What is PrimeWest PLUS?
PrimeWest PLUS is a grant program designed to give you credit of up to 3% of your loan amount towards your down payment and closing costs. PrimeWest Mortgage has partnered with an organization called Homeownership Across Texas to serve families who CAN afford a mortgage loan, but don’t have the money for a down payment!
What are the requirements and how do I qualify?
- Minimum of a 620 credit score
- Available only for single family, owner occupied homes
- Maximum purchase price of $484,350
- Completion of a Homebuyer Education Course, even for non-first-time homebuyers
- Income limits are generous compared to other grant programs
What type of properties can I use this with?
Only single family, owner-occupied homes qualify.
Do I have to be a first time homebuyer to participate in this program?
No, this is not limited to first-time homebuyers!
Is the max county income limit for the borrower or the entire household?
Income limits can vary by location and situation. Qualified income may be less than the total actual household income.
Please visit with your PrimeWest Mortgage loan officer if you have questions about exceeding the income requirements in your household.
Why does PrimeWest Mortgage participate in this grant program?
Because we can! This program is offered in every PrimeWest Mortgage office in Texas. By partnering with Homeownership Across Texas, PrimeWest Mortgage is committing to provide down payment assistance to eligible borrowers who otherwise may not have the necessary funds for a down payment. We understand that purchasing a home can be expensive and we want to help.
Why do I have to attend a homebuyer education course?
It is a requirement to ensure all participants are familiar with the process and responsibilities of homeownership. An approved homebuyer education course must be completed before closing.
These courses can be taken in person or online. Visit with your PrimeWest Mortgage loan officer for more information.
Where is this program available in Texas?
This program is available to the majority of Texas (excluding Austin, El Paso, Grand Prairie and McKinney).
Can the seller still pay towards my closing costs?
Yes, the seller is still allowed to pay up to 3% sellers concessions. Seller concessions are costs paid by the seller on behalf of the buyer. These costs can include, but are not limited to title insurance, appraisal fees, inspection fees, etc., which are credited to the borrower at closing.
Who will service my loan?
PrimeWest Mortgage will retain servicing on all loans that participate in PrimeWest PLUS.
Can I use this for an investment property?
No, this program is solely for your primary residence.
How long does it take to close?
Typically, home loans with PrimeWest Mortgage close within 30-45 days of application submission. A loan with PrimeWest PLUS is no different.
How will I be kept informed of the status of my loan throughout the process?
The borrower will receive regular updates via email from your loan officer informing you of important milestones in your loan process, as they are completed. Those emails will include a loan status bar, see below, showing what has been accomplished and yet to come. Accomplishments will turn purple as they are achieved.
Are additional gift funds allowed?
Yes, additional gift funds may be provided by sources such as the borrower's family member, the borrower's employer, a close friend with a clearly defined interest in the borrower, a charitable organization, etc.
Can I use this for a refinance?
No, this is strictly for purchase transactions only.
How long will this program be available?
As long as grant funds are available, PrimeWest PLUS will remain a home loan option. PrimeWest Mortgage contributes a percentage of each PrimeWest PLUS loan to help replenish the Homeownership Across Texas grant fund.
All loans are subject to credit approval, terms and conditions may apply. Subject to change without notice. Eligibility for this non-repayable grant is subject to the program guidelines found at primewestplus.com. Changes to loan parameters including but not limited to loan amount, owner-occupancy status, loan to value, and other factors may render Borrower ineligible for the Program.
Ready to buy a home?