(302) 703-0727

(302) 703-0727

PRMI Land Loans

John Thomas August 17, 2022 Tags: , , , ,
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PRMI Land Loans are mortgage loans for purchasing vacant land or Lot Loans. Traditional Conventional Loans do not allow for someone to purchase vacant land or lots. PRMI Land Loans allow you to purchase land without having to build on it. Land Loans are also sometimes referred to as Lot Loans or Vacant Land Loans. You apply for a Land Loan by calling the John Thomas Team with Primary Residential Mortgage at 302-703-0727 or APPLY ONLINE.

What are the Guidelines for PRMI Land Loans?

Vacant Land Loans have the following guidelines:

  • Minimum Loan Amount is $100,000
  • Maximum Loan Amount is $750,000
  • Minimum Credit Score is 660
  • Maximum Loan to Value (LTV) is 65%
  • No Pre-payment Penalty
  • Purchase Loans Only
  • Maximum Term Length is 240 Months

What are the Eligible Property Types for Land Loans?

You can use the PRMI Land Loan to purchase the following types of property: Keep Reading...

USDA One Time Close Construction Loan

John Thomas August 13, 2022 Tags: ,
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USDA One Time Close Construction Loan

The USDA One Time Close Construction Loan gives USDA-qualified borrowers the opportunity to finance the construction of their dream home, as well as the permanent mortgage all in a single mortgage loan with only one closing. This saves home buyers money on closing costs as traditional construction loans require 2 closings. Now you can purchase a lot and build your new home with a builder and borrower 100% of the purchase price as long as the home is in a USDA Eligible area. You can get started today by calling the John Thomas Team with Primary Residential Mortgage at 302-703-0727 or APPLY ONLINE. Keep Reading...

Doctor Loan Program

John Thomas August 10, 2022 Tags: , ,
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PRMI Doctor Loan Program

If you have recently graduated from a medical program and our worried that your student loan debt will prevent you from qualifying for a mortgage, will the PRMI Doctor Loan Program may be just what you need. The Doctor Loan also called the Physician Loan Program has the following Features and Benefits:

  • 100% Financing up to $1,000,000
  • Loan Amounts up to $2,500,000
  • No Mortgage Insurance
  • Fixed and Adjustable Rate Mortgage Options Available
  • For M.D., D.O., D.D.S. or D.M.D.
  • Employment Contract Accepted

You can get find out today if you qualify by calling the John Thomas Team with Primary Residential Mortgage at 302-703-0727 or you can APPLY ONLINE

Who Qualifies for the Doctor Home Loan Program?

In order to qualify for the Doctor Mortgage Loan Program, at least one of the borrowers on the loan must be licensed in one of the following fields: Keep Reading...

Wilmington Delaware First Start Homebuyer Down Payment Program

John Thomas June 28, 2022 Tags: , , , ,
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City of Wilmington Delaware First Start Homebuyer Down Payment and Settlement Assistance Program is a new program to help Delaware First Time home buyers purchasing in the City of Wilmington, Delaware. The program is designed to promote homeownership in the city limits and is available beginning November 13, 2023. The down payment program will provide eligible homebuyers with loans of up to $15,000 for down payment and settlement costs for purchasing a home within the city of Wilmington. You can apply for the program by calling the John Thomas Team with Primary Residential Mortgage at 302-703-0727 or APPLY ONLINE Keep Reading...

Fix & Flip Loans

John Thomas June 24, 2022 Tags: ,
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Fix & Flip Loans are short term, real estate loans used to purchase and rehab a property to sell as soon as possible which is typically in 3 to 12 months. These loans are called Hard Money Loans and are used only for investment property projects. Real Estate Fix & Flip Loans allows real estate investors to leverage the banks money to acquire the property and receive the money needed to fix the property to be sold. Whether you are a beginner real estate investor or a seasoned pro, the John Thomas Team with Primary Residential Mortgage can help you with all your Hard Money Loans and Fix & Flip Loans by calling us at 302-703-0727 or APPLY ONLINE. Keep Reading...

Sussex County Homebuyer Assistance Housing Trust Fund

John Thomas May 13, 2022 Tags: ,
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Sussex County Homebuyer Assistance Housing Trust Fund is a Delaware Down Payment Assistance Program for homebuyers purchasing in Sussex County, Delaware. The program provides between $10,000 and $30,000 of assistance for down payment and/or closing costs. Prospective homebuyers must be purchasing the home to be their primary residence. If you would like to apply for the Housing Trust Fund Homebuyer Assistance program give the John Thomas Team a call at 302-703-0727 or APPLY ONLINE

What is the Sussex County Homebuyer Assistance Program?

The Sussex County Housing Trust Fund (SCHTF) is providing Direct Home Buyer Assistance to people purchasing a primary residence in Sussex county. The down payment assistance program is being administered by Sussex County Community Development & Housing Department (CD&H). The DPA Funds are available until December 31, 2024 or until the funds run out. Sussex County intends to use the Homebuyer Assistance funding to provide affordable homeownership opportunities to qualifying homebuyers purchasing homes in Sussex County Delaware. Keep Reading...

Conventional One Time Close Construction Loan

John Thomas April 11, 2022 Tags: ,
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The Conventional One Time Close Construction Loan is a home mortgage that allows borrowers to purchase a lot, build a home and obtain a permanent mortgage all combined into one first mortgage loan with one closing. It is a great option for borrowers wishing to build their own home with a private builder. If you are interested in a conventional OTC construction loan, then give the John Thomas Team a call at 302-703-0727 or APPLY ONLINE

Conventional One Time Close Construction Loan Highlights

The Conventional OTC Construction Loan has all of the following features which make it a great option for building your own new construction home: Keep Reading...

PRMI Home Advantage Plus Loan Program

John Thomas March 31, 2022 Tags:
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PRMI Home Advantage Plus Loan Program (HAP) is just what you need to compete against other home buyers in this low inventory and multiple offer real estate market. Make your offer unique and stand out to the seller by using the Home Advantage Plus Loan Program. Call the John Thomas Team with Primary Residential Mortgage today at 302-703-0727 to get started or APPLY ONLINE.

What are the Benefits of the Home Advantage Plus Program?

The following are the benefits of using the PRMI Home Advantage Plus Loan Program:

  • Cover Up to 9% Appraisal Gap if Home Appraises Low
  • Finance Lender Required Repairs into the HAP Loan
  • Repairs are done after closing so no delays
  • Finance a New Appliance Package into your HAP Loan
  • Finance Upgrades into the HAP Loan with your home purchase:
  1. New Carpet or Flooring
  2. Update Bath and/or Kitchen
  3. Many Other Options as Well
  • Can be Combined with 5% Down Payment Assistance Program (620 Minimum Credit Score)
  • Can have a Non-Occupying Co-Borrower if NOT using DPA Program

What are the Requirements to Qualify for a Home Advantage Plus Mortgage?

The minimum requirements to be eligible for HAP mortgage loan are as follows: Keep Reading...