Home Buying - Loan Options

FHA Loan

A Federal Housing Administration (FHA) loan is a home loan that’s backed by the Federal Housing Administration. These loans are issued by a bank or credit union and the FHA backs the loan, meaning that if you can’t pay the mortgage, the FHA pays the lender instead. This type of loan can be a great option for first-time home buyers or low- to moderate-income borrowers, as this loan allows for down payments as low as 3.5% and is a good option for those with low credit scores.

Because you can qualify for an FHA loan with as little as 3.5 percent of your new home's value as a down payment, you will be required to pay mortgage insurance throughout the life of your loan.

• Down payment as low as 3.5 percent
• Monthly Principal and Interest Payments remain the same for the life of the loan
• Down payment assistance programs available

How Do I Get a FHA Loan?

Contact us to speak with a Loan Officer to determine if an FHA loan is the best option for your situation or Apply Now.

Jumbo Loan

A jumbo loan is a loan used to finance properties that are too expensive for a conventional conforming loan. The lender sets the guidelines for this type of loan.

PrimeWest Mortgage offers competitive Jumbo rates as well as timely turnaround with local underwriting. This option is offered for those interested in borrowing over $647,200 and start with a down payment as low as 20 percent.

• Competitive rates
• Down payment as low as 20 percent

How Do I Get a Jumbo Loan?

Contact us to speak with a Loan Officer to determine if a jumbo loan is the best option for your situation or Apply Now.

USDA Loan

US Department of Agriculture (USDA) loans offer a full financing option for a home purchase with no money down. USDA loans are for homes in rural and less densely populated areas to encourage homeownership in these areas.

USDA loans are offered through the United States Department of Agriculture. This specific mortgage loan provides low-cost homeownership opportunities to families in rural areas.

• No down payment
• 100 percent financing
• Only available in designated rural areas
• Monthly Principal and Interest Payments remain the same for the life of the loan

How Do I Get an USDA Loan?

Contact us to speak with a Loan Officer to determine if a USDA loan is the best option for your situation or Apply Now.

VA Loan

A VA loan is a financing option for veterans and active-duty personnel to purchase a home offering favorable loan terms. PrimeWest Mortgage is proud to support active-duty and veterans by offering this loan to help them become homeowners. VA loans are partly guaranteed by the U.S. Department of Veterans Affairs and offer some of the following benefits: no down payment, high loan value, limit on closing costs and many others.

Are you a veteran or active member of the armed forces? First, thank you for your service. We are so grateful to you. You've earned the benefits that are included with a VA loan, which is backed by the U.S. Department of Veterans Affairs.

To ensure approval for your VA loan, you will need to submit a Certificate of Eligibility, which is a formal document that explains your VA entitlement. Contact one of our Loan Officers for information on obtaining your Certificate of Eligibility and other documents that may be needed for your VA loan.

• Exclusive for members and veterans of the armed services
• Monthly Principal and Interest Payments remain the same for the life of the loan
• No down payment

How Do I Get a VA Loan?

Contact us to speak with a Loan Officer to determine if a VA loan is the best option for your situation or Apply Now.

Want to learn more about buying a house?

• Use the mortgage glossary to learn about equity and other mortgage terminology.
• Learn about the PrimeWest home loan process.