can adjust at different intervals (every month, every six months, every year) depending on the selected program. After the fixed-rate period is over, the ARM adjust to the total of the margin (a fixed number) and the index (an adjustable number) to arrive at the ‘fully-indexed’ rate. The index can vary month to month, and the specific index (T-bill, LIBOR, etc.) used in establishing that index will be determined by the selected loan program. Certain ARM programs allow for an interest-only payment option.

Regardless of what loan can best meet your goals, PRM is able to offer highly competitive pricing combined with outstanding client service because we have access to our own bank in addition to products offered by others. All of our underwriting is done in-house which streamlines the entire process.

We also offer a full of array of government loan products, including:

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 payment can be as low as 3.5% of the purchase price and most closing costs and fees can be included in the loan. 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.

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.

To learn more about these options and to determine which one can work best for you, contact us for a no cost, no commitment consultation.