We offer a full range of mortgage programs available in today’s marketplace. The type of mortgage that is right for you depends on your unique situation.
Issued by federally-qualified lenders and insured by the Federal Housing Authority, FHA mortgages are ideal for homebuyers able to put down a 20-percent or lower down payment. Because of its structure, FHA mortgage payments are lower than those for conventional loans and qualification guidelines are less stringent. Additionally, an FHA loan is a possibility for refinancing your home. Homeowners, when going with this approach to refinancing, can take advantage of lower interests without already having to have a large amount of equity.
USDA mortgages, also called Rural Loans, are another option for homebuyers in the Connecticut, Massachusetts, or Rhode Island area. As a 100-percent financing program insured by the U.S. Department of Agriculture and managed by the Rural Development Department, USDA Loans require no down payments and offer lower interest rates. Homeowners save each month, as mortgage insurance is lower for this type of loan. Not just restricted to first-time homebuyers, USDA mortgages have looser qualification guidelines and no purchase price limits.
VA Mortgages provide long-term financing to U.S. veterans; if a veteran does not have a 20-percent down payment, the VA Mortgage program issues a loan with no mortgage insurance. VA loans for purchasing a home are 100-percent financed and, for refinancing, cover up to 90 percent of the property’s value. Like other government loans, VA Mortgages have relaxed guidelines and are issued by federally-qualified lenders. VA loans are guaranteed by the U.S. Veterans Administration, who issues certificates to qualified homebuyers for submission to preferred mortgage lenders in Connecticut, Massachusetts, or Rhode Island.
Some homebuyers intend to fix up a purchased property, and a home improvement, or rehabilitation, loan solves the issue of applying for and taking out two different mortgages. Streamlined FHA 203k Mortgages apply to various rehabilitation and repair projects and are factored into the original loan balance. The result is a single loan for purchasing and improving a property.
To learn in detail about all mortgage programs offered by Primary Residential Mortgage, Inc., browse through the options listed on our website.