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Types of Loans

Prosperity Bank

Mortgage Loan Products

At Prosperity Bank, we understand that a particular mortgage product may not work for everybody.  Our experienced group of mortgage professionals is committed to providing you with the mortgage product 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. 

DEFINITIONS

Amortize – this describes the time period over which loan payments are calculated.

 

ARM – this means an Adjustable Rate Mortgage, which is a loan that has an adjustable interest rate.  The interest rates are based on an index plus a margin.

 

Conforming loan – a loan that is equal to or less than the conforming loan limit set by Fannie Mae and Freddie Mac.

 

Jumbo loan – a loan that is above the conforming loan limit set by Fannie Mae and Freddie Mac.

  

PURCHASE - REFINANCE - HOME EQUITY LOANS (HE) - HOME IMPROVEMENT (HI)

 

● 5*, 10 and 15 year fixed rate conforming and jumbo portfolio loans.  These loans have

a fixed rate and amortize over the loan term, so the payment will remain the same for the 5*, 10 or 15 year term of the loan. 

*Note: The 5 year term is only available for Home Equity or Home Improvement loans.

● 5/25 ARM conforming and jumbo portfolio loans.  The first interest rate adjustment does not occur until the beginning of the 6th year from the loan’s origination date.  These loans amortize over a 25 year period.

● 5/15 Home Equity Lines of Credit (HELOC).  These lines of credit must be made in accordance with Texas or Oklahoma law, depending on the location of the residence.

The 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, the monthly payments will be fixed and will consist of principal and interest based on a 15 year loan term, which will result in a higher monthly payment than during the first 5 years.

●  HOP Loans – 30 year fixed rate conforming loan (Purchase and Refinance of a primary residence only).

A HOP 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.  These loans have a 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 – 10 year fixed, 15 year fixed, 5/25 ARM conforming and jumbo portfolio loans only for the purchase of an eligible physician’s primary residence.  The 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 the 6th year from the loan’s origination date; the ARM loan amortizes over 25-years.  Eligibility and underwriting guidelines apply.

● 30 year fixed rate conforming and jumbo loans -   These loans have a fixed rate and are amortized over the loan term, so the payment will remain the same for the 30 year term of the loan. [1]

          ● FHA loans – fixed rate and adjustable rate.  With FHA loans, you can purchase  home with a low down payment.  FHA also 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 – These loans provide 100% financing for qualified veterans and are guaranteed by the Department of Veterans Affairs. [1]

● USDA loans – 30 year fixed rate.  Provides 100% financing to low/moderate income persons who will reside in USDA approved rural areas. [1]

● Conforming/Jumbo Adjustable Rate – Interest rate is fixed for initial 3,5,7 or 10 year terms and then will adjust annually thereafter subject to a rate adjustment and life of loan adjustment caps. [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

          ● 1 time close 10 and 15 year fixed rate construction loans (conforming and jumbo  portfolio loans).  These loans have an interest only period of 12-18 months converting to a 10 or 15 year fully amortized term loan.  

 

● 1 time close 5 year ARM construction loan (conforming and jumbo portfolio loans).  This loan has an 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).  This loan has an interest only period of 12 months with full principal and unpaid interest due at maturity. 

● 1 time close 30 year fixed rate construction loan (conforming and jumbo loans).  This loan has an interest only period of 12 months converting to a 30 year fixed amortizing loan.

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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 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
home.loans@prosperitybankusa.com
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