(Not including a 203k full)

  1. Borrower Selects Property Borrower provides all credit documents (paystubs, bank statements, etc.) to the loan officer
    Loan officer will submit credit package to processor, so file begins being processor. REMEMBER to schedule home inspection and get contractor bid and docs to your loan officer.
  2. Collect bids, completed contractor documents, including W9, and contractor’s license/general liability insurance (if required) Loan officer submits all bids to Processing
  3. Appraisal ordered; include all bids with request to appraiser File is submitted to Underwriting for initial review/conditional commitment. Appraiser provides report with “As Completed” value. Appraisal sent to Processor.
  4. Contractor package and appraisal are reviewed for Escrow Holdback approval; Contractor registered Appraisal, any outstanding conditions submitted to Underwriting for clear to close. Loan funds and file sent to disbursement team WELCOME EMAIL SENT
  5. Appraiser will be inspector and determine when draw is needed and amount of draw. Draw analyst processes all draw request and paperwork
  6. Renovation is completed


Loan Process

When buying a home, it’s critical that you have a clear understanding of the budget you can manage, and your overall financial situation.


Prequalification starts the application process. The lender checks your credit, ability to pay, and you learn how big and what type of loan you qualify for. It only takes a little time, so you should get prequalified before you start looking for homes.

Finding Your Home

When you’re ready to start searching for homes, make a list of the features you want. Decide what part of town you want to live in. Pay attention to what you want, compared to what you need. If you work with a real estate professional this will help them narrow the search to find homes for you to look at quicker.

Making an Offer on a Home

When you’re ready to make an offer and purchase your home, expect some negotiations until you reach a final price the seller is willing to accept. It’s a good idea to work with a real estate professional to conduct the negotiations, be your advocate and serve as a trusted advisor.

Types of Renovation Loans

PrimeLending renovation loans are a fantastic way to expand your options towards owning the perfect home.

*A prequalification is not an approval of credit, and does not signify that underwriting requirements have been met.