PRMI Still Closing USDA Home Loans
When the US Department of Agriculture announced this month that funding had run out for its popular Rural Development Loan due to the end of the Government’s fiscal year, PRMI mortgage lenders made a commitment to keep their clients on track.
Rather than waiting for USDA funding to resume, Primary Residential Mortgage, Inc. made a decision to fund their clients mortgages during the interim so home buyers could proceed with their purchases in spite of the USDA delays.
“In other words,” said Barry Friedman, mortgage market manager of Primary Residential Mortgage in California, Md., “PRMI is going to cover those mortgages during the interim. We will continue to close and fund regardless of USDA’s political bind.
This is one of the strengths of Primary Residential Mortgage, explains Mr. Friedman. PRMI’s Southern Maryland Mortgage team can leverage the power of a national mortgage company and still maintain the relationships only a community lender can develop with its clients.
“This is the most important purchase of your life. Your home. You don’t want to get halfway through the process and be put on hold. That will not happen to PRMI’s qualified clients. In Southern Maryland we can continue to process your USDA rural loans even while the federal funds are held up.”
What this means, in very real terms for home buyers, is that the PRMI Southern Maryland Mortgage team will keep their clients proceeding through the USDA Rural Development Loan application process without delay. PRMI clients will not have to stop their USDA application and approval procedure, waiting until the federal funding is released. Instead, PRMI clients will continue through the application process and receive their loans on time.
When the USDA announced a short funding delay beginning Oct. 1, 2014, PRMI decided to bridge gap for its clients, not forcing home buyers to wait for the federal government to catch up, but allowing their qualifying loans to proceed.
The loan program is for qualifying buyers across rural America. The program can finance 100 percent of the cost of homes in the designated rural areas, explains Mr. Friedman. For some very low-income buyers there are even loans up to 115 percent to bring properties up to standards.
Top neighborhoods close to the Patuxent River Naval Air Station remain within the eligibility maps, but this designation could change as the population in the Lexington Park, Md., region grows. The pending updating of these maps makes today a very good time to seek one of these desirable USDA Rural Development mortgages.
The USDA works with participating local lenders such as PRMI. The PRMI lenders know Southern Maryland and understand the USDA standards of safe and sanitary housing for their borrowers. The headquarters of PRMI sits at one of the corners eligible for USDA home loans, at Route 235 and Route 4 in California, Md.
The lenders of PRMI’s Southern Maryland Mortgage team average about 20 years experience apiece in the home loan business, most of them with the majority or their entire careers in Southern Maryland. The office is recognized as having a depth of experience with specialized mortgages and a breadth of knowledge of this region. The combination has enabled them to bring a large toolbox of opportunities to use including USDA home loans in Southern Maryland. They are committed to finding and fitting the best loan to their clients’ homes.
PRMI encourages potential home buyers who might think they don’t have the cash or credit rating to see if they are eligible for the USDA loan while the pool of eligible housing remains so large in St. Mary’s. And while interest rates remain low. Visit the USDA Rural Development site for income eligibility and property eligibility guidance.
Primary Residential Mortgage lenders are familiar with the Rural Loan Program and see it is a real go-to for income qualified home buyers. A program for very low income families begins with an income qualification in St. Mary’s County of $33,300. But the loan guarantee program, funding up to 100 percent of the price of a home for a 30-year mortgage, goes up to income qualifying at $126,900.
PRMI lenders will be able to confirm for you if you can qualify for one of the 100 percent, USDA home loans, for a 30-year term at today’s low interest rates. The eligibility maps still include many new-home communities surrounding the Patuxent River Naval Air Station in Lexington Park, MD.
“The mission of USDA Rural Development’s Single Family Housing Guaranteed Loan Program is to assist low to moderate income rural homebuyers achieve their dream of home ownership!” according to their website.
Additional Guaranteed Loan Features may include
- No down payment.
- Some fees and costs may be included in the loan, or paid by applicant.
- Non-traditional credit histories may be accepted.
- Fixed 30 year interest rates apply.
- There is no maximum purchase price.
- Eligible houses include existing homes, new construction, Planned Unit Developments (PUDs), modular homes, and eligible condominiums.
- Eligible repairs and improvements may be included in the loan.
- Not limited to first time homebuyers.
To find out if you and your dream property qualify contact: Primary Residential Mortgage is located at 23131 Three Notch Road, Suite 201, California, MD 20619; (301) 737-0001
