Loans & Programs

One-Size-Fits-All Doesn't have to apply to your mortgage

We can tailor your home mortgage to your specific situation because we have options. Which means you have options. Your Loan Officer will provide loan products options that work in your best interest.

Purchasing and Refinancing

Conventional mortgages are loans that private companies insure. These loans meet the funding criteria set by Fannie Mae and Freddie Mac. Prestige Home Mortgage offers several conventional loan types:

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A fixed-rate mortgage has an interest rate that stays the same for the entire life of your loan. This offers a predictable monthly payment for 10 – 30 years.
 
Highlights:
  • Interest rate security
  • Monthly payment stability
  • Best for buyers planning to stay in their homes for a long time
Adjustable rate mortgages (ARMs) may allow you to lock in a low interest rate that can increase over time. A hybrid ARM offers a fixed period (3-10 years) followed by a yearly change to the interest rate. Fractions, such as 5/1 often represent hybrid ARMs. This means the first-rate reset takes place after five years and continues to reset each year.
 
Highlights:
  • Low starting interest rate
  • Lower monthly payments during the initial term
  • Best for buyers planning to keep their loan for a shorter period
Jumbo loans have higher loan amounts not allowed for standard-conforming programs. This will enable borrowers to buy a higher-priced home with affordable down payment.
 
Highlights:
  • Fixed and ARM options
  • Loans up to $3 Million
  • Best for borrowers who are in the market for higher-priced homes

Government Loans

The government guarantees specific programs through various agencies. The goal is to serve borrowers with unique circumstances better. These loans are only offered through approved lenders such as Prestige Home Mortgage.

The Federal Housing Administration (FHA) insures FHA loans. Programs are available for borrowers with limited savings for a down payment.
 
Highlights
  • Down payment as low as 3.5%
  • Flexible use of gifts and grants for a down payment
  • Best for borrowers with limited assets for sale
The Department of Veterans Affairs (VA) insures VA loans. Service members and their spouses are eligible to buy with little to no down payment or cash to close.
 
Highlights
  • Low to no down payment
  • Refinance within the VA program without re-qualifying
  • For eligible past and present service members and spouses
The U.S. Department of Agriculture (USDA) insures loans to home buyers moving to specific rural areas. Qualified buyers have low to moderate income.
 
Highlights
  • Down payment is not required
  • Provide up to 100% financing
  • Best for borrowers with limited assets looking to buy in rural areas

Renovation Loans

State Housing Finance Agencies offer programs to residents to help buy a home. Conditions and guidelines vary depending on the agency. These programs offer special incentives for first time home buyers:

The Federal Housing Administration (FHA) offers loans for renovation. FHA 203(k) funds a primary residence, including repairs in one mortgage with a minimum down payment of 3.5%. There are two types of 203(k) loans:
 
Standard FHA 203(k)
Allows borrowers the flexibility to finance rehabilitation costs from $5,000 and up; there are no maximum repair costs. Loan limits vary by county.
 
Streamline FHA 203(k)
Provides financing for minor renovations and repairs up to $35,000 of your mortgage.

Fannie Mae (FNMA) Home Style allows you to buy and renovate a primary residence, second home, or investment property. The minimum down payment of 3% in a single mortgage is up to the lending limit.

Construction only loans finance the building of a house. Once the home is complete, borrowers must refinance into a permanent loan.

Downpayment assistance & Other niche Programs

There are many more unique loan programs we can help you gain access to. If homeownership is your goal, we can help you achieve it. Schedule a call with our Loan Officers today to see what programs you qualify for. You could be closer to homeownership than you think. 

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