Key Facts About Loan:
- First Time Buyers can purchase with as little as 3% down, 5% down for 2nd or subsequent purchases and 10% down for a second/vacation home. If you are looking to buy and lease, then you could put as little as 15% down using a coventional loan.
- With a 20% down payment you can avoid paying mortgage insurance, however mortgage insurance is removeable once you reach 20% of equity in the home with no need to refinance.
- We offer a 5% down program with the option to waive escrows and pay your insurance and property taxes outside of your monthly mortgage payment.
- Loan terms are flexible and can be customized to fit your needs such as a 27 year term instead of a 30 year.
- Rates may be fixed for the life of the loan or adjustable.
- Credit scores as low as 620 may be allowed, but a higher credit score will improve the odds of approval as well as provide a much better interest rate offer.
- Buyers who need to pull equity from their homes in the form of cash may do so utilizing a conventional cash out loan.
Conventional Fixes Rate Loan
LOAN PURPOSE
Purchase, Rate and Term Refinance or Cash Out Refinance
BORROWER TYPE
Primary Residence, Second Home or Investment Home
TERM
15YR, 20YR, 25YR, 30YR and custom terms available.
INTEREST RATE
Fixed or Adjustable
MINIMUM FICO
620
MAXIMUM LOAN TO VALUE (LTV)
97%
MINIMUM LOAN AMOUNT
$100,000
PROPERTY TYPE
1-4 Family
832 301 6541
All other trademarks are the property of their respective owners, not endorsed or affiliated with any government entity. Rates and Terms are subject to change at any time without notice and are subject to state restrictions. Visit the NMLS Consumer Access website for regulatory information about us.
Figure: 7 TAC § 80.200(b) CONSUMER WISHING TO FILE A COMPLAINT AGAINST A COMPANY OR A RESIDENTIAL MORTGAGE LOAN ORIGINATOR SHOULD COMPLETE AND SEND A COMPLAINT FORM TO THE TEXAS DEPARTMENT OF SAVINGS AND MORTGAGE LENDING, 2601 NORTH LAMAR, SUITE 201, AUSTIN, TEXAS 78705. COMPLAINT FORMS AND INSTRUCTIONS MAY BE OBTAINED FROM THE DEPARTMENT WEBSITE AT WWW.SML.TEXAS.GOV. A TOLL-FREE CONSUMER HOTLINE IS AVAILABLE AT 1-877-276-5550. THE DEPARTMENT MAINTAINS A RECOVERY FUND TO MAKE PAYMENTS OF CERTAIN ACTUAL OUT OF POCKET DAMAGES SUSTAINED BY BORROWERS CAUSED BY ACTS OF LICENSED RESIDENTIAL MORTGAGE LOAN ORIGINATORS. A WRITTEN APPLICATION FOR REIMBURSEMENT FROM THE RECOVERY FUND MUST BE FILED WITH AND INVESTIGATED BY THE DEPARTMENT PRIOR TO THE PAYMENT OF A CLAIM. FOR MORE INFORMATION ABOUT THE RECOVERY FUND, PLEASE CONSULT THE DEPARTMENT’S WEBSITE AT WWW.SML.TEXAS.GOV.
PROSPERITY FUNDING, LLC. NMLS: 1868681
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