Loan Options

Your Home Mortgage Loan Options

There are several loan options available when purchasing a home. Listed below are some of the home loan options offered by Premier Nationwide Lending. If you have any questions concerning the home loan process, please contact your Premier Home Mortgage Loan Expert who is on standby ready to assist you with your home mortgage needs.

FHA Lending

FHA loans are government-insured loans backed by the Federal Housing Authority. They are designed for low- to moderate-income earners and typically come with the lowest down payments.

Because FHA loans are designed for lower-income earners, qualifying for this type of financing is easier than many other loan types. Higher debt-to-income ratios are allowed, and borrowers need only a 3.5 percent down payment. Borrowers can have as low as a 500 credit score and still qualify for an FHA loan.

FHA loans are best for borrowers who:

  • Are first-time homebuyers
  • Have less than perfect credit
  • Have little saved for a down payment
  • Have high debt-to-income ratios
  • Are receiving gift money for their down payment

Fixed Rate Loans

A fixed rate mortgage is a mortgage loan that has a set interest rate for the entire life of the loan. It does not fluctuate with market changes and can only be altered through a refinance. Fixed rate mortgages are typically slightly higher than adjustable rate mortgages because they offer consistency and protection from inflation.

A fixed-rate mortgage may be an ideal option if you:

  • Are concerned that interests rates will increase and you want the predictability of a fixed interest rate.
  • Want to be able to determine what your payment will be for years to come in order to plan out your budget.
  • Expect to own the home for many years.

Adjustable Rate Loans

An adjustable rate mortgage (ARM) is a mortgage loan that may vary in monthly payment and interest rate depending on a change in an index. Typically, the initial rate is lower compared to a fixed rate mortgage, so for many borrowers, it could make homeownership more affordable. The risk of fluctuating monthly payments may be reduced with annual interest and lifetime interest cap ceilings.

An adjustable rate loan may be ideal if you:

  • Have a plan in place to move to a different home before the end of the initial rate period.
  • Are certain your income will increase enough in the future to cover the increase of the mortgage interest rate.
  • Require a lower monthly payment than what you can expect from a fixed-rate mortgage.

VA Loans

A VA loan is a mortgage loan that is backed by the U.S. Department of Veterans Affairs, or VA. It is available to military service members, veterans, and their immediate family members. The VA loan program is the most powerful home loan option on the market for veterans, service members, and military families. These flexible, government-backed loans come with significant benefits that open the doors of homeownership to veterans who might otherwise struggle to obtain financing.

To qualify for a VA loan, you must have one of the following:

  • 90 consecutive days of active military service during wartime
  • 181 days of active military service during peacetime
  • Six years of service in the National Guard or Reserves

Spouses of deceased service members who died in the line of duty are also eligible to apply for a VA loan.

Jumbo Loan Programs

A jumbo loan mortgage is any home loan that is more than the conforming limit of $453,100 according to Fannie Mae guidelines on conventional mortgages. FHA mortgages, however, have upper mortgage limits that are set for each county starting at the lowest loan limit of $271,050.

Since most banks do not have jumbo loan mortgage products available, we’ve made them one of our specialties. Our jumbo mortgages are also available as a portfolio product for expanded guidelines outside of conforming limits. We have several jumbo loan mortgage programs that can put you in control of your mortgage investment

Rural Housing

Rural Housing Development

A rural housing loan, also known as a USDA loan, is backed by the U.S. Department of Agriculture and is designed to encourage homeownership in America’s more rural and remote locations. They’re ideal for low- and middle-income earners who may have difficulty obtaining other forms of financing.

Rural housing loans can only be used for owner-occupied, primary residences, so they cannot be used on rental or commercial properties. You’ll also need to buy a home in an eligible location and meet certain debt-to-income and employment requirements.

USDA loans are designed for buyers with low to moderate income. They’re also ideal if you:

  • Are willing to live outside a major metropolitan area
  • Need low up-front costs at closing
  • Are having a hard time securing funding through other means

* Loan programs are subject to credit and property approval. Other guidelines may apply.



Loan Center

Checklist

What you will need to ensure a smooth home mortgage process.

Loan Options

There are several loan options available when purchasing a home.

Down Payment Assistance

Find out more about special programs and who qualifies.

Calculator

Wondering how much you can finance?

Testimonials

Premier Nationwide Lending has completely exceeded our expectations in the home loan process. We are building our 3rd home and they have gone above and beyond to ensure the best loan product for our needs, as well as saved us a lot of money! When the builder’s lender said a loan was not available, Premier Nationwide Lending’s loan officer worked hard to find that it was indeed available and made it a reality for our family. Words cannot accurately express our gratitude for having been introduced to Premier. Our loan officer was a complete pleasure to work with and someone you can trust with such an important decision!

Mark & Deanna H. - Homebuyer

I’ve been a successful Realtor for 28 years with one of the largest firms in the country. I met a loan officer with Premier several years ago at a seminar and was very impressed with her knowledge of buyer assistance programs, etc. I referred her to several of my first time Buyers and found her to be excellent. Every client that I referred her to was pleased with the process and the service and spoke very highly of her. Her communication skills, her attention to detail, her knowledge of the process, her commitment to getting the job done in a timely manner cannot be matched. Her staff and her processer are the best. I give her name to all of my Buyers, in all price ranges, and highly recommend they talk with her about their new purchase. I have worked with many loan officers over the years and Premier is the best I’ve EVER worked with.

Gerry J. - REALTOR

What a dynamic team of supporting and knowledgeable professionals! Each of my experiences with Premier Nationwide Lending has been nothing short of excellent. When they say, “We pride ourselves in delivering the industry’s best service and experiences,” they mean every word. Thank you for standing consistently behind your commitment. I eagerly look forward to doing more business in the future.

Vanja G. - Homebuyer

Thank you so much, Premier Nationwide Lending, for helping my family move into our dream home! Your hard work and dedication speaks volumes about your personal character. Although we never met in person, you still made a wonderful imprint in our hearts. Thank you for the late nights, patience, timeliness, guidance and thorough explanations throughout our first home buying experience. We definitely couldn’t have done it without you! Premier Nationwide Lending has a “Genuine” on their team, who we just so happened to be referred to. God is Good!

Carlo & Yvonne S. - Homebuyer

I cannot speak highly enough of my experience with Premier Nationwide Lending! I am still in awe of how easy these individuals made the loan process. All my questions and concerns were addressed in a timely manner with a wealth of expert knowledge. I was given the same personal attention one would expect from a local lender. You would have never known that I was working with a lender half a state away. I can say, without a doubt, that when the time comes to buy a new home I will return to Premier Nationwide Lending.

Stephanie B. - Homebuyer

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