Homeownership is a significant milestone, but the challenge of saving for a down payment stands as the biggest obstacle for many prospective buyers.

Last year, 17% of all buyers shared that saving up for the down payment was the hardest part of the buying process, according to the 2024 NAR Home Buyers and Sellers Report. The number was higher for those ages 25 to 33 with 38% citing the down payment as the most difficult part.

If you’re ready to buy but also struggling to save enough for a down payment, you’re not alone. Fortunately, there are many down payment assistance programs designed to help homebuyers overcome this hurdle – and they’re not just for first-time buyers.

At Premier Mortgage Associates, we specialize in connecting homebuyers with the right down payment assistance program to make homeownership more accessible. One effective program is Chenoa Fund, which has helped thousands of Americans achieve their homeownership dreams.

What is Down Payment Assistance?

• Grants: Money given to qualified homebuyers that doesn’t need to be repaid
• Forgivable loans: Loans that are forgiven after living in the home for a specific period
• Deferred payment loans: Loans with payments deferred until you sell, refinance, or pay off your mortgage
• Low-interest loans: Second mortgage with below-market interest rates to cover down payment costs

The Chenoa Fund Down Payment Assistance program offers both forgivable second mortgages and repayable second mortgages, depending on your financial situation and needs.

How Does Down Payment Assistance Work?

1. Qualification: You apply and qualify for both primary mortgage and the down payment assistance program.
2. Coordination: The down payment assistance is coordinated with your primary mortgage lender (in this case, Premier Mortgage Associates).
3. Closing: At closing, the assistance funds are applied directly to your down payment requirements.
4. Post-Close: In some cases, there may be certain requirements like living in the home as your primary residence for a specific period.

Spotlight on Chenoa Fund Down Payment Assistance

The Chenoa Fund, administered by CBC Mortgage Agency, offers both forgivable second mortgages and repayable second mortgages, depending on your financial situation and needs.

Premier Mortgage Associates has partnered with CBC Mortgage Agency by becoming a trained and approved lender for the Chenoa Fund, which offers many advantages:

• Not just for first-time homebuyers: Unlike many other programs, Chenoa Fund is available to both first-time homebuyers and repeat homebuyers.
• Flexible options: Provides 3.5% or 5% of the of the home’s sale price or appraised value (whichever is lower) for down payment assistance which can also be applied to closing costs.
• Multiple program types: Offers both forgivable and repayable second mortgage options.
• Compatible with FHA loans: Works seamlessly with FHA mortgage loans.
• Available in 49 states: Borrowers in all states (except New York) can take advantage of the program, and its guidelines do not change based on where you live.
• No Income Restrictions: Unlike many programs, with Chenoa Fund there’s no limit on a borrower income.

Are Down Payment Assistance Programs Worth It?

For many homebuyers, down payment assistance programs can make a great difference between renting and owning a home. Some benefits to consider:

Advantages:

• Faster path to homeownership: You can buy a home sooner rather than waiting years to save.
• Preserve your savings: Keep your emergency funds intact for home maintenance or improvements.
• Build equity sooner: Start building wealth through home equity rather than paying rent.
• Lower initial costs: Reduce the amount needed at closing, making homeownership easier!

Considerations:

• Qualification requirements: Programs may have income limits, credit score requirements and other qualifying factors.
• Potential higher interest rates: Some programs may come with slightly higher interest rates on your primary mortgage.
• Occupancy requirements: Most programs require you to live in the home as your primary residence.

How to Apply for Down Payment Assistance

1. Research Available Programs: Working with a knowledgeable lender like Premier Mortgage Associates, we can help you identify programs you might qualify for.
2. Preapproval: Get preapproved to understand your budget.
3. Program Application: Complete the application for the Chenoa Down Payment Assistance program.
4. Documentation: Provide necessary documentation, which typically includes:
   1. Proof of Income
   2. Tax Returns
   3. Bank Statements
   4. Credit History
   5. Homebuyer Education Certificate – This class is a required course when applying for down payment assistance with the Chenoa Down Payment Assistance Program.

Applying For Chenoa Fund Down Payment Assistance

• Minimum Credit Score: 600 or higher.
• Debt-to-income ratio requirements: Determined by FHA Guidelines.
• Income limits: No income restrictions.
• Borrower Success Program: Borrowers below a certain credit score must take a homebuyer education courseuniquely tailored to the Chenoa Fund down payment assistance program through a HUD-approved housing counseling agency.

Common Questions About Down Payment Assistance

Q: Will using down payment assistance affect my offer when buying a home?

Q: Is there a catch to down payment assistance programs?

Q: Can I use down payment assistance for any type of home?

Q: How long does the application process take?

Why Choose Premier Mortgage Associates for Your Down Payment Assistance Needs

Premier Mortgage Associates is a full-service lender licensed in 49 states, D.C. and Puerto Rico. We offer a wide range of home financing products designed with your lifestyle and budget in mind! You can trust our highly experienced team of mortgage professionals to work with you to select the PMA loan product that best suits your unique financial needs.

• Over 25 Years of Experience: Experience matters, especially when buying a home. For over two decades, we’ve offered the highest-quality products with our signature white-glove service for all our clients.
• Exceptional Client Support: Our loan officers and sales team are dedicated to providing a superior client experience. They will answer all of your questions and ensure that your loan process is seamless from origination to closing.
• No Hidden Fees: We always pass the savings on to you. We process, underwrite, and close the majority of our loans in-house, so you’ll never take on any hidden fees or costs.
• Fast Closings: At PMA, we know that fast closings make happy customers. While many big banks can take 45–60 days—or longer—to close, we close most of our loans in 30 days or less.
• Variety of Loan Programs: We offer a variety of loans, so you can be sure you’ll receive the best option to fit your needs—it’s also why we say “yes” more often than most mortgage companies.
• Closing Loans Based on Relationships, Not Leads: Our philosophy is to put the client first, closing loans based on our relationships rather than leads. PMA is not your typical mortgage company—and our clients appreciate that.

Ready to Take the Next Steps Towards Homeownership?

Don’t let down payments hold you back from achieving your dream of homeownership. If you’re ready to purchase a home, we can walk you through all of your financing options, including down payment assistance programs, and find the best fit for you.

Get started today by reaching out to one of our knowledgeable Loan Officers!

If you’ve thought about incorporating plants into your home, but hesitated because you feel you lack a green thumb, we’ve got you covered! From snake and spider plants to succulents, you’ll find a variety of plant friends here that are easy to care for and are perfect for beginners. Read on to discover the best plants to bring out the horticulturist in you.

Easy Care Houseplants For Beginners

1. Pinstripe Calathea (Calathea Ornata)

A Pinstripe Calathea plant is a beautiful and affordable addition to any home. This striking plant is native to South America and is best known for its stunning bands of color that resemble pink pinstripes. This close relative of the Maranta family, known as prayer plants, has luscious dark green leaves that close at night and then unfold during the day.

How to Care for a Pinstripe Calathea:

• Sun: Bright, Indirect Sunlight
• Water: Water every 2-4 weeks in the Summer and Every 1-2 Weeks in the Winter
• Climate: Thrives in Humid Environments
• Temperature: 65-75 Degrees Fahrenheit (18-23 Degrees Celsius)

Are Pinstripe Calatheas Safe for Pets?

For pet owners, the Pinstripe Calathea is not toxic to dogs or cats, making this a great addition to a pet-friendly home.

2. Fiddle Leaf Fig (Ficus Lyrata)

The fiddle leaf fig tree, named for its large fiddle-shaped leaves, is native to West Africa and can grow to an impressive 10 feet tall. Although a mature plant can be a little expensive, it’s worth the price as this popular plant will add organic beauty to any room in your home.

How to Care for a Fiddle Leaf Fig:

• Sun: Lots of Bright, Indirect Sunlight
• Water: Every 7-10 Days
• Climate: Thrives in High Humidity, but Can Adapt in Normal Humidity Levels
• Temperature: 60-75 Degrees Fahrenheit (15-24 Degrees Celsius)

Are Fiddle Leaf Figs Safe for Pets?

While a beautiful houseplant, the fiddle leaf fig is toxic to cats and dogs because it contains insoluble calcium oxalates, so pet owners should exercise caution before introducing a fiddle leaf to the home.

3. Chinese Money (Pilea Peperomioides)

The Chinese money plant, also known as the pancake or coin plant, is an ideal houseplant for the enthusiastic beginner who wants to cultivate their green thumb. Native to China, as its name suggests, this round-leafed succulent easily propagates and produces baby Pilea Peperomioides that you can repot and share with a friend.

How to Care for a Chinese Money Plant:

• Sun: Medium to Bright, Indirect Sunlight
• Water: About Once a Week, but Check to See if the Soil Is Dry Before Watering
• Climate: Thrives in Humid Environments
• Temperature: 55-86 Degrees Fahrenheit (13-30 Degrees Celsius)

Are Chinese Money Plants Safe for Pets?

Good news for pet owners: The Chinese money plant is not toxic to dogs or cats, but it’s always good to prevent your pets from ingesting a large quantity as it can lead to stomach problems.

4. Monstera (Monstera Deliciosa)

Monstera Deliciosa, also known as the Swiss cheese plant (due to its natural leaf holes), originates in tropical forests between Southern Mexico and Columbia. One of the trendiest houseplants and known for its beautiful, broad leaves, the Monstera is relatively easy to care for and is an excellent choice for beginners.

How to Care for a Monstera:

• Sun: Medium to Bright, Indirect Sunlight
• Water: Every 1-2 Weeks (Allow Soil to Dry Out Between Waterings)
• Climate: Average to High Humidity
• Temperature: 65-80 Degrees Fahrenheit (18-27 Degrees Celsius)

Are Monsteras Safe for Pets?

The Monstera or Swiss Cheese Plant is toxic to cats and dogs because it contains insoluble calcium oxalates, so pet owners should beware.

5. Rubber Plant (Ficus Elastica)

The rubber plant, or the Indian rubber tree, is easy to care for and makes an excellent houseplant. It can grow up to 10 feet indoors and 100 feet outdoors in its native Southeast Asian regions. Starting with a young rubber tree plant is best as it will adapt to being an indoor plant easier, and it is much more affordable than buying a mature plant.

How to Care for a Rubber Plant:

• Sun: Bright, Indirect Sunlight
• Water: Water When Soil Is Slightly Dry – in the Summer, About Once a Week and in the Winter, Every 2-3 Weeks
• Climate: Thrives in Humid Environments
• Temperature: 65-75 Degrees Fahrenheit (18-23 Degrees Celsius)

Are Rubber Plants Safe for Pets?

The Indian rubber plant is considered toxic to dogs and to cats because of the Proteolytic enzyme (ficin) and psoralen (ficusin) that are found in the sap of the plant.

6. Succulents and Cacti (Varied Names)

Succulents and cacti need little introduction – they’re one of the most common houseplants known for their variety of shapes, sizes and colors as well as their ability to grow in high temperatures and frequent sunlight with little moisture. Many varieties are low cost and easy to find at your local nursery or home-improvement store.

How to Care for Succulents and Cacti:

• Sun: Bright, Indirect Light to Full Sun
• Water: Varies, but a Good Rule of Thumb Is When the Soil Is 100% Dry
• Climate: Dry to Normal Humidity
• Temperature: Ranges from 60-90 Degrees Fahrenheit (15-32 Degrees Celsius)

Are Succulents and Cacti Safe for Pets?

While some varieties of succulents and cacti are safe for dogs and cats like the Blue Echeveria and Haworthia, others like the Jade Plant are not, so it’s best to consult a vet or research the particular species of plant on the ASPCA website.

7. Snake Plant (Sansevieria Trifasciata)

The hardy snake plant adds lovely greenery to living spaces that just about anyone can grow at home. Also called the mother-in-law’s tongue, this Western African plantonly suffers when it is overwatered or in prolonged cold temperatures. Plus, studies show the snake plant can help purify the air in your home.

How to Care for a Snake Plant:

• Sun: Shade to Partial Sun
• Water: Water if the Soil Feels Dry – in the Summer, About Every 2 Weeks, and in the Winter, About Every 2 Months
• Climate: Dry to Average Humidity
• Temperature: 70-90 Degrees Fahrenheit (21-32 Degrees Celsius)

Are Snake Plants Safe for Pets?

Unfortunately, snake plants are toxic to dogs and to cats due to toxic compounds called saponins in the leaves.

8. Bird of Paradise (Strelitzia Nicolai)

Bird of paradise plants range from three to eight feet tall indoors, have beautiful, banana-like leaves and can bloom flowers when fully mature (typically when grown outdoors). Originating from South Africa, the giant white bird of paradise looks great in any living space and is relatively easy to care for if you pay close attention to their condition.

How to Care for a Bird of Paradise:

• Sun: Bright, Indirect Light With Some Direct Sun
• Water: Allow the Top Inch of the Soil to Dry in Between Waterings
• Climate: Prefers Humid Environments
• Temperature: 70-90 Degrees Fahrenheit (21-32 Degrees Celsius)

Are Bird of Paradise Plants Safe for Pets?

Birds of paradise plants are not safe for cats and dogs and can cause mild nausea, vomiting and drowsiness.

9. Spider Plant (Chlorophytum Comosum Vittatum)

The spider plant, originating from South Africa, makes for a great hanging plant and a perfect addition to a beginner’s houseplant collection. It requires minimal attention, is a low-cost option and can grow in a range of temperatures.

How to Care for Spider Plants:

• Sun: Prefers Bright, Indirect Light but Can Adapt in Several Conditions
• Water: Every 10-14 Days – Allow the Top Inch of Soil to Dry in Between Waterings
• Climate: Thrives in Humid Environments
• Temperature: 60-90 Degrees Fahrenheit (15-32 Degrees Celsius)

Are Spider Plants Safe for Pets?

Thankfully, spider plants are considered non-toxic to dogs and to cats. But as always, remember that even non-toxic plants can cause an upset stomach if ingested in large quantities!

Give Your Houseplants a Home

If you find your indoor plant collection outgrowing your current space or desire to plant roots in a home of your own, we can help.

Premier Mortgage Associates offers a wide range of home financing products designed with your lifestyle and budget in mind. You can trust our highly experienced team of mortgage professionals to work with you to select the PMA loan product that best suits your unique financial needs.

Get started on your homeownership goals today by getting preapproved with one of our friendly, experienced Loan Officers.

In honor of Black History Month, we recognize the role and legacy of the many Black Americans who have made housing history and paved the way forward for Black homeownership. Read on to hear the incredible stories of seven Black Americans whose impact is still felt today.

Zipporah Potter Atkins (1645–1705)

The First African American Property Owner in Colonial Boston

Zipporah Potter Atkins was born free in Boston, Massachusetts, to parents enslaved by a wealthy merchant. When the merchant drew up a will, he left money to Atkins’ parents and specified that if Atkins’ father were to die, the money should go to her. On the seventeenth anniversary of her father’s death, Atkins purchased a home and land, becoming the first known recorded African American woman to do so in Boston. When she sold the home in 1699, she wrote her initials on the deed of sale, indicating she had achieved a level of literacy, another remarkable feat in colonial days.

Biddy Mason (1818-1891)

One of Los Angeles’ First Black Real Estate Moguls

Biddy Mason was enslaved until age 37 when a California judge declared her free forever in 1856. With her freedom, Mason and her daughters moved to Los Angeles where she worked as a nurse and midwife. Her friends encouraged her to invest in real estate, and Mason was able to save up by 1866 to purchase a home on Spring Street. She ran a daycare, held civic meetings and hosted the First African Methodist Episcopal Church at her home. She continued to invest in real estate and helped her family buy properties. Although Mason became one of the wealthiest women in L.A. with a $300,000 fortune, she generously gave back to her community and is remembered for her philanthropy and incredible resilience.

Philip A. Payton Jr. (1876-1917)

The Father of Harlem

Philip A. Payton Jr. arrived in New York City in 1899 where he worked as a barber and later a janitor for a real estate office. After he opened his own office with a partner that ultimately failed, Payton and his wife moved to Harlem where he started advertising his services for guiding Black tenants from Midtown to new homes. He started the Afro-American Realty Company in 1904 to reestablish Harlem as a place for Black Americans who had faced housing discrimination. Payton is remembered as the “father of Harlem,” and by the time he died, 75 percent of the city’s black population had moved to Harlem, according to the New York Times.

Loren Miller (1903-1967)

Black Civil Rights Attorney Involved in Landmark Housing Litigations

Loren Miller became the go-to representative for Los Angeles’ Black homeowners in cases of discrimination. In 1945, Miller represented Black residents in the Sugar Hill community who were facing eviction because of racially restrictive real estate covenants. Miller successfully argued that these covenants violated the Fourteenth Amendment. The Sugar Hill case set a legal precedent for the 1948 U.S. Supreme Court Case Shelley v. Kraemer where Miller once again fought for Black homeowners. The Court’s decision made the enforcement of racially restricted covenants unconstitutional.

Clarence Mitchell Jr. (1911-1984)

NAACP Lobbyist for Fair Housing

Clarence Mitchell Jr. was the Chief Lobbyist for the national NAACP and the Washington director of the NAACP. Originally from Baltimore, Maryland, Mitchell spent his career advocating for civil rights on Capitol Hill. He was instrumental in the passage of the Civil Rights Act of 1957, the Civil Rights Act of 1960, the Civil Rights Act of 1964, the Voting Rights Act of 1965 and the Fair Housing Act. Mitchell was so influential that a Republican senator nicknamed him “the 101st senator.”

Ernesta G. Procope (1923-2021)

Insurance Industry Pioneer

Ernesta G. Procope was an investment banker from Brooklyn, New York, who founded E.G. Bowman, a private insurance company. She served local businesses and homeowners in the 1950s, including the primarily Black community of Bedford-Stuyvesant where other insurers had been hesitant to service. Procope advocated for black homeowners her entire career, including pushing for the Fair Access to Insurance Requirements Plan that provided coverage in high-risk areas. E.G. Bowman became the first Black-owned business on Wall Street and the nation’s largest Black woman-owned insurance agency.

Ben Slayton (1942-)

First Black Member of the National Association of Realtors®

In the 1960s, there were no Black members of the National Association of Real Estate Boards, which is now known as the National Association of Realtors^®. At the time, Ben Slayton needed another member to sponsor him to join. His adoptive Jewish family, who had taught him the real estate business, helped him find a white member who charged Slayton $5,000 to sponsor his membership. Thus, Slayton became the first Black Realtor^® in 1964. He later became the first Black Century 21 Real Estate Franchisee broker-owner. In 2018, he started his own mortgage company to close the approximate 30% homeownership gap between Black and white Americans.

We’re grateful to these seven individuals and countless others who boldly made history and dedicated their lives to the advancement of fair housing for Black Americans.

At Premier Mortgage Associates, we’re an equal housing lender dedicated to helping families all over the nation reach their dream of homeownership.

Let’s face it – being a homeowner means wearing a lot of hats, including that of a maintenance manager. But don’t let that overwhelm you! We’ve put together this practical guide to help you tackle home maintenance one season at a time.

Spring into Action

• Give your roof and gutters some TLC – winter can be rough on them. A quick check now prevents headaches later when spring showers hit.
• Those window and door seals might have taken a beating. Run your hand around the edges – feel any drafts? Time for fresh weatherstripping.
• Your HVAC system deserves a spa day – clean it up and pop in a fresh filter. Trust me, your summer self will thank you.
• If you’ve got sprinklers, fire them up for a test run. Winter freezes can be sneaky pipe-breakers.

Summer Projects

• That deck or patio got you through countless BBQs – show it some love with a good cleaning and repair check.
• Think of tree trimming as your home’s haircut – it keeps everything tidy and prevents unwanted “visitors” from using branches as highways into your house.
• Walk around your house like you’re house hunting. Peeling paint? Wonky siding? Now’s your chance to fix it.
• Here’s one people often forget: clean your dryer vent! It’s not glamorous, but it’s a real fire-prevention hero.

Fall Prep Work

• Book your HVAC pro early. Everyone wants their furnace checked in fall, so it’s best to beat the rush.
• Those gutters need another check after the leaves throw their annual party.
• Draft-proof everything. Seriously, everything. Your heating bill will be much friendlier.
• Time to say goodbye to garden hoses until spring. Drain and store them!

Winter Watch

• Pop your head up in the attic – good insulation is your best friend against ice dams.
• Monthly detector tests might seem like overkill, but they can be lifesavers.
• Keep an eye out for ice dams and icicles. They’re pretty but can signal insulation issues.
• Show your furnace filter some regular attention – it’s working overtime this season.

Real Talk Tips

• Phone reminders are your friend – set them for seasonal tasks.
• Before and after photos aren’t just for home makeover shows, they help track wear and tear.
• Keep notes on what you did and when as memory can be tricky.
• Know when to call in the pros – YouTube can’t teach everything.

Here’s the thing about home maintenance – it’s like exercise. Regular small efforts prevent major problems down the road. Your home keeps you comfortable through every season; these maintenance checks are just returning the favor.

Have questions about managing your home? Looking to turn that fixer-upper into your dream house? Drop us a line at Premier Mortgage Associates. We’re real people who love helping you succeed!

Tired of eye-popping utility bills? You’re not alone. The good news: Today’s technology offers some pretty amazing ways to create an energy-smart home that’s both comfortable and budget-friendly. Let us walk you through some game-changing solutions we’ve seen work wonders for homeowners.

Tech That Actually Pays Off

• Smart thermostats are like having a money-saving assistant. They learn when you’re home and adjust automatically. My clients regularly see heating bills drop 10-12% and cooling costs shrink by 15%.
• Ever heard of energy vampires? Those are devices secretly sapping power in standby mode. Smart power strips kick them off the grid when you’re not using them, saving up to 10% on your electric bill.
• Motion-sensing LED lights sound fancy, but they’re super practical. They use 75% less juice than old-school bulbs and never stay on in empty rooms.
• Smart blinds do the thinking for you. They adjust to the sun’s position, keeping your home cooler in summer and warmer in winter.

Modern Insulation Magic

• Today’s spray foam insulation is incredible stuff. It finds nooks and crannies you didn’t even know existed. I’ve seen it cut energy bills by up to 15%.
• Energy-efficient windows might seem pricey, but they’re like sunglasses for your house – blocking heat while letting in light.
• Smart vents are genius – why heat or cool rooms nobody’s using? They let you control temps room by room.
• Good weatherstripping is like a cozy sweater for your house. It keeps the comfort in and the elements out.

Water Wisdom

• Smart sprinklers are like weather forecasters and gardeners rolled into one. They know when your lawn actually needs water.
• Modern washing machines are water-saving ninjas using 25% less water while still getting clothes squeaky clean.
• Smart leak detectors are like tiny plumbers on duty 24/7. They catch problems before they become floods.
• New low-flow fixtures are nothing like the wimpy ones from years ago – great pressure, less waste.

Power Production and Storage

• Solar panels paired with modern batteries mean you can actually use the sun’s power when you need it most.
• Solar water heaters can slash water heating costs in half, sometimes even more.
• Power monitoring systems show exactly where your energy dollars are going in real time.
• Geothermal systems sound sci-fi, but they’re amazing – using Earth’s steady temps for super-efficient heating and cooling.

Money-Smart Moves

• Check your utility company’s website. They often have rebates they don’t advertise.
• Start with an energy audit – it’s like a treasure map for savings.
• Begin with quick wins like LED bulbs – small changes add up fast.
• Keep tabs on your bills to see what’s working.

Remember, you don’t have to do everything at once. Pick what makes sense for your home and budget, then build from there. Every change helps your wallet and the planet.

Want to explore financing for energy upgrades? Give us a shout at Premier Mortgage Associates. We’ve helped countless homeowners make their energy-saving dreams reality, and we’d love to help you too!

Do you have student loans weighing on your mind as you consider homeownership? You’re not alone.

The State of Student Loan Debt in America

According to Experian, the average student loan balance was about $38,787 as of Q3 2023.

The outstanding balance for federal student loans as of March 2024 totaled $1,620.1 billion spread out among 42.8 million borrowers, according to the office of Federal Student Aid – an office of the U.S. Department of Education.

That’s not even including private student loans, which have an estimated $130.28 billion total private student loan balance as of Q3 2023, according to Enterval Analytics’ Private Student Loan Report.

Additionally, according to The 2024 National Association of REALTORS® report, buyers reported that debt delayed them from saving for a down payment or buying a home for a median of four years. Of buyers who cited saving for a down payment as difficult, 52% pointed to student loans as the debt that delayed their savings the most.

Suffice it to say, student loan debt can make it seem like homeownership is out of reach. Thankfully, we’re here to let you know that your debt doesn’t have to hold you back.

Student Loan Refinancing Can Help You Buy Sooner

Our refinancing program isn’t just another financial product – it’s your bridge to homeownership. By rolling those scattered federal and private student loans into one manageable payment, we’re helping clear the path to your new home.

Why does our approach work better?

• Trade those sky-high rates for a lower interest rate loan
• Free up cash each month (hello, down payment fund!)
• Boost your mortgage approval odds with a better debt-to-income ratio
• Ditch the headache of juggling multiple student loan payments for just one monthly payment

Your Roadmap to Success

Buying a home with student loans takes some planning. Here’s how we break it down:

First Up: Smart Money Management

• We’ll dig into your current loans – no sugar coating, just real talk
• Find refinancing options that give your budget room to breathe
• Build a game plan for a stronger mortgage application

Next: Down Payment Strategy

• Student loans can add years to the saving process – we’ll help you cut that time down
• Use refinancing to unlock more monthly savings
• Get the scoop on down payment programs you might not know about

Finally: Getting That Approval

• Tackle DTI head-on (it’s easier than you think)
• Walk in with a rock-solid application
• Work with people who understand both worlds – student loans and mortgages

Real People, Real Success

• Fresh grads proving the doubters wrong (even with $25K in loans)
• Mid-career pros balancing bigger loans with bigger dreams
• Experienced buyers showing it’s never too late to make a smart move

Let’s Get Started

Here at Premier Mortgage Associates, we love turning “maybe someday” into “yes, now.” Our team knows how to look at your whole picture – not just the numbers on a page.

Let’s find out how we can help you achieve homeownership. Explore your student loan debt financing options today!*

Premier Mortgage Associates NMLS# 75597 makes homeownership possible through personalized solutions and genuine support.

*If you refinance federal student loans, you may no longer be eligible for payment options available to federal loan borrowers or other federal benefits.

NQM Funding, LLC is not affiliated with Bank of Lake Mills. NQM Funding, LLC offers home loan financing and does not offer student loans or debt consolidation services. A mortgage loan with NQM Funding, LLC is not contingent upon obtaining a student loan or using Bank of Lake Mills’ services. Please consult with a student loan advisor to understand the benefits that you may gain by consolidating or refinancing student loans. Bank of Lake Mills makes all credit decisions and is responsible for all student loan activities.

Gifts for The First-Time Homebuyer

• Tool Kit
• Dishware Set
• Charcuterie Gift Set & Accessories
• New Home Ornament

Gifts for The Homeowner With Kids

• Outlet Covers
• Baby Gates
• Movie Night Popcorn Set
• Family game Night

Gifts for The Empty Nesters

• Digital Picture Frame
• Super-Plush Robe
• Magnifying Makeup Mirror
• Bierfilzl Felt Coasters

Gifts for the Home Cook

• American Hard Maple Cutting Board
• Food Huggers Reusable Silicone Food Savers
• Instant Pot Duo Multi-Cooker
• Quince Ceramic Nonstick 7pc Cookware Set

Gifts for the Backyard BBQ Enthusiast

• Quince 4-Piece Stainless Steel Grill Tool Set
• Kabob Grilling Baskets
• ThermoPro Smart Bluetooth Meat Thermometer w/ Dual Probe

Gifts for the Home Gardener

• Smart Bird Feeder
• Bonsai Starter Kit
• Solar Garden Statue
• Hydroponics Home Garden
• Gardener’s Tool Seat

Gifts for the Pet-Loving Homeowner

• Stoneware Pet Food Bowl
• Machine Washable Pet Bowl Mat
• Sofa Pet Bed
• Dog Treat Dispenser 

Gifts for the Hobbyist Homeowner

• Orchid House Plant Lego Set
• Puzzle Board
• Mini Drone
• Home Pottery Kit

Gifts for Your Work From Home Friend

• Keyboard Cleaning Kit
• NES Coasters
• Under Desk Walking Pad
• Rifle Paper Co. Notepad Set

Did you know you can use gift funds toward a down payment?

With an FHA loan, you can use gift funds to cover all or some of your down payment, closing costs or financial reserves.

So if you’re looking to pursue homeownership, why not put gift funds on your wish list this year? Read on to find out who can give, requirements and needed documentation.

What Are Gift Funds?

Gift funds are monies that are given to a borrower to go toward a primary or secondary home purchase. The funds can be put toward all or some of the down payment, closing costs or financial reserves.

Note: Gifts are not allowed on investment properties.

Who Can Give the Funds?

A Relative

Fannie Mae defines a relative as a spouse, child or other dependent or by anyone related to the borrower by blood, marriage, adoption or legal guardianship.

A Non-Relative

Note: The donor can’t have an affiliation with the builder, developer, real estate agent or interested party.

Gift Fund Requirements

Minimum Borrower Contribution

For most purchases, a borrower doesn’t need to contribute a minimum amount of money and all funds needed for the transaction can come from a gift.

For borrowers who have a loan-to-value of over 80% and are purchasing a two- to four-unit primary home or a second home, the borrower must contribute 5% of their own funds before using gift funds, according to Fannie Mae guidelines.

Needed Documentation

• The actual or maximum dollar amount of the gift
• A statement by the donor that they don’t expect to be repaid
• The donor’s name, address, phone number and relationship to the borrower

Verifying the Gift Funds

• A copy of the donor’s check and borrower’s deposit slip
• A copy of the donor’s withdrawal slip and borrower’s deposit slip
• Proof of the electronic transfer of funds from the donor’s account to the borrower’s account or to the closing agent
• A copy of the donor’s check to the closing agent
• A settlement statement showing receipt of the donor’s check

Your Home Purchase Starts Here

If a home of your own is on your wish list, we can help!

Our talented and knowledgeable Loan Officers will walk with you through all the needed documentation and steps, starting with preapproval so that you know how much you can afford when house hunting.

Get preapproved here to start your homebuying journey.

Are you eager to own a home, but hesitant about the maintenance that it might require or even the price? Thankfully, today’s homebuyers have a variety of property types to choose from, including condominiums, that offer unique advantages.

Curious if a condominium might be a good fit for you? Read on to find out the pros and cons of purchasing a condo and if it’s the right option for your lifestyle.

First, What Is a Condo?

Pros of Buying a Condo

More Affordable

Less Maintenance

Amenities

Community

Cons of Buying a Condo

Less Privacy

Condo Association Rules and Fees

Less Space

The Bottom Line

Why Does This Happen?

When you apply for a mortgage, your credit report is pulled from the three major credit bureaus: Equifax, Experian and TransUnion. As a lender, we take steps to ensure your privacy by removing your email address and phone number from the report.

However, the bureaus collect and keep detailed information about your credit history, and they may unfortunately sell your information to third-party companies – a practice called “trigger leads.”

What Can I Do to Stop it?

In the meantime, the good news is you can stop these unsolicited mail, phone calls and emails by opting out. And if you plan to apply for a mortgage in the next year, we recommend opting out ahead of time to prevent it from happening altogether.

How to Opt Out

How to opt out for five years:

How to opt out permanently:

Alternatively, you can send a written request to each credit bureau that includes your phone number, name, Social Security number and date of birth.

Experian
Consumer Opt-Out
P.O. Box 919
Allen, TX 75013
888.397.3742.

TransUnion
Opt Out Request
P.O. Box 505
Woodlyn, PA 19094
800.916.8800

Equifax
Opt Out
P.O. Box 740123
Atlanta, GA 30374
888.548.7878

Your Privacy Matters to Us