PrimeLending

PrimeLending is a Dallas-based mortgage finance company that has been operating in the United States since 1986. This lender is not a full-service bank. It does not offer checking, savings, or money market accounts. While PrimeLending does not specifically cater to the military community, it does offer VA mortgage loans and refinance loan options to veterans and all others who qualify for the VA mortgage program.

PrimeLending Services

Services available to all applicants (VA, FHA, conventional) include:

• Real estate purchase loans
• Real estate refinance loans
• Fixer-upper/renovation loans

PrimeLending Real Estate Purchase Loans

PrimeLending offers the following home loan options:

• Fixed-rate loans
• Adjustable rate mortgages (ARMs)
• Jumbo loans
• One-Time Close construction loans
• Two-Close construction loans
• Government backed mortgages (FHA, USDA, and VA)

The PrimeLending official site advertises construction loans as well as VA mortgages, and while VA loan options include Single-Close construction loans and Two-Close construction mortgages, the lender may or may not choose to offer those particular kinds of VA home loans or offer them with a stricter set of standards.

Not all participating VA lenders offer all VA loan products; you may find your ability to qualify for a VA mobile home loan or other government-backed mortgage is dependent on whether PrimeLending is currently offering them or not.

VA mortgages are for primary residences only and at least one person obligated on the mortgage (or a qualifying family member) must reside in the home as their primary residence.

In general, VA and FHA mortgage loan options come with lower interest rates (across the board) than conventional requirements, but if you apply for an adjustable rate mortgage with your VA loan benefits, you will need to understand the workings of VA ARMs and FHA ARM loans before committing.

PrimeLending Real Estate Refinance Loans

• Fixed-rate loans
• Adjustable rate mortgages (ARMs)
• Jumbo loans
• Government backed refinance loans (FHA, USDA, and VA)
• Cash-Out refinance loans

PrimeLending offers VA fixed-rate refinance loans, adjustable rate refinancing, and other options but one thing potential refinancers should know? The PrimeLending official site lists a cash-out refinance option separately from the VA refinance loan page. The site includes FHA cash-out refinance loans by name on the official site, but does not do the same for VA cash-out refinance mortgages.

Whether PrimeLending chooses to offer you the option to do a cash-out refinance under the VA loan program is the lender’s choice. You may be directed to a different cash-out option in such cases. FHA cash-out refinancing is comparable to the VA version, but requires a mortgage insurance premium and is also intended for primary residences only, just like FHA refinance loans.

VA refinance loans are available to refinance both existing VA and non-VA mortgages; be sure to ask your loan officer about that option if you are considering a refi loan on a non-VA mortgage.

Renovation Loans

PrimeLending offers a variety of renovation loans including the FHA 203(k) Rehabilitation Loan for approved projects for primary residences. VA literature describes a similar type of home loan option, but this option is not listed on the PrimeLending official site. Borrowers who want to do home rehab or remodeling may wish to explore the following non-VA options:

• Jumbo Renovation
• EZ “C”onventional
• FHA 203K
• Energy Efficient
• HomeStyle/CHOICE
• Pool Escrow
• Repair Escrow

Of these options, the Energy Efficient loan is technically part of the VA loan program as well as the FHA’s version; these are considered “add-ons” to your VA mortgage that are intended to pay for approved energy-saving upgrades to the home. Ask your lender about a VA energy efficient mortgage option and whether that specific VA add-on is available.

Joe Wallace is a 13-year veteran of the United States Air Force and a former reporter for Air Force Television News