Loan Programs

The following is a partial list of programs offered by Mortgage Pros Inc with a brief description of the key elements of each. For a complete list of the programs that we offer, please contact us at 512-346-7767.

These materials are not from HUD or FHA and were not approved by HUD or a government agency.

Conventional Fixed Rate Mortgages (FRM)

A popular loan type, conventional fixed rate loans feature a constant interest rate for the life of the life. Generally speaking, monthly payments remain constant. Traditionally borrowers are expected to provide a 20 percent down payment though this is not necessarily required. Contact us for details on down payment requirements.

Available terms generally range from 10 years, 15 years, 30 years and 40 years.

Adjustable Rate Mortgages (ARM)

Adjustable rate mortgages are loans where the interest rate is recalculated on a yearly basis depending on market values. As interest rates are adjusted so is the borrower's monthly payment. While interest rates on ARM loans are generally lower than fixed rate loans they can eventually become higher.

Various types of ARM loans include Hybrid ARMs such as 10/1 year, 7/1 year, 5/1 year and 3/1 year programs. Contact us for more information on adjustable rate mortgage loans.

Refinance Mortgage Loans

Homeowners looking to decrease their interest rate may consider refinancing. A refinance calls for the homeowner to obtain another mortgage loan. Those funds are then used to pay off the original mortgage loan and the homeowner is then bound by the terms of the new mortgage. Depending on your situation a refinance loan could be a great option.

Along with decreasing your interest rate, refinance loans can also help you switch from an ARM to a FRM, and in some cases reduce your loan term.

FHA Mortgage Loans

FHA loans are private loans insured by the federal government. These loans are popular with borrowers who don't have enough funds to pay a traditional 20 percent down payment because they only require 3.5 percent down to qualify. Those who choose these loans are required to pay mortgage insurance which slightly increases their monthly payments.

Lenders who wish to offer these loans must be approved by the Department of Housing and Urban Development. Please contact us today to find out if a FHA loan is right for you.

VA Mortgage Loans

Like a FHA loan, VA loans are private loans insured by the federal government. VA loans are only available to qualified military veterans and their families. These loans are only available to these individuals for their own primary residences and cannot exceed a $417,000 loan limit.

For information on qualifying for this loan program please give us a call today.

Jumbo Loans

A jumbo loan, or non-conforming loan, usually means any home loan for amounts higher than $424,100. Jumbo loans feature similar loan programs to fixed rate and adjustable rate programs. There are even FHA jumbo loans. The main difference between jumbo loans and conforming loans is the interest rate. Because jumbo loans are riskier for lenders they usually have higher rates.

Learn more about jumbo loans by contacting us today.

Construction Loans

Construction loans are used to finance the construction of a new structure. Whether you're interested in building a brand new home for you and your family or you're looking to construct a commercial property we can help craft a terrific lending solution. Each loan is as unique as the property you're looking to construct.

We look forward to your questions about construction loans. Please call us to find out more.

Home Equity Loans

Home equity loans call for the borrower to acquire a new loan on an already mortgaged property using the equity you've built as collateral. Home equity loans are typically reserved for those looking to pay down medical or consumer debt, start a business or pay tuition. Please contact us directly if you're interested in a home equity loan.

Most states restrict the amount of money one can borrow against their home. Interest rates on home equity loans are generally higher than conventional loans.

USDA Loans

A USDA Loan is a mortgage loan that is insured by the US Department of Agriculture and available to qualified individuals who are purchasing or refinancing their home loan in an area that is not considered a major metropolitan area by USDA.

USDA Loans

Great for First-time Home Buyers
100% Financing (including Closing Costs)
No Down Payment Requirements
No Prepayment Penalties
Low Rates
Existing Homes, Foreclosures, New Construction
Benefits of USDA Loans
100% Financing - you can buy a home with no money down. In some cases you can even finance your closing costs.
You can refinance your home up to 100% of the value of your home.
Low Fixed Rate Mortgage Options.
They are usually easier to get because the Government insures the loan so that there is much less risk to the lender.
They can be used for Existing Homes, Foreclosures or New Construction.
Simple Loan Process.
No Loan Limit. No Acreage Limit.
There is No Prepayment Penalty.
You can use the loan to repair or add on to your home.
Flexible Credit Requirements.

Reverse Mortgage Loans

Reverse Mortgages or (Home Equity Conversion Mortgages HECMs) are a special home equity loan for homeowners of 62 years of age or older. These loans allow borrowers to borrow against the equity that they have built up over years of paying down the mortgage on their home to supplement their retirement income. The loan itself will have fees and closing cost involved as there is with any mortgage transaction. Also there is interest added to the loan balance each month, the loan balance grows over time, and funds may be disbursed via a lump sum single disbursement, in monthly payments, or as a line of credit. Borrowers generally do not have to pay back the loan while themselves or an eligible spouse live in the home; however, borrower must continue to pay taxes, insurance, utilities and to maintain the home in order to continue to occupy the home. "Non-borrowing" spouses may be eligible to continue living in the home after the borrower passes away; however, the non-borrowing spouse will stop receiving the money from the reverse mortgage after the borrower spouse passes away. The loan becomes due in full at the time the last borrower, co-borrower, or eligible spouse either passes away, sells the home, or moves out. Borrower's estate or heirs may pay off the reverse mortgage through the sale of the home or retain the home via a refinance (neither the borrower nor their heirs will have to pay back more than the home is worth). Reverse mortgage is not a risk free loan and should be considered carefully; for more information on reverse mortgage visit the Consumer Financial Protection Bureau website at www.consumerfinance.gov/askcfpb/233/reversemortgage.html

Broker Disclosure
All programs subject to change without notice. All services rendered by Mortgage Pros Inc (NMLS# 283288) are to assist in providing mortgage loans. Mortgage Pros Inc brokers out this loan. Subject to borrower qualification. The information on this section is intended for informational purposes and is not an offer to extend credit.

Asset Based Loan

Designed for borrowers with substantial liquid capital.
The Asset Utilization program permits coborrowers to qualify off of their assets.

Loan amount up to $2,000,000 with a LTV of 75%.

1 X Close

Conforming one-time close six, nine or 12 month construction term program allowing for payment of interest only during construction. Tear-down & major renovation construction eligible for 12 month construction period only. Note to be modified upon completion of improvements to a fully amortized principal and interest payment. Soft costs (architectural, engineering and permit fees) may be financed, closing costs may not. Full third party builder contracts only.

ELIGIBLE PROPERTY TYPES • 1-unit site-built homes • Planned unit development (PUD) • Modular home (constructed in sections off-site, but when installed at the site takes on the characteristics of a site-built home) • Site condominium (detached), must be fee simple interest for land and dwelling • Rural Properties • Tear-downs & major renovation o Eligible with 12 month construction period only

Renovation Loan

The Renovation program allows borrowers to combine the purchase or refinance of a home with the costs to renovate or extensively remodel the property. At closing all funds for renovation will be escrowed in an interest earning account. After all renovation work is complete, any remaining funds in the renovation escrow account will be used to pay down the principal balance of the mortgage. Soft costs such as architectural services, engineering and permit fees may be financed. Full builder third-party contracts only

PROPERTY TYPES • 1 to 4-unit, site-built homes • Modular homes (constructed in sections off-site, but when installed at the site, takes on the characteristics of a site-built home) • PUD (Fannie Mae-warrantable) • Condominium (Fannie Mae-warrantable)

Bank Statement Loan

This is a Non-Prime* loan product where we accept bank statements to verify income in place of IRS tax documents for self-employed borrowers.

  • 24 months of bank statements are required
  • Exclusively for self-employed borrowers
  • Primary, second, and investment homes
NON-PRIME LOAN PROGRAM HIGHLIGHTS FOR SELF-EMPLOYED BORROWERS
Purchase and refinance loan

Warrantable and Non-warrantable Condos

The majority of homebuyers use "conforming" mortgage financing.

This means that their loan purchased by one of two government-sponsored entities -- Fannie Mae or Freddie Mac -- and that the loan meets the two group's minimum standards.


Fannie Mae and Freddie Mac use the term "warrantable" to describe condominium projects and properties against which they'll allow a mortgage.

Condo projects and properties which don't meet Fannie Mae and Freddie Mac warrantability standards are known as non-warrantable.


Non-warrantable condos are more challenging to finance.


Typically, a condo is considered warrantable if:


  • No single entity owns more than 10% of the units in a project, including the developer
  • At least 51% of the units are owner-occupied
  • Fewer than 15% of the units are in arrears with their association dues
  • The homeowners association (HOA) is not named in any lawsuits
  • Commercial space accounts for 25 percent or less of the total building square footage

Common non-warrantable properties include condotels, time shares, fractional ownership properties, and other projects which require owners to join an organization, such as a golf club.


When buying a condo, please ask me about the building's warrantability before you go any further.



New Sub Prime Loans

A Non-Qualified Mortgage mortgage is any home loan that doesn't comply with the Consumer Financial Protection Bureau's (CFPB) existing rules on Qualified Mortgage.. At its most basic level, a Non-QM loan is a loan that does not meet the standards set forth in regulatory reform. Non QM loans include many different type of loans including stated income, income by bank statements, lower credit scores, higher loan to values and more. If you are looking for financing but do not fit the traditional eligibility and qualification standards required by lenders, non-qualified mortgages could be your saving grace