Agency Loan Programs

Agency loans are more commonly recognized as your traditional loan programs that meet Fannie
and/or Freddie Mac underwriting guidelines as well as government secured products.

Fixed Rate Mortgage

A fixed rate mortgage is a home loan option with specific interest rate with a set term. The principal and interest payment will remain the same for the life of the loan. The monthly mortgage payments could still increase due to increases in property taxes, insurance, and other expenses.

Conventional Loan

A conventional loan is a type of home mortgage loan that is not backed by federal mortgage assistance and offer more loan options. They typically have lower interest rates. Many home buyers prefer conventional loans because they do not carry many of the fees charged with government-backed loans.

Jumbo Loan

A jumbo loan is when the loan amount the standard conventional loan limits set by the Federal Housing Finance Agency (FHFA) in your area. Jumbo loans typically require larger down payments and can carry higher

interest rates.

Adjustable-Rate Mortgage

An adjustable-rate mortgage (ARM) is a loan with an interest rate that is fixed for a period of time, and will begin to adjust after that fixed rate period. Arms are great for borrowers who plan to move within a for years or expect more income in the future.

Homeready/Homepossible ®

HomeReady/Homepossible® offers financing to help homebuyers who would otherwise qualify for a mortgage but may not have the resources for a larger down payment. HomePossible mortgages offer low rates, minimal risk-based price adjustments compared to other programs, and reduced mortgage insurance costs.

FHA Loan

The Federal Housing Administration (FHA) was established in 1934 and insures your loan allowing approved lenders the opportunity to provide a better offer to their customers. FHA assists people in becoming homeowners by providing lower down payment requirements and a more lenient credit guidelines.

VA Loan

The Department of Veteran Affairs (VA) assists eligible service members, Veterans and surviving spouses with exclusive benefits that assist with the purchasing of a new home. VA Home Loans are provided by private lenders, such as First Priority Lending. VA guarantees a portion of the loan, and typically require no down payment.

One Time Close Construction to Permanent Financing

With a Single Closing and one set of closing costs, This program allows you to pick out our vacant lot and begin the construction process with the security of knowing that your construction loan will automatically modify into a permanent loan that was locked on the onset. If rates drop by the time your permanent financing is ready to start, we will adjust your interest rate downward before the new loan period begins.

Non-Qualified Mortgages

Non-qualified mortgages are designed to help buyers in situations outside regular lending. Such as, self-employed borrowers who typically write off a lot of their expenses annually. An example of a non-qualified mortgage would be a bank statement loan indicating sufficient cash flow to purchase the property.

USDA RD

The United States Dept. of Agriculture Rural Development (USDA / RD) Single Family Housing Guaranteed Loan Program assists approved lenders like First Priority Lending the ability to provide financing for moderate income borrowers and gives homeownership opportunities to many families in more rural areas.

Reverse Mortgage

If you are 62 years of age or older, a Reverse Mortgage can provide you with tremendous financial independence By eliminating your monthly mortgage payment and, allowing you to retain ownership of your home. Let our Reverse Mortgage Specialists provide advice and feedback as to how a Reverse Mortgage can benefit you in your retirement.

First Priority Lending, LLC is not affiliated with or acting on behalf of or at the direction of. FHA, VA, USDA (RD), VHDA or the Federal government. All applications are subject to underwriting guidelines and approval. This does not constitute an offer to lend. Not all applicants will qualify for all loan products offered. All loan programs, terms and interest rates are subject to change without notice. All fees are subject to state and federal high cost thresholds.

Non-Agency / Portfolio Program Options

Non-Agency, or a non-qualified mortgages, are types of mortgage loans that allows borrowers to qualify based on alternative methods, instead of the traditionally required financial documents and income verifications.

Bank Statement

The Bank Statement mortgage program is the perfect option for self-employed borrowers who need an alternative method to show the true cash flow of their business. No tax returns required for credit worthy self-employed homebuyers.

Non Resident Permanent Alien

This mortgage product is for individuals wanting to purchase or refinance a home in the United States, provided they can show proof of work Visa or Green Card. Qualification for this program requires residency, and continued employment in the United States.

Asset Qualifier

Asset Qualifier loan product is for borrower’s to qualify using their liquid assets. This type of program does not require employment to qualify. We approve based on level of assets being shown currently.