Loan Types

Prosperity Bank offers a variety of loan types to meet your financial needs. From purchase to refinance, 30-year Fixed Rate, Adjustable Rate Mortgages, FHA Loans, Home Equity Lines of Credit, Home Ownership Possibilities Program, Homebuyer Grant Program, and more.

Explore Loan Options
 

At Prosperity Bank we will take time to listen and understand your needs and goals and take several factors into consideration before making a recommendation on the type of loan that will work best for you.

  • How long you plan to live in the home.
  • What the interest rate environment is like.
  • Affordability if rates rise significantly.
  • Important life events coming in the future.

Fixed Loan Rates

Fixed Rate loans give you the peace of mind that your rate and payments will never change. This makes budgeting and planning your financial future simple. Fixed rate loans are a great option if you plan to live in your home for a long time.

Pros

  • Simplified budgeting and planning
  • If interest rates rise, you are protected with your fixed rate loan
  • The principal and interest part of the loan payment never changes

Cons

  • If interest rates fall, you many need to refinance to get a better interest rate.

Adjustable Rate Mortgage (ARM)

ARM loans give you a fixed rate for a portion of the loan, and then the interest rate adjusts yearly. ARMs are hybrid mortgages that work together with your short- and long-term goals.

Prosperity Bank offers 5/1 ARM loans. The first number is how long the rate is fixed. The 1 indicates that the rate changes once per year after the fixed period ends. For example, if the loan is a 5/1 ARM, the interest rate is fixed for the first 5 years and then adjusts annually thereafter.

Pros

  • May have lower initial interest rates than fixed rate loans
  • Principal and interest does not change during the fixed period
  • If interest rates fall, you can take advantage without refinancing.

Cons

  • At the end of the fixed rate period, interest and payments may increase.

Government & Low Down Payment

The federal government sponsors the FHA, VA, and USDA mortgage programs with lower down payments and with lower credit score requirements. Payment assistance may be available for clients who meet community program requirements.

Federal Housing Authority (FHA)

  • Reduced income and credit requirements
  • Mortgage insurance is required

Department of Veterans Affairs (VA)

  • Current or former member of U.S. Armed forces
  • Funding fee is applicable

Portfolio Loans

Some clients have circumstances that do not fit into the guidelines of the traditional Fannie Mae/Freddie Mac programs. For those clients, Prosperity Bank offers a wide range of portfolio products which include:

  • One-Time-Close Constructions Loans
  • Purchase/Refinance Plus Improvements
  • Lot Loans

Home Ownership Possibilities Program – ITIN (HOPP/ITIN)

Our Home Ownership Possibilities Program (HOPP) is here to assist families and individuals with their affordable housing needs. We believe that owning a home is a fundamental part of the American dream, and we are committed to turning that dream into reality through our HOPP/ITIN home loan.

Designed specifically for ITIN holders and non-US residents with valid SSNs, our HOPP/ITIN home loan opens up the pathway to homeownership. We understand these individuals’ unique circumstances and requirements, and our program is designed to provide the necessary support and guidance throughout the homeownership process.

Talk to one of our friendly mortgage experts by calling 1-800-657-9500 to see if you qualify. Our representatives will help walk you through every step of the home-buying process.

HOPP/ITIN Features:

  • *90% Financing
  • For ITIN holders and other non-residents with a valid SSN are eligible
  • Purchase or rate and term refinance allowed for primary residence
  • Maximum loan amount of $350,000
  • No Private Mortgage Insurance (PMI) Requirements On HOPP Programs

A HOPP mortgage can help you get the home you’ve always wanted with low, affordable monthly payments. With a Prosperity Bank representative on your side, you’ll be enjoying home ownership sooner than you think.

Ready to take the next step? Click below to conveniently apply online. Within minutes, you’ll be connected with one of our skilled mortgage experts. Our online application is secure and mobile-friendly, ensuring a seamless and convenient experience.

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*Loans subject to income and/or other eligibility requirements which may vary depending on property location. Available in the bank’s designated assessment areas in Texas and Oklahoma. *90% financing based on lesser of purchase price or appraised value. Maximum loan amount of $350,000. Subject to credit approval. Escrow required. Other restrictions apply. Subject to change. This ad is not a commitment to lend. Prosperity Bank NMLS ID# 466414