New FHA Mortgage Limits
Having been a HUD/FHA approved lender since 1998, Primary Residential Mortgage, Inc. is using their extensive experience to help borrowers utilize FHA loans. As recently as 2003, Primary Residential Mortgage closed 5721 FHA loans, and the company has seen FHA volume increase again as investors have tightened guidelines and eliminated comparable products. FHA mortgage loans offer several benefits, including low down payments, low closing costs, easy credit qualifying, and soon to be increased FHA mortgage limits.
“We have a long history of serving lower- to moderate-income households with FHA loans,” says Dave Zitting, CEO and President of Primary Residential Mortgage. “Options have been minimized in other product channels, and we see this as an attractive option for our customers. We hope to see steps taken that will make the program even more workable.”
In spite of the FHA program’s attractive features, several factors have many in the industry calling for the program to be revised. FHA loans have low limits and cumbersome paperwork, and with FHA once again in demand, the industry has been awaiting an update to the program to make it even more viable.
President Bush has proposed updates intended to modernize the program. If approved by the House and Senate, FHA guidelines will be subject to the following changes:
1. Additional relaxed credit and mortgage-late guidelines
2. Increased FHA mortgage limits
3. Increased loan-to-value limits for both Refinance and Purchase transactions
Primary Residential Mortgage is actively encouraging its network of Branch Partners to utilize FHA loans in the appropriate scenarios, and if they are not already, to meet company requirements to become an FHA-approved Branch Partner.
ABOUT PRIMARY RESIDENTIAL MORTGAGE, INC.
Headquartered in Salt Lake City, Utah, Primary Residential Mortgage, Inc. (PRMI) was founded by Dave Zitting, Jeff Zitting, and Steve Chapman in 1998. Since its inception, PRMI has evolved from a four-person business to a nationwide multibillion-dollar operation with 800 employees working in approximately 200 Branches in 47 states. Branches operate under the PRMI brand or as DBAs as part of the Divisional Joint Venture and Consortium Partner programs. Serving all segments of the market, Primary Residential Mortgage, Inc. is a privately held, debt-free company that focuses primarily on traditional loan products. Licensed in Arizona, Alabama, Arkansas, California, Connecticut, Delaware, Florida, Georgia, Hawaii, Idaho, Illinois, Indiana, Iowa, Kansas, Kentucky, Louisiana, Maine, Maryland, Massachusetts, Minnesota, Mississippi, Montana, Nebraska, Nevada, New Hampshire, New Mexico, North Carolina, North Dakota, Ohio, Oklahoma, Oregon, Pennsylvania, Rhode Island, South Carolina, South Dakota, Tennessee, Texas, Utah, Vermont, Virginia, Washington, Wisconsin, and Wyoming.
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- Contact Information
- Dave Zitting
- President and CEO
- Primary Residential Mortgage Inc.
- Contact via E-mail
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