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Texas Home Loan Team
at Prospect Mortgage
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We do business in accordance with the Federal Housing Act and the Equal Credit Opportunity Act and do not discriminate on the basis of race, color, national origin, religion, sex, age, income, handicap or familial status.
Loan inquiries and applications in states where I am not licensed will be referred to a Loan Officer who is licensed in the property state. Equal Housing Lender. Prospect Mortgage is located at 15301 Ventura Blvd., Suite D300, Sherman Oaks, CA 91403. Prospect Mortgage, LLC (Unique Identifier #3296) is a Delaware limited liability company licensed by the Department of Corporations under the California Residential Mortgage Lending Act and operates with the following licenses: AK Mortgage Lender License #100251; AZ Mortgage Banker License #BK0903027, #BK0909362, #BK0908046, #BK0908050, #BK0908056, BK#0908057, #BK0908058, #BK0908731, BK#0903112, BK#0903912, BK#0906650, BK#0906913; To check the license status of your CO mortgage broker, visit www.dora.state.co.us/real-estate/index.htm; GA Residential Mortgage License #16984; IL Residential Mortgage Licensee #6424; MA Mortgage Lender/Broker License #MC2011; MS Licensed Mortgage Co.; MT Residential Mortgage Lender Licensee #120; NV Division of Mortgage Lending Mortgage Banker #1173 and Mortgage Broker #3095; Licensed by the NH Banking Dept.; Licensed Banker-NJ Dept. of Banking and Insurance #9932415; Operates as Prospect Lending, LLC in NY (Licensed Mortgage Banker-NYS Banking Department); Operates as Prospect Mortgage, LLC of Delaware in OH (Ohio Mortgage Broker Act, Lic # MB.803629.000); OR Mortgage Lender Licensee #ML-2006; PA Dept. of Banking license #1740; RI Licensed Lender #20021343LL, Broker #20041643LB; licensed by the VA State Corp. Commission as MC-2195. This is not an offer for extension of credit or a commitment to lend. All loans must satisfy company underwriting guidelines. Information and pricing are subject to change at any time and without notice. This is not an offer to enter into a rate lock agreement under MN law, or any other applicable law.
HomePath is a registered trademark of Fannie Mae.
Disclosure last updated March 30, 2010
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Call Us Today! 817-328-1307
850 E State Hwy 114, Ste 100
Southlake, TX 76092
Conventional Home Loans
Conventional home loans are designed to help clients with purchasing or refinancing a home. Conventional home loans have different guidelines than FHA or VA home loans as well as different loan limits. Below are some of the basic information for conventional home loans.
Some Conventional home loans will require Private Mortgage Insurance (PMI). Many PMI companies have their own guidelines to qualify for the insurance. Most PMI companies require FICO scores over 680. Contact our office today for information regarding PMI.
Conventional home loans can be combined with a second home loan as well. These second loans are usually called purchase money seconds. These second loans help clients avoid PMI.
Second loans do have separate guidelines to qualify that will differ from the conventional guidelines.
Conventional loans also have a maximum debt-to-income ratio usually around 45%.
Conventional home loans will have lower closing cost than FHA or VA home loans since these loans do not charge an upfront MI fee.
Conventional home loans have limits set by HUD. In the DFW area, the maximum loan limit for a conventional home loan is $417,000.
Loans greater than $417,000 are considered Jumbo loans.
Minimum FICO scores for conventional home loans are 620. Keep in mind though, that PMI will have a different minimum FICO score to qualify as well.
Best rates for conventional loans are with FICO scores over 720 and a larger down payment.
Conventional home loans do not have a prepayment penalty.
