• Address: 17300 Preston Rd, Dallas, TX 75252 (map)
• Date Posted: 11/07/09

PrimeLending has been originating mortgage loans for over twenty years, is licensed to do business in 48 states and is owned by PlainsCapital Bank, the second largest privately held bank in Texas and the fifteenth largest in the United States. PrimeLending takes pride in being recognized as a premier mortgage lender offering a wide array of loan products. Mortgage loan options include fixed and adjustable rate Conventional, FHA and VA, Jumbo loans, permanent construction financing, refinancing options, and relocation programs -- just to name a few.

First let me apologize for the length of this post, but we are highly specialized and in order to demonstrate our diversity and experience, I have outlined below, a number of very specific scenarios. However, even if your scenario is not listed, please feel free to contact me for a complete review to determine what options we might have.

FHA Mortgage Loan - Credit Score Below 620

If you have been searching for a home loan and your credit score is below 620 we may have an option for you.

You are probably aware by now that the new FHA score minimum has been increased to 620 by all investors who purchase FHA insured mortgages on the secondary market. Although the FHA guidelines do not necessarily have credit score requirements, anyone wanting to qualify for an FHA mortgage must now have a minimum of a 620 score to receive loan approval and be locked into the program.

This unfortunately leaves many qualified borrowers without an option unless actions to improve your credit score are taken. In many cases, this may involve the help of a credit restoration specialist which requires months of work and can be quite expensive. However for some, it is possible to take actions that can improve your credit score in a shot period of time. In simple terms, this rapid re-scoring process involves running your credit report through a software program that determines what actions need to be taken to get the desired credit score increase. It can't work miracles, but it is possible that by simply paying down an account or two that credit score improvements can be achieved resulting in a credit score over 620 in a matter of a week to 10 days. Rather than just randomly guessing what needs to be done, this system shows us the optimal way to get the maximum credit score improvement. If you are serious about home ownership and are willing and able to take some action to get there, I would be glad to discuss your scenario and see if we can help you get Pre-Approved for a home loan.

New FHA Loan Limits – Minimum 620 FICO Score – Purchase/Refinance

As a result of the recent government Stimulus Package, The U.S. Department of Housing and Urban Development (HUD) has recently introduced new increased FHA loan limits resulting in a loan program that is an excellent opportunity for a large percentage of the country. This action continues to put FHA insured loans at the forefront of the most attractive and beneficial loans for borrowers. Although the FHA guidelines do not necessarily have credit score requirements, a minimum 620 FICO score has become the generally accepted lower limit for loan approval by all investors who purchase FHA insured mortgages on the secondary market. With this, the FHA program is still far more attractive than the old subprime loans for low score borrowers while at the same time being a top solution for high score borrowers. This also makes the FHA loan available to a wide range of borrowers, even those who may think they cannot be approved. This yields two excellent opportunities.

First, for those looking to purchase a home, the current low rates allow the most buying power for the payment and assure that you won’t have to refinance in years to come. Combine this with the fact that home prices have come down in almost every area of the country and you have one of the best opportunities in history to own a home. Additionally, because it is a buyer’s market it is not uncommon for the seller to pay all of the closing costs. Imagine buying a home at historically low rates and home prices and moving in for little money out of pocket! We can show you how.

Second, for those who want to refinance, today’s rates could allow you to lower your rate saving thousands of dollars over the term of the note. In addition, it can allow for the conversion of an Adjustable Rate Mortgage to a Fixed Rate, lowering monthly house payments by hundreds per month and stopping future escalation in payments. As an example if the rate on a $150K mortgage is lowered .5% (that is one half of one percent), it saves approximately $50.00 per month. If you apply that $50.00 savings each month to the principal of your loan you pay it off 48 months early. Just imagine if the savings is more. In most cases, refinancing can be done with no money out of pocket and you will be able to skip one house payment as well as get a complete refund of the funds in your escrow account with your current lender. It can also be the right time to take cash out to do upgrades without increasing payments or to pay off high interest consumer debt and pay off a home sooner.
VA Mortgage Loans For Veterans and Active Duty Military

As a Veteran or if you are on Active Duty you may have earned to right to take advantage of a very unique Entitlement from the government with regard to a mortgage loan. Not all lenders are licensed to offer VA loans and many that are aren't familiar with the full benefits that this program offers and as a result try to put you in a different loan type. We are very familiar with the VA loan program and recognize that there is not a better option for you. In fact, our Branch Manager is a former Marine and we take great pride in being able to serve those who have and are so bravely serving our country.

VA Streamlined Refinance Mortgage Loan - IRRRL

If you are a Veteran, Active Duty Service Member or any other Military or Government Employee with an existing VA Guaranteed Mortgage, you are also entitled to an additional benefit from The Department of Veteran Affairs when it comes to refinancing your VA mortgage.

This program is called a VA Interest Rate Reduction Refinance Loan or IRRRL. Under this program, you can refinance your existing VA mortgage loan without having to re-qualify or have a new appraisal done. In fact, the full credit report is replaced by a mortgage only credit report for qualification purposes. This report shows only your mortgage payment history and none of your other credit or credit scores.

The main eligibility for this program is the new VA mortgage must have the purpose of lowering the current interest rate, shortening the loan term of the current mortgage or converting from an ARM to a fixed rate loan.

When choosing someone to help you refinance you VA Mortgage, It makes sense that you choose a mortgage firm that has the Veteran’s best interest as its primary goal. You have found that with PrimeLending, a PlainsCapital Company.

First Time Homebuyer Mortgage Loans – $0 Out of Pocket Programs

As a first time homebuyer, buying a home and securing mortgage financing can be an overwhelming process. We will walk you through the process, explain everything to you in detail and answer all the questions you have.

We have numerous programs available and if qualified, We can show you how to purchase a home with zero out of pocket move in. There are loan programs that will allow you to move into your new home with no money out of pocket at closing and we can show you how.

The PrimeLending Advantage
The purchase and financing of a home is often referred to as “the largest financial decision most people make”. It therefore makes sense that you choose a mortgage firm that has its customer’s best interest as its primary goal. You have found that with PrimeLending, a PlainsCapital Company.

The benefits of doing business with a direct lender such as PrimeLending is that it is owned by a bank. As such, PrimeLending has its own cutting edge loan programs and having in-house processing, underwriting and closing departments simplifies and accelerates the loan process. In addition, due to its business associations, PrimeLending also has the ability to bank loans with most other major lenders if the conditions or customers desires require it. Working with PrimeLending therefore gives you the best of both worlds in that you are working with a banking firm that also has the ability to take advantage of the same programs that you would find at any ordinary mortgage brokerage firm. This strength allows PrimeLending to offer programs for all types of scenarios and credit profiles, even the most difficult ones.

Considering the magnitude of the decision, it is surprising how uninformed the average person is with regard to the financing of a home. By in large however, it is simply due to fact that it’s something you do only a handful of times in your life at most. I have always believed that the best service I can offer my customers is to educate them to the process and then to offer them the most beneficial program available. I therefore offer you my guidance in educating you with regard to the home loan process as needed and my services with regard to a home mortgage. Even if you are currently working with another mortgage company in a loan process, I would be glad to have our analyst evaluate their offer and give you a comparison of what PrimeLending can do.

The first step in purchasing a home should be to get Pre-Approved on a Mortgage Loan. Why do you need a Pre-Approval? Most sellers now require that a buyer have a Pre-Approval Letter in hand before they will accept an offer or they are more inclined to accept an offer from a buyer who has a Pre-Approval Letter. In addition, having a Pre-Approval Letter can give you a better negotiating position as the seller knows you are Pre-Approved and that once the Sales Contract is signed your are ready to promptly move foreword with the closing. Also, the Pre-Approval process lets you know how much house you can afford based on your budget and financial situation and will determine how much money you will need to close if any. I would be glad to assist you in getting Pre-Approved and there is never a charge for this.

I know there has been a lot in the news about the economy and the housing market, but the silver lining to all of this is, right now may be the best time in recent history to purchase a home. Interest rates are currently near historic lows and with the drop in home values and the mass of foreclosures, this is truly a buyer's market. If you are considering a home purchase, now presents a perfect opportunity!

In addition, with the Tax Credit being extended, there are a couple of opportunities to take advantage of. First, if you are a first time homebuyer you probably qualify for the $8,000.00 tax credit the government is offering. That’s right, if you are not aware of the program, all you have to do is file an amended 2008 tax return after you close on you home and in about 6 to 8 weeks after you close, the IRS will send you a check for $8,000.00. And in some states, there are programs that will advance you this money up front to use as your down payment and closing costs. The only catch to this is there must be a valid sales contract by 04/30/2010. So, since it can take up to 30 to 60 to find a home and can take up to a month to close a loan there is not much time left to start the process. Second if you are a current homeowner or have owned a home as your principal residence consecutively for five years out of the last eight years, you probably qualify for the new $6,500.00 Tax Credit. If you would like more details about this program, I would be glad to send you the IRS links to the program.
If you have any questions or would like to have me review your specific situation with no obligation, please feel free to email me through the link above or contact me directly by one of the options listed below. Even if you are currently working with another mortgage company in a loan process, I would be glad to have our analyst evaluate their offer and give you a comparison of what PrimeLending can do. I look forward to working with you and to helping you find the mortgage option that is best for you based on your personal and financial goals.

I look forward to hearing from you soon.

Sincerely,

Terry W. Keeton
Mortgage Loan Officer
NMLS# 177494
PrimeLending, A PlainsCapital Company
Dominion Plaza
17300 Preston Rd., Suite 210
Dallas, Texas 75252
#1 FHA Lender in Texas

“Helping Dreams Come True In 48 States”

Direct Line: 972-381-2418
Toll Free: 800-910-1480 ext. 32418
Direct Fax: 866-467-8962
Cell: 972-979-4880
Web Site: www.terrykeeton.com

"Please feel free to visit my website to apply online and see comments from some of the customers I have helped."

PrimeLending is an Equal Housing Lender. “We are pledged to the letter and spirit of the U.S. policy for the achievement of equal housing opportunity throughout the nation. We encourage and support an affirmative advertising and marketing program in which there are no barriers to obtaining housing because of race, color, religion, sex, handicap, familiar status, or national origin”.

This is an advertisement for Terry W. Keeton. The material provided is for informational and educational purposes only and should not be construed as investment and/or mortgage advice. Although the material is deemed to be accurate and reliable, there is no guarantee of its accuracy. Please consult a loan professional to learn more about your eligibility for and availability of a particular loan product.

© 2009 PrimeLending, A PlainsCapital Company. Trade/service marks are the property of PlainsCapital Corporation, PlainsCapital Bank, or their respective affiliates and/or subsidiaries. Some products may not be available in all states. This is not a commitment to lend. Restrictions apply. All rights reserved. PrimeLending, a PlainsCapital Company is a wholly-owned subsidiary of a state-chartered bank and is an exempt lender in the following states: AL, AK, AR, CO, DE, FL, GA, HI, ID, IA, KS, KY, LA, MN, MS, MO, MT, NE, NY, NC, OH, OK, OR, PA, SC, SD, TX, UT, VA, WV, WY. Licensed by the Arizona Dept. of Financial Institutions-license #BK 0907334; California Department of Real Estate-license ID #01857468; California Department of Corporations- license #4130996; Connecticut Department of Banking-license #ML-13649; Illinois Dept. of Financial and Professional Regulation-license #MB.6760635; Indiana Dept. of Financial Institutions- license #11169; Maine Dept. of Professional & Financial Regulation-license #SLM8285; Maryland Dept. of Labor, Licensing & Regulation-license #11058; Michigan Dept. of Labor & Economic Growth-license #FR 0010163 and SR 0012527; Nevada Dept. of Business and Industry, Division of Mortgage lending-exempt license #732; New Hampshire Dept. of Banking- license #14553-MB; New Jersey Dept. of Banking and Insurance-license #0803658; New Mexico Regulation and Licensing Dept., Financial Institutions Division-license #01890; North Dakota Dept. of Financial Institutions-license #MB101786; Tennessee Dept. of Financial Institutions-registration #4023; Texas Regulated Loan License-license #7293; Vermont Dept. of Banking, Insurance, Securities and Health Care Administration- lender license #6127 and broker license #0964MB; Washington Dept. of Financial Institutions-license #520-CL-49075; Wisconsin Department of Financial Institutions-license #214170.

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