PRMI Fresh Start Loan Program

John Thomas May 25, 2019 Tags: Bankruptcy, Financial setbacks, Foreclosure, Mortgage Loan, Poor Credit Ratings, PRMI Fresh Start Loan, PRMI Fresh Start Program, Rebuild Credit Rating, Short Sale

PRMI Fresh Start Loan Program is for people who may have had a Foreclosure…short sale…bankruptcy…mortgage lates and cannot qualify for a traditional mortgage loan program. If you are able to prove your income to qualify for a mortgage but have credit challenges that are preventing you from qualifying, then a fresh start program can help you purchase a new home or refinance your current home. Get started today by calling 302-703-0727 or APPLY ONLINE

Did a couple of bad money choices put you in much debt and destroyed your credit ratings that it’s hard to obtain traditional funding?

Let PRMI give you a fresh start!

What is PRMI Fresh Start Loan Program?

The Primary Residential Mortgage Inc. Fresh Start Loan is designed for borrowers who can prove their ability to repay a mortgage but may not qualify for traditional mortgage financing because of past credit challenges.

This includes people who have undergone a series of financial setbacks such as foreclosure, deed-in-lieu, short sale, mortgage charge-off or multiple mortgage lates, or bankruptcy and want to buy a home before prices shoot up.

Benefits of PRMI Fresh Start Loan Program:

Rebuild your credit and save money
No Seasoning or Wait Period after Short Sale, Foreclosure, Bankruptcy or Mortgage Late Payments
Available for fixed Rate or Adjustable-rate (ARM) Mortgage.
Can finance a single family residence, condominium, co-op, a 2-4 unit property or a home in a Planned Unit Development (PUD).
Available for Purchase, Rate Term Refinance, Cash-Out Refinance, and Debt Consolidation
No Mortgage or Rental Payment History Required.
Up to 6% Seller Paid Closing Costs Allowed on Primary Residence or Second Homes.
100% Gift Funds Allowed from Family Members.
No Mortgage Insurance Required

How can we help? Our licensed loan officer will work with you to determine if our fresh start loan is the right fit for your situation. Once we’ve established the best course to take, we will do what we do best to help get you out of the debt cycle and back on track!

What are the Qualifications Required for Fresh Start Loan?

In order to be eligible to apply for a PRMI Fresh Start Mortgage Loan you must meet the following minimum guidelines:

Minimum Credit Score is 580
Must Have Minimum 2 Tradelines
Loan Amounts from $75,000 to $1 Million
Maximum DTI of 50% (Up to 55% with Compensating Factors)

Remember, never think a mark on your credit rating record disqualifies you from having a fresh start. Do you think you’re stuck in a rut? Chin up. PRMI is here to bail you out!