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You Can Be a Homeowner!

low interest rates

Primary Residential Mortgage, Inc. is a full-service, national lender with Southern Maryland roots. The PRMI Southern Maryland California/Lexington Park branch includes Grace-Anne Dohrman, Mike Lorenzini, Robbie Loker, Barry Friedman, Chuck Dohrman, and Megan Schaefer. They possess the tools you need to understand and navigate the homebuying process. And all of these processes are handled right here in Southern Maryland.


PRMI offers a wide variety of loans to fit customer’s needs, including both Conventional Loans and Government Loans. Listed below are some brief facts about the various loans. Contact Primary Residential Mortgage at 23131 Three Notch Road, Suite 201, California, MD 20619; 301-737-0001, for more specifics.

The Conventional Loans offered by PRMI include Fannie Mae, Freddie Mac, Homestyle Renovation, MD Mortgage Program, and Jumbo. For Conventional Loans a 3% minimum down payment is needed, but 5% gives more favorable terms. At PRMI seller contributions can reduce closing costs for buyers. A 20% down payment eliminates the need for Mortgage Insurance. A minimum credit score of 620 is needed. Credit scores will impact interest rates.

Government Loans offered by PRMI included Renovation Loans, FHA 3.5% down payment, USDA (Rural Housing), VA 100% financing, and MD Mortgage Program.

FHA Loans can lend up to 96.5% of the value of the home with a 3.5% down payment. The minimum credit score is relaxed with “common-sense underwriting.” but for the maximum 96.5% loan a score of 580 is required. With a 10 percent  down payments PRMI can further reduce its minimum credit score requirements. Mortgage insurance is required.

FHA Rehab Loans are also available, which provide fix-up funds in various cares. Discuss these details with a PRMI lending specialist in Southern Maryland by calling 301-737-0001.

USDA Loans can lend 100 percent of the appraised value and low monthly mortgage insurance premiums. There are geographic and income restrictions on these loans. Contact a PRMI lending specialist to learn who qualifies and where these neighborhoods are located in Southern Maryland.

VA Loans can provide 100 percent financing for Maryland properties, but check with PRMI in Southern Maryland to learn what county loan limits might apply here. A down payment might also be required if you already own a hoe with a VA loan. A minimum credit score is 600 to qualify and you must be a qualified veteran, although some exceptions apply. Your Southern Maryland PRMI lender will be able to fill you in on these.

Maryland Mortgage Program offers assistance with down payments and closing costs. These are paid back when the home is refinanced or sold. There are conventional and government programs available.

Construction to Permanent Loan Programs  are a PRMI specialty,  true one-time construction to permanent loan programs for both FHA and VA loans. The only significant difference to the standard FHA and VA loans is that these loans allow you to build your ideal home. These loans combine home and land purchase with one loan, if you already own the land with adequate equity it may serve as the down payment. Credit score minimum is 620. The buyer makes no payments until construction is complete.

PRMI has a variety of approved options for down payments. In addition to the buyer’s own banking accounts there are also options for loans from retirement accounts, gifts from family or employers, and others. Down payment assistance programs vary among loan types. Contact a PRMI lender at 301-737-0001 for details.

Primary Residential Mortgage is located at 23131 Three Notch Road, Suite 201, California, MD  20619; 301-737-0001.

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