Services – PrimeLending: Bruce Van Patten

Bruce Van Patten Bruce Van Patten Loan Originator NMLS # 632096

Services

Purchase Loans

You better start picking out your carpet color

The sea of different loan options can seem overwhelming, but we have good news for you. It’s easier than you think. We’re here to simplify the process for you, and your new home will be in your hands before you know it. We just have to find you the right loan.

Below you will find some of our most popular home loans. Each one has its own page with helpful information on it to get you started. Once you’ve gotten some preliminary information, give us a call. You’re also welcome to call us directly for a complimentary consultation and we can go through them together.

Conventional Loans

Conventional loans are the most common, and most frequently used loan programs. Conventional loans are not insured by a federal agency, such as the Federal Housing Administration (FHA), the U.S. Department of Veteran Affairs (VA), or the U.S. Department of Agriculture (USDA). Conventional loan options come in many varieties, fixed rate, adjustable rate mortgage (ARM), conforming and non-conforming, jumbo etc.

conventional-loans

 

The 30-Year Fixed Rate Home Loan:

The 30-year fixed rate home loan is the gold standard of the industry. It gives homeowners long term stability with one predictable monthly payment amount over 30 years. The fixed interest rate guarantees the monthly payment over the life of the loan, free of the fear of rising interest rates. These are the most popular loans in the industry and appeal to homeowners who expect to settle down in one house for a long period of time. The Conventional 95% program requires a minimum credit score, which varies by down payment source. Unlike a FHA loan, the Conventional 95% program does not require upfront mortgage insurance premiums. It offers options to eliminate the monthly mortgage premium altogether.

Your loan officer can help you obtain your credit score, which will be based on the middle of three credit scores as reported by the major credit bureaus.

The 15-Year Fixed Rate Home Loan:

The 15-year fixed rate home loan, provides the same stability as the 30-year fixed rate loan, however with higher monthly payment amortized over 15 years instead of 30 years. While the 15-year mortgage has a higher monthly payment, it builds equity faster, and you pay less interest over the entire term of the loan.

Adjustable-Rate Mortgage:

An adjustable-rate mortgage (ARM) gives borrowers the advantage of a low introductory rate for the first few years of the home loan. ARMs can be a good option for short-term homeowners or those who can reasonably expect to have a higher income over time.

Get a conventional loan

Government-Insured Loans

government-loans

FHA Loan

Did loan limits go up, down or stay the same in your county?

To check your area for 2019 maximum loan limits, visit hud.com

Get an FHA loan

USDA Loan

Expand your territory with the USDA Guarantee Rural Housing Program offered by PrimeLending. This is a great program if you’re looking to finance a new home.

USDA Purchase Loan Benefits:

*Eligible properties must be located in a rural area as defined by USDA Rural Development and cannot produce income.

Get a USDA loan

VA Loan

A Loan Worth Saluting

The Veteran’s Administration loan, or VA loan, is a terrific home mortgage for qualified veterans with benefits that outweigh those of conventional or FHA mortgages. Whether you are active duty military, have retired from service or have an existing VA loan, we can help you get the most from your benefit. More than any other home mortgage, the VA loan includes guidelines to protect the veteran or service person’s rights and pocket book.

VA Loan Benefits:

  • 1.5 million max loan amount
  • 100% financing
  • No mortgage insurance premiums
  • Option to keep current VA home loan and buy second home without selling or refinancing first property

Eligible Persons

Active duty, discharged and retired service persons from any of the following areas are eligible if you meet basic qualifying criteria for a VA home loan:

  • Army
  • Navy
  • Air Force
  • Marines
  • Coast Guard
  • National Guard

Get a VA loan

Down Payment Assistance**

Grant Programs:

GSFA Platinum Program

This is sponsored by the CRHMFA Homebuyers Fund and offers up to 5% of the loan amount. It includes Conventional, FHA, USDA and VA mortgages and does not require you to be a first-time homebuyer. This program is good for properties in California only.

**Certain restrictions apply. Not available in all areas. Please contact your PrimeLending loan officer for more details.

MCC Mortgage Credit***

The MCC credit allows individuals to claim a portion of their mortgage interest as tax credit and can also help with qualifying for the actual mortgage loan. There are two types of mortgage credit certificates (MCC) available for those purchasing a property in California. The MCC tax credit for both programs is 20%.

Click here for more information such as income and purchase price limits or to read about common questions about the MCC credit.

***PrimeLending is not authorized to give tax advice. Please consult your tax adviser for tax advice for your specific situation.

Refinance

USDA Refinance Loans

Expand Your Territory

Expand your territory with the USDA Guarantee Rural Housing Program offered by PrimeLending. This is a great program if you’re looking to refinance your current home. To cultivate the best loan possible based on today’s low interest rates, now may be the perfect time to refinance your current USDA loan with the refinance program.

USDA Refinance Loan Requirements:

  • Be a current Section 502 guaranteed loan borrower
  • Meet the applicable adjusted income eligibility limit
  • Reside in an eligible rural area, or an area that was eligible at the time of original loan closing
  • Have made timely mortgage payments for the previous 12 months at the time of the loan application

2019 USDA Loan & Eligibility Resource

USDA Loan Calculator

Get a USDA Refinance loan

FHA Streamline Refinance Loan

What are you going to do with all that extra money?

The FHA Streamline Refinance Program is designed to lower the monthly principal and interest payments on a current FHA-insured mortgage.

Reduce your interest rate

Take advantage of recent government action to lower interest rates. This will save you thousands of dollars over the life of your loan. You can use the savings to lower your monthly payments, reduce the number of payments, and have more money for other things you’ve been waiting to purchase or save towards.

No appraisal

Once qualified, very little is required to convert your current FHA loan into one with a lower rate. We only need to verify you are currently employed, and are in good standing with your current FHA mortgage.

FHA Streamline Program Details:

  • Primary residence
  • Second homes
  • Investment properties allowed
  • One to four units
  • Minimum credit score: 640; 620 with restrictions

With loan officer and lending team support – such as in-house processing, underwriting and closing – we offer fast turn around times, and can usually close loans in less than 40 days! 2

Get FHA Streamline Refinance loan

VA Streamline Refinance Loan

Watch your budget grow

If your home is currently financed by a VA home loan, refinancing with an IRRRL can reduce your monthly payments, giving you more flexibility in your budget.

VA Streamline Refinance Loan benefits:

  • Appraisal may not be needed
  • Income verification not required
  • No assets required
  • Lower your current fixed rate
  • Convert your adjustable rate mortgage to a fixed rate
  • No prepayment penalties
Get VA Streamline Refinance loan

Renovate

Turn the old into new

It’s exciting to get a new home, but even more exciting to make it exactly the way you want. With our wide selection of renovation loans, you can finally get started on the renovations you have had in mind, whether it’s an open kitchen or a more energy-efficient household. Our renovation loans offer options for first homes, investment or second properties.

With loan officer and lending team support – such as in-house processing, underwriting and closing – we offer fast turn around times. On average, PrimeLending can close a loan in fewer than 40 days. 2 You’re closer to your goal than you think. Browse among the different renovation loans below to see which fits your situation the best.

Homestyle Loan

Raise the roof on your home

The HomeStyle® renovation loan is a great option for renovations that add value to your property. It’s a simple loan with flexible use that fits a lot of different situations. They apply to first homes, investment and second properties.

Highlights Of The HomeStyle® Renovation Loan:

  • An affordable option to renovate or improve a home
  • Funds are for repairs/renovations that are permanent to the property and add value
  • Flexible use, for purchase and refinance
  • Simplified documentation
  • Primary, secondary home and investment property allowed
  • Max renovation costs 75% of the “as-completed” appraised value of the home.
  • *Homestyle® is registered trademark of Fannie Mae.

Get a Homestyle loan

Escrow Holdback

How about rolling home repairs into your mortgage?

With the USDA Escrow Holdback home loan program, USDA homebuyers can conveniently finance and make repairs without paying fees twice for two separate loans. You can also avoid the higher interest rates associated with short-term lending. Using this program, a USDA buyer may finance the cost of repairs into their mortgage and complete the reparis after the close on their new USDA mortgage.

USDA Escrow Holdback Program Financing Features:

  • 100% financing for a purchase or refinancing in USDA designated rural area*
  • 102% financing for first-time and repeating homebuyers
  • 30-year fixed rate
  • Self-employed income accepted
  • No mortgage insurance required
  • No maximum loan amount
  • No reserve requirements
  • Fast Closings! 2

Additional Features:

  • Up to 120 days completion time
  • Loan WILL NOT have to be locked thru completion. Only needs to be locked thru Loan Funding date.
  • Use for USDA eligible properties in foreclosure and short sales needing repair
  • Allows for a maximum of up to 2 contractors. (contractor(s) cannot be borrower, family member, realtor/loan officer related to the transaction or borrowers employer) be
  • Eligible repairs are any/all repairs listed by the USDA appraiser and/or underwriter as a violation of USDA’s minimum property standards.

If you want to buy a fixer upper or give your home a total makeover, we have covered! Give us a call and we'll discuss all of your loan options!

Get Escrow Holdback

203K Loan

Buy and upgrade at the same time

Guess what? You can now buy and renovate your home with one loan and one monthly payment. With the FHA 203K renovation loan, you can purchase or refinance a home and also include additional money for repairs or renovations. Take a look at the loan advantages below:

203K Full Program Advantages:

  • Repair/renovation costs can be rolled into the loan
  • Major items are allowed (i.e. foundation)
  • Low down payment (3.5%) and seller can pay up to 6% toward closing costs
  • Close before repair/renovation begins
  • Only one closing. Money disbursed on a draw basis after closing, as construction is completed
  • Loan amount can go up to 110% of the “after-improved value” from the appraisal
  • Buyer can include optional renovations/upgrades

203K Streamline Program Advantages:

  • Same as advantages above in the full program with two exclusions: neither repair/renovation costs nor major items such as a property foundation can be included in the loan.

203K Full Program Advantages:

  • Repair foundation
  • Replace roof
  • Paint interior & exterior
  • Remodel kitchen/bath
  • Upgrade to central heat/air
  • Energy efficiency improvemnts
  • Landscaping/exterior repairs
  • New built-in appliances
  • Mold repairs or mold remediation
Get a 203K loan

Contact PrimeLending

Ready to get started? Get in touch with our team here at PrimeLending to learn about all your home loan options. We look forward to serving you!




Please, provide your name.
Please, provide a valid email.
Please, select a loan type.
Don't forget your message.
This site is protected by reCAPTCHA and the Google Privacy Policy and Terms of Service apply.
Privacy Policy Legal

© 0001 PrimeLending, a PlainsCapital Company

In accordance with Section 326 of the USA PATRIOT Act of 2001, PrimeLending NMLS: 13649 is required to obtain a copy of the documents used in identifying our new account customers. This notice is being provided to you for adequate notice given under this act.

PRIMELENDING A PLAINSCAPITAL COMPANY®, HOME LOANS MADE SIMPLE®, are trademarks, service marks, or registered trademarks or service marks of PrimeLending, a Plains Capital Company. You may not use, display or reproduce them without the prior written consent of PrimeLending. You may not remove, obscure, or otherwise modify any copyright, trademark, confidentiality or other proprietary rights notices displayed on, embedded in, or otherwise appearing in any Content offered by, viewed on, or received through this site. All other trademarks identified and contained herein are the property of their respective owners and their use herein does not imply sponsorship or endorsement of their products or services.

This website is not intended to offer loan services for properties in New York.
*A prequalification is not an approval of credit, and does not signify that underwriting requirements have been met.
1 HomeReady® and Homestyle® are registered trademarks of Fannie Mae.
2 On time closing and fast processing dependent on many factors including receiving timely documentation from the borrower. As of January, 2018 branch loan closing average is at 39.60 days per PrimeVillage.