LOANS AND PROGRAM OPTIONS
Whether you’re buying your first home, moving up or downsizing, knowledge is power when making important financial decisions. That’s why Prospera Mortgage wants you to know about all of the loan and financing options available to you. We take the stress out of financing your home and paying your mortgage by partnering with you throughout the home-financing process. Learn more about our comprehensive collection of home mortgage loans and financing programs below, and start planning for your dream home today.
Conventional Loans
Like the idea of stability? With a fixed-rate mortgage, you can count on consistent monthly payments and steady interest rates for the life of your loan. Whether you want to maximize your tax benefits over a longer term and pay less each month, or pay off your loan sooner with a shorter term, Prospera Mortgage offers fixed-rate loans that meets your unique needs and fits your lifestyle.
FHA Loans
A Federal Housing Administration (FHA) loan provides you with an alternative to conventional financing. A great option for borrowers with limited money available for a down payment. FHA loans allow you to choose a fixed-rate or an adjustable-rate loan.
Veterans Affairs (VA) Loans
With Department of Veterans Affairs (VA) loans, you can reduce your mortgage down payment and lower your interest rate. VA fixed-rate loans and adjustable-rate mortgages (ARMs) are available to current or former members of the U.S. Armed Forces and their surviving spouses. You can choose 100 percent financing for the purchase of a 1-4 unit primary residence with no down payment. You can take advantage of more favorable income, debt and credit qualifications.
Adjustable Rate Mortgage (ARM)
Finding the right home doesn't mean you'll live within its walls forever. Whether you're a newlywed couple looking for a "starter home," a soon-to-be empty nester who is downsizing, or simply have plans to move in a few years, an adjustable-rate mortgage (ARM) from Prospera Mortgage is a viable financing option for shorter-term borrowers. Prospera Mortgage ARM programs: 5/1 ARM, 7/1 ARM and 10/1 ARM
Jumbo Loans
If your home loan is above $510,400, then have no fear because we may have a loan for you! With our Prospera Mortgage’s Jumbo loan program you can borrow up to $3 million to purchase a new home or refinance your existing residence.
Construction Loans
Whether launching a major renovation, adding on to your home or building from the ground up, Construction-To-Permanent (CP) Loans from Prospera Mortgage are designed to help you finance the home you always imagined. A one-time closing process can save on recording fees and other closing costs compared to having separate closings for construction and permanent loans. You pay interest-only payments on the outstanding loan principal during construction.
Renovation Loans
You can make any type of renovation to the home you like as long as the project is attached to the house. You can make additions to the house like a sunroom, a guest suite, or a second bathroom. You can also use the Prospera Mortgage loan for a refinance. The benefit is you get to determine the property’s value as being the completed value after the renovation instead of what the home would appraise for before the renovation. You can also choose between a fixed-rate mortgage or an adjustable-rate mortgage (ARM).