home loan types
Find the best mortgage for your needs with Pride Lending!
Explore Our Home Loan Options
We make the mortgage process easy by working with numerous mortgage lenders, helping you find the right loan for your specific situation.
Home Loans
We offer numerous mortgage products, many with low down payment options and competitive mortgage rates.
FHA Loans
Federal Housing Administration mortgages are backed by a government agency and provided by private lenders. Thanks to competitive interest rates, you can enjoy a low monthly mortgage payment, with down payments starting at 3.5%, depending on your credit score.
VA Home Loans
The Department of Veterans Affairs thanks eligible veterans, active duty soldiers, and National Guard members for their military service with a low-cost loan including no minimum down payment, no private mortgage insurance, and a lower interest rate than other mortgage loan programs.
Plus, eligible Native American veterans buying a home on federal trust land can utilize the Native American Direct Loan to get even more use out of their VA loan.
DSCR Loans
This specialized loan type allows you to purchase investment property based on the rental's income-producing potential rather than your own income, offering great relative benefits compared to other investment mortgages. You can also negotiate for flexible loan terms and more customized rates.
First-Time Home Buyer Loans
Purchasing your first home can be overwhelming, but Pride Lending makes it easier than ever. We’ll help match you to options like programs that can help with your down payment, closing costs, and other fees so that you can reduce your upfront costs.
Whether you need a fixed-rate mortgage or an adjustable-rate mortgage, we’ll guide you through the loan application and match you to the best loan program for your goals.
Non-QM Loans
Non-qualified mortgages are a great option for those whose borrowing profile doesn’t match the stipulations typically required by banks and credit unions. Typically provided by online lenders and other boutique services, these products will accept different proof of income, such as self-employed and gig work income.
Bank Statement Loans
If you have a unique income source but can easily afford your estimated monthly payment, don’t worry: we can help you find bank statement loans, which rely on your income stream rather than typical documentation like W2s and pay stubs to learn what loan amount you can afford.
Conventional Loans
The gold standard of mortgage products are provided by private lenders to well-qualified borrowers. You can choose between a 15-year or 30-year fixed-rate loan, depending on your specific financial goals.
Jumbo Loans
For those who want a luxurious home and can afford a higher monthly payment, Pride Lending has you covered with a jumbo loan. We’ll match you to adjustable-rate or fixed-rate mortgages that go beyond the conforming loan limit - all with a great interest rate. You’ll also enjoy no private mortgage insurance thanks to the larger down payment.
Portfolio Loans
Portfolio loans are held onto by the lender rather than sold on the secondary mortgage market. While they often have a higher interest rate and down payment requirement, they are a great choice for those who may not qualify for other types of mortgages.
Adjustable Rate Mortgages
An adjustable-rate loan has a low introductory interest rate that will rise after a set amount of years. These are an excellent choice for those just starting out in their careers who expect to be making more in a few years.
Refinance
Put your home equity to work! You can replace your existing mortgage with a new loan to get a better interest rate or a different loan term than your current mortgage. Choose a cash-out to refinance for a lump sum payment that helps with debt consolidation or even a down payment on a second home. VA loans can qualify, too!
203K Loans
If you need to make some essential home improvements, consider an FHA 203K loan, a specialized mortgage meant to finance repairs for FHA mortgages. If you have a VA loan, we can also help you access VA renovation loans, which work similarly to a 203k mortgage.
Why Pride Lending For Your Home Loan?
Certain groups of borrowers face additional challenges when seeking mortgage products, including LGBTQ+ and BIPOC individuals. For example, same-sex couples are 73% more likely to be denied a home loan, despite being lower risk borrowers overall than mixed-sex couples.
BIPOC homeownership across all races is lower than their white counterparts; 1 in 4 mortgage applications from Black applicants are denied, compared to just 1 in 10 for white applications. When facing to so many institutional barriers, marginalized individuals need a strong advocate in their corner who will support them throughout the purchasing process.
We are an LGBTQ-positive business here to help our community afford homeownership while providing customized service and support. We work tirelessly to uplift underserved demographics that may be overlooked by the mortgage industry.
Experienced Loan Officers
Our team has years of experience in matching LGBTQ borrowers with the right mortgage for their needs, helping them every step of the way. Maybe you need help deciphering discount points, such as how much one point will reduce your rate, or perhaps you want to understand the total cost of your loan. No matter what, we’re here to help you.
One of the most daunting parts of purchasing property is providing a down payment. If you provide 20% down, you can avoid private mortgage insurance and access lower rates, but this can be incredibly difficult for many individuals to secure, especially individuals from marginalized communities. As such, we can help you find products that only require 3% to 5% down.
We have a strong resource bank of local, state, and national assistance programs that can provide you grants and forgivable second liens to help make up the difference between what you have and what you need.
For returning customers, we will also provide you with excellent service throughout your homeownership journey. If you’re ready to refinance, we’ll help you review your options, including a rate-and-term refinance or cash-out refinance. You’ll enjoy the same prompt service and in-depth advice on your options.
Competitive Rates & Fees
We want to reduce your costs as much as possible, finding products with the best interest rate and the lowest origination fee that match your needs.
Fast & Efficient Process
Our team knows that you’re busy, so we streamline the application process as much as possible. You can do everything online, including the application and all document signings. We’ll also schedule your closing as fast as possible - no waiting around!
Positive Customer Testimonials
Take a look at what our happy customers are saying about Pride Lending:
“Mr. Dort has my highest recommendation for his knowledge, professionalism, customer service skills, and rapid loan processing.” - Jennifer B.
“We were in a situation where we were dangerously close to losing our home. Andrew not only helped us qualify for a refinance but at a lower interest rate and lower monthly payment. Andrew was with us through every step of the process and was always available for questions or update requests.” - Thomas C.
The Home Loan Process
Our team will help you throughout the loan process, explaining each step. This includes:
Prequalification vs. Preapproval
Prequalification means that you may qualify for a loan, while pre approval means that you have received a specific loan amount for which you may be approved. Pre approval is a longer process, but it gives you an advantage in a competitive housing market.
Finding the Right Lender
We’ll assist you in finding lenders that meet your needs, such as having the right product, offering a great interest rate, and having suitable terms.
Completing a Mortgage Application
This involves providing financial and credit information, presenting bank statements and tax returns, and running a credit check.
Underwriting and Loan Approval
During underwriting, an underwriter will double-check all the information you’ve provided. You may have to provide more documentation, such as proof that you’ve secured homeowners insurance. After that, you’ll get approval and can move on to closing.
Closing
At this point, you’ll provide your down payment, pay mortgage points to reduce your rate if you choose, prepay your prorated property taxes, and pay closing costs. With that, you’ll get the keys to your brand new home and start on the next step of your life journey.
Key Factors in Loan Approval
Lenders want to see a strong credit profile before they approve you, including:
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Credit Score – 620 or higher is the benchmark.
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Debt to Income – No more than 43% of your income should go to debt.
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Down Payment – Most lenders expect at least 10%. If you provide 20% or more, you won’t have to pay mortgage insurance.
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Income History – You should have a stable income proven by pay stubs and tax returns that will allow you to comfortably make your monthly payment.
Estimate Your Monthly Payments
We can help you estimate your mortgage payment based on the sum and the interest rate you choose, helping you feel confident that you can afford homeownership. Get in touch today to see how much you may be paying each month.
Get Started on Your Home Loan Journey
If you’re ready to start your mortgage application, contact Pride Lending! We’re partnered with many local chapters of the National Association of Realtors and are the first LGBTQ+-friendly lender in the nation, ensuring that marginalized people aren’t shut out of the housing market. Our team includes allies and members of minority communities, including LGBTQ+ and BIPOC individuals, who are ready to help all eligible borrowers, regardless of their identity or background.
Whether you want to refinance an existing VA loan or become an investor with DSCR mortgages, we’ll guide you through the application and search for the best programs that meet your needs. After you provide your legal name and contact information, we’ll get in touch to explore your options and explain what further information you need.
Pride Lending is here for our community, ready to assist you in the next step of your life. Contact us today at 725-231-0192 or via email to learn more about how we help LGBTQ borrowers buy with pride. 725-231-0192
