Frequently Asked Questions

Absolutely, most borrowers don’t have 20% down these days. We can do FHA loan with 3.5% down. We also have USDA loans that offer 100% financing. With this program, we can lend anywhere that is on the eligible maps with the USDA. You may be thinking that it has to be very rural, but in fact this program includes Belgrade, Big Sky, Livingston, Manhattan, Three Forks and anywhere in Bozeman that is considered out of city limits. Most of Montana qualifies for this great program. In addition to those programs, we also do a lot of VA loans that offer 100% financing. Conventional loans require 5% down on the purchase of a primary residence.

 If you’re renting and are curious about what options you may have, anytime is a great time to get prequalified. We don’t charge anything for this service and look at it as an opportunity to help you to start planning ahead to get you into a home. For some people, that is right away. For others, it may take some planning to pay off debts, fix credit errors or save more money. The sooner we can identify your strengths and weaknesses, the sooner we can develop a strategy to help you prepare.
 The market place offers a number of lending options. There are banks, brokers and mortgage bankers. As a mortgage banker, we offer many different programs and are able to shop for the best rates. Ultimately, the right fit is really about finding the right person with whom to work. You want to find a loan officer that cares about your situation and can help you to find the program that best suits your needs. At PMLI, it’s important for us to give each customer our full attention and focus. We also offer flexible hours, unlike many banks, because we know that your job and family come first. Relationships are what drive our business and we strive to build a great foundation with each customer. We want to be here for you now and down the road.
 We have several programs to help with this situation. Many times, a recent graduate has a great source of income, but hasn’t had the time to save for a down payment. In this case, we can utilize gift funds to help with the purchase. At other times, a recent change in employment doesn’t show sufficient income and the parents are willing to co-sign to help their child(ren) buy a house. We have a few programs for this situation, as well.

  Yes, second homes are very common in our area. In most cases, we require 10% down for this type of purchase.

 Not necessarily. We offer the Home Affordability Refinance Program for Fannie Mae- and Freddie Mac-owned homes. Check to see if you qualify at www.makinghomeaffordable.gov. We also have streamlined FHA, USDA and VA programs that often don’t require an appraisal, income or asset verifications. These programs can help you to get into a better rate regardless of the value of your house.
It all depends on why they’re low right now. We can look at your situation and develop a plan to boost your scores. Sometimes by paying down balances, we can see a significant increase in a short amount of time.
If you are self-employed, then we will need to see your tax returns from the last two years. If you are a wage earner, then we need your W2s for the last two years and your two most recent paystubs. We look at your credit report and your income to determine your loan eligibility.

Please give us a call with any other questions you have!

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