Loan Programs

A PROGRAM FOR EVERY NEED...with a twist

At Primary Capital, we’ve been around long enough to know the standard loan programs inside and out. So no matter what your borrowing need is – as a first-time homeowner, a veteran, in the hopes of renovation, with a long- or short-term outlook – we’ll find a mortgage program to match.

Click a program below to learn more:

FIXED RATE     ADJUSTABLE RATE

FHA    VA    JUMBO

1st TIME HOMEBUYER/BOND LOANS

But Primary Capital doesn't stop there.  We add special features you simply won't find anywhere else:

ON TIME CLOSING GUARANTEE  

FREE FLOAT DOWN     FREE LOCK+SHOP 

203K REHAB     EXTENDED RATE LOCKS 

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FIXED RATE MORTGAGES

30 year fixed conforming (non Jumbo loans) A fixed rate loan program has the same interest rate for the life of the loan and the monthly payments (principal and interest) never change. If you escrow your property taxes and insurance, those expenses can change, which will affect your monthly payments. Fixed-rate mortgage may be a good choice if you plan to stay in your home for a long time or if you feel more comfortable knowing your payment will not change.

An ARM is a mortgage in which the interest rate and payments are adjusted periodically based on a pre-selected index. Subject to certain limitations, the rate and payments on an ARM loan rise and fall with the market.

Our 3/1, 5/1, 7/1, and 10/1 ARMs allow you to pay a lower introductory interest rate than many fixed-rate mortgages offer. Your interest rate and payment are fixed for the initial fixed rate period of 3, 5, 7, or 10 years, depending on the program you select. After the initial fixed period, your interest rate and payment will follow the movement of the index up and down, with certain limits. Our ARMs are among our most popular loans because they help you qualify for a larger home, there is no negative amortization, and your loan may be assumable after the fixed rate period of the loan. An interest-only option is available for these products. It is important to note that with an ARM, you may have a substantial increase in payment after the fixed-rate period and the interest rate over the life of the loan can typically increase five to six percentage points above the initial interest rate.

1ST TIME HOMEBUYER/BOND LOANS

State and Local Bond Programs

Many municipalities have established bond programs to help first-time home buyers with down payment assistance, obtaining a lower rate, and qualifying more easily for a home loan.  

FHA

We offer residential mortgage loans insured by the Federal Housing Administration (FHA). FHA-insured loans offer many benefits, including lower costs, smaller down payments, increased seller contributions, easier qualification, and more protection to keep your home.

FHA 203k Renovation Loan Program, Great for Fixer Uppers

The FHA Renovation Loan Program provides you with the money to purchase a home and renovate it, all with one convenient loan. The program is available on both fixed rate and adjustable rate options with as little as 3.5% down payment. This program is ideal for purchasing foreclosures and improving their value with needed repairs and upgrades.

VA

The VA loan program can make it much easier for veterans to secure a home loan by requiring little or no down payment. This home loan is available to veterans and guaranteed by the U.S. Veteran's Administration, and it frequently offers lower interest rates than ordinarily available. In addition, with a VA-guaranteed loan, there is no private mortgage insurance requirement.

JUMBO

As an experienced jumbo and super jumbo mortgage lender, we offer a variety of programs with competitive rates and beneficial features. Fixed rate, adjustable rate, and interest-only payment options are available.

ON TIME CLOSING GUARANTEE^sm

On Time.  Every Time.  No If's, And's, or But's.

Nothing should stand between you and an on-time closing of your loan. Nothing. That’s why at Primary Capital, we promise to close on time and we back it up with a guarantee. If we fall short, we’ll pay your first mortgage payment (principal and interest). No matter how many new regulations arise, no matter what your mortgage payment is or when it’s due, we will stand firm on that promise.

There have been a lot of changes in the mortgage industry. Amid the uncertainty, you want a simple, quick, easily understood mortgage process. We get that. From application all the way through to closing, our team of professionals will smooth the way. Only when you walk away happy will we consider our work done. At Primary Capital, we’re here to serve you swiftly, accurately, attentively. You deserve it. Guaranteed!

With Primary Capital's FREE FLOAT DOWN option, you'll be able to take advantage of a lower rate should the market improve after you lock your loan!  This option is absolutely FREE and will allow a one-time FLOAT DOWN to the actual market rate.  With a market that can sometimes be unpredictable, what better way for you to be protected against rising rates?

§  Float down your rate to the current market any time from 30 days prior to closing to 5 business days prior to closing

§  Available on conventional (loan at or below the "conforming" loan limit), FHA and VA loans

§  Available on both purchase and refinance transactions

§  No premium will be added to your rate

FREE LOCK+SHOP^sm 

With our FREE LOCK+SHOP option, you can lock in your interest rate while shopping for your dream home.  We offer this benefit at NO COST on all of our loan products. 

§  Available in conjunction with our FREE FLOAT DOWN option!

§  No money is collected up front

§  No fees or add-ons will be charged when you initially lock or FREE FLOAT DOWN your rate

§  Available on Conventional, FHA and VA loan programs

§  Available for rate locks up to 270 days on both Fixed and Adjustable Rates

203k REHAB LOAN    (Coming Soon!)

The FHA 203K Loan Program provides you with the money to purchase a home and renovate it all with one convenient loan. This program is ideal for purchasing foreclosures and improving their value with needed repairs and upgrades. These loans also allow a homeowner to refinance and include renovation costs to avoid coming out of pocket. Primary Capital offer both types of 203K Loans – the “Streamline” and the “Standard” options.

203K "Streamline" Option

§  The Streamline requires a minimum of $5,000 in repairs with a maximum of $35,000 .

§  It can be an adjustable rate or fixed rate mortgage.

§  The mortgage balance can exceed the purchase price of the property.

§  Borrowers are required to hire professional consultants, licensed engineers or architects.

§  The appraiser or home inspector can put together a list of recommended repairs / improvements.

Eligible Repairs & Improvements

The Streamlined 203K loan allows for simple repairs that can be easily estimated and completed. Many are considered light cosmetic repairs, but some will require hiring a licensed contractor. Here is an approved list of repairs / improvements from HUD:

§  Roofs, gutters and downspouts

§  HVAC systems (heating, venting and air conditioning)

§  Plumbing and electrical

§  Minor kitchen and bath remodels

§  Flooring: carpet, tile, wood, etc.

§  Interior and exterior painting

§  New windows and doors

§  Weather stripping & insulation

§  Improvements for persons with disabilities

§  Energy efficient improvements

§  Stabilizing or removing lead-based paint

§  Decks, patios, porches

§  Basement completion and waterproofing

§  Septic or well systems

§  Purchase of new kitchen appliances or washer / dryer

Special Terms & Conditions

§  No minimum loan balance required.

§  Borrowers must occupy the property.

§  Property cannot be vacant for more than 30 days.

§  Work must be completed within six months.

§  Work must be professional.

§  If job requires a permit, borrowers must get a permit and a sign-off.

§  Work must commence within 30 days from closing.

Repairs Not Permitted

§  Landscaping or yard work

§  Major remodeling

§  Moving a load-bearing wall

§  Room additions or add-ons to the home

§  Fixing structural damage

Requirements to Perform the Work

§  Borrowers can select among licensed contractors.

§  The lender will review the contractor's experience, background and referrals including a current copy of any state license if required.

§  The lender will want a copy of the contractor's estimate and the agreement between the contractor and borrower.

Disbursement of Payments

§  Maximum of two payments to each contractor.

§  No more than a 50% advance is allowed.

§  Final payment is paid after submission of evidence of payment to sub-contractors / suppliers or other possible lien claimants.

203k "Standard" Option

§  The Standard option requires a minimum of $5,000 in repairs up to the FHA maximum loan limit

§  This option should be used when structural work is being completed, i.e. room additions, moving walls, re-wiring

§  Borrower may finance up to 6 months of housing payments into the loan amount

Examples include:

§  Moving a load bearing wall

§  Room additions or add-ons to the homenterior and exterior painting

§  Fixing strucutural damage or altering existing structure

§  Rehabilitation, improvements or addition of a detached garage

§  Reconditioning or replacement of plumbing, heating, air conditioning, and electrical systems

§  Energy efficient improvements like new double pane windows, etc.

§  Major landscape work and site improvements, patio, decks, and terraces

§  Major kitchen and bath remodels

EXTENDED RATE LOCKS

Primary Capital offers lock in periods as little as 15 days and for up to 360 days on Fixed and ARM products. The longer the rate lock period, the higher the cost of the loan in terms of the rate and/or any discount points. And with Primary Capital, you also have the benefit of our FREE FLOAT DOWN option if rates improve.