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Buy Your First Home With Us

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Prime Rate Mortgage

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Loan Requirements

-It is this easy.

580 Credit Score

The minimum credit score is 580 for FHA and 620 for Conventional.

Minimum of 2 Year Employment History

At least a 2 year work history is required, this is standard for any loan program. The 2 years do not have to be with the same company it is okay if you switched jobs as long as you have 2 years of employment. 

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Loan Programs

  • FHA Loan: This loan is government backed up which means that the loan is ensured by them. Eligible home buyers may qualify with a minimum credit score of 580 and with a down payment of 3.5% of the sales price. 
  • Down Payment Assistance: This is an FHA loan program that allows you to own a home with 0% down payment. The loan is forgivable after 5 years and you will bring little to no money to closing.
  • Conventional 97 Loan: This loan option allows for some borrowers to put down a down payment of 3% with a minimum credit score of 620 on a single family home, condo or PUDs. 
  • VA Loan: If you are a qualifying member of the military or a surviving spouse you may qualify for this loan program. The minimum credit score is 580 and there is no required down payment. 
  • USDA Loan: This loan is similar to the FHA program, it is a government backed up loan. If you are wanting to purchase a home in a designated rural area this is the loan for you. Borrowers have the ability to finance up to 100% of their mortgage, meaning 0% down payment required. There are income restrictions, contact us for more information on this.
  • Renovation Loan: You like the area but not the home, no problem. We have an FHA 203k and a Conventional Homestyle loan that will let you finance your renovation costs into the loan. The minimum down payment may vary from 3%-5%, contact us for more information. 

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Property Options

Check out some of the property options you have.

Single Family Home

Multi-Unit Property

Condominium

Renovation

See What's Possible

Use our tools to see what homeownership could look like for you.

Mortgage Calculator

Estimate your monthly payment, including taxes and insurance.

Home Affordability

See how much home you can afford.

Ready to Make The Move

Prime Rate Mortgage is your trusted broker. Take the step towards owning your dream home.

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Frequently Asked Questions

We shop for the best rate in the market, one lender's best rate may not be the next lender's best rate. We work with multiple lenders to get you the best deal in the industry. 

Not exactly, we will help negotiate for the seller to pay for some or all of your closing costs. 

 

Depends on the program. For the Conventional 97 yes you MUST be a first time home buyer and for the VA program it depends on your eligibility. Contact us for more information.

We can close you in 8-14 days!

 

YES! We have awesome people we work with that will help you throughout this process.

These materials are not from HUD, VA, or FHA and were not approved by HUD or any other government agency.

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