If you’re considering purchasing a home, congratulations! Homeownership is a huge step in building your investment portfolio. Before you start packing boxes and going to open houses, you’ll need to get pre-approved for a loan to see what price point you’ll want to stay within. There’s nothing worse than finding your dream home and not being able to secure a mortgage loan. Prosperity Mortgage can help identify which loan type is best for you and secure the best rate.

Loan Programs And Types From Prosperity Mortgage

Several types of loans are designed to meet all kinds of needs. Here is a list of the most popular types of loans:

USDA Loans are available for eligible rural homes and homebuyers. This government program is designed to assist low-to-moderate-income rural homebuyers in purchasing homes. The most popular feature is no minimum payment requirement. You may also finance closing costs and fees.
VA Loans: VA loans are available for veterans, servicemen, and women in the U.S. Like USDA loans, VA loans do not require a down payment as long as the purchase price doesn’t exceed the appraised value. There is no monthly mortgage insurance cost or a penalty for paying off your mortgage early. Closing costs are also limited with a VA loan.
FHA Loans: FHA loans are insured by the U.S. Department of Housing and Urban Development. They are designed to make housing more affordable, especially for first-time homebuyers. FHA loans typically allow borrowers to buy with a lower down payment than a conventional loan. Current loan limits depend on the type of home and its location.
Conventional Loans: Both adjustable-rate and fixed-rate mortgages are available in traditional loans. Fixed-rate mortgage locks in the interest rate, so monthly payments don’t change. This can allow you to better budget your monthly expenses and can protect you from rising interest rates. An adjustable-rate mortgage, or ARM, has an interest rate that is adjusted periodically based on changes of overall interest rates. There is a cap on how high the rate can rise, but when it does, your monthly P&I (principal and interest) payments do too.

Unique Loans When Buying a Home

Prosperity Mortgage offers several unique platforms to help navigate through the process of closing your loan on your dream home:

Rapid Close: Rapid Close allows borrowers to sign most of their closing documents ahead of time from their personal computers or smartphone.
Uplift: Our Uplift program ensures all FHA and VA borrowers receive low rates and fees. This means less out of your pocket now and in the future on monthly payments.

Loan Options for First-Time Home Buyers

First-time home buyers may be eligible for unique programs that can save money or require less money up front: Qualified first-time home buyers may qualify for conventional loans with as little as 3% down or 3.5% down with an FHA Loan. If you’re a first-time homebuyer, give the professionals at Prosperity Mortgage a call to discuss your options. Homeownership may be more attainable than you think.

Prosperity Mortgage: Mortgages Made Easy

Buying a home is a considerable investment. You want to protect your assets and ensure you get the best rate and lowest monthly payment possible. That’s where Prosperity Mortgage comes in. Our team has years of experience and stays up-to-date with all the latest news, ensuring you have the best information to make your decision. When you’re ready to explore your options, contact us online. We’re standing by, ready to help!