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Types of Loans

MORTGAGE LOAN PRODUCTS

At Prosperity Bank, we understand that each customer can have individual and specialized needs.  Our experienced mortgage professionals are committed to providing you with the mortgage products that fits your needs. To ensure that you are aware of the possible choices in financing, below is a description of the mortgage products offered by Prosperity Bank. 

 Purchase •  Refinance • Home Equity Loans (HE) • Home Improvement (HI)

5-Year*, 10-Year and 15-Year Fixed Rate Conforming and Jumbo Portfolio Loans

  • Fixed rate and amortize over the loan term, so the payment will remain the same for the 5-Year, 10-Year or 15-Year loan terms. *Note: The 5 year term is only available for Home Equity or Home Improvement loans.

5/25 Adjustable Rate Mortgage (ARM) Conforming and Jumbo Portfolio Loans

  • Frst interest rate adjustment does not occur until the beginning of year 6 from the loan’s origination date
  • Loans amortize over a 25-year period.

5/15 Home Equity Lines of Credit (HELOC)

  • Minimum loan amount of $30,000
  • HELOC must be made in accordance with Texas or Oklahoma law, depending on the location of the residence
  • Loan provides for interest-only payments for the first 5 years after origination, with an adjustable rate during this period. At the end of 5 years, monthly payments consist of principal and interest with an adjustable rate based on a 15-year loan term, which will result in a higher monthly payment than during the first 5 years.

Home Ownership Possibilities Program (HOPP) Loans

  • A HOPP loan may afford you an opportunity to purchase or refinance a home if your income level does not exceed the median income of the county in which your primary home is located
  • 30 year fixed rate conforming loan (Purchase and Refinance of a primary residence only)
  • Fixed rate and amortize in approximately equal monthly principal and interest payments during the 30 year term of the loan
  • Certain underwriting guidelines apply.

Doctor Home Loan Program

  • Only for the purchase of an eligible physician’s primary residence
  • Available loan options include 10-Year Fixed, 15-Year Fixed, 5/25 ARM Conforming and Jumbo Portfolio Loans 
  • 10- and 15-year loans are fixed rate and amortize over the loan term
  • The 5/25 ARM loan’s first interest rate adjustment does not occur until the beginning of year 6 from the loan’s origination date
  • ARM loan amortizes over 25-years. Eligibility and underwriting guidelines apply.

30-Year Fixed Rate Conforming and Jumbo Loans

  • Fixed rate
  • Amortized over the loan term, so the payment will remain the same for the 30 year term of the loan. [1]

Bridge Loan (Oklahoma Only)

  • Provides temporary financing designed to facilitate funding and allow for transition time when selling one home and buying another
  • Loan has an initial interest only period of 12 months
  • Secured by the borrower’s existing primary residence
  • Certain underwriting guidelines apply. [1]

FHA loans

  • Fixed rate and adjustable rate options
  • Available with a low down payment
  • Accepts lower credit scores than are needed with other types of mortgages
  • The maximum loan amount for an FHA loan varies by county. [1]

VA Loans

  • Offer 100% financing for qualified veterans and are guaranteed by the Department of Veterans Affairs. [1]

USDA Loans

  • 30-Year fixed rate
  • Offers 100% financing to low/moderate income persons who will reside in USDA approved rural areas. [1]

HUD 184

  • Designed for American Indian and Alaska Native families for the purchase or refinance of an existing or new single family home. [1]

CONSTRUCTION LOANS

  • One-time close 10 and 15-year fixed rate construction loans (conforming and jumbo portfolio loans). Interest only period of 12-18 months converting to a 10 or 15-year fully amortized term loan  
  • One-time close 5-year ARM construction loan (conforming and jumbo portfolio loans). Interest only period of 12-18 months converting to a 25-year fully amortized term loan where the first adjustment to the interest does not occur until the end of the 5 years from the origination date of the loan
  • Construction loan (conforming and jumbo portfolio loans). Interest only period of 12 months with full principal and unpaid interest due at maturity 
  • One-time close 30 year fixed rate construction loan (conforming and jumbo loans). Interest only period of 12 months converting to a 30 year fixed amortizing loan. [1]

  [1] Secondary market loans are sold to an investor after origination of the loan. The construction portion of the loan will be serviced and managed by Prosperity Bank and the 30 year fixed permanent loan serviced by an institution other than Prosperity Bank.

Prosperity Bank NMLS ID# 466414
5122 82nd Street, Lubbock, TX  79424
Direct:  (800) 657-9500
HLC@prosperitybankusa.com
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