Mortgage Descriptions

Review the details below to learn more about what type of mortgage loan will work best for you,

Conventional Home Loans

1- to 4-unit primary residence

  • 3% down payment for first-time home buyers; 5% for repeat buyers.
  • 2% down payment assistance grant available for first time home buyers.
  • Funds may be gifted/seller assists allowed

Vacation Homes

  • 10% minimum down payment.
  • Funds may be gifted/seller assists allowed.

 Investment Properties

  • 15% minimum down payment for 1-unit homes. 25% minimum down payment for 2- to 4-unit homes.
  • Must be deeded to the buyter. Cannot be deeded to an LLC.

Veterans Administration Loans

  • 100% financing available. No cash reserve requirements
  • No application fees
  • No monthly mortgage insurance
  • VA funding fee may be financed into the mortgage
  • Funds may be gifted

Jumbo Loans

  • Residential mortgage loans above $726,200
  • Primary residence, vacation home, investment properties
  • 10% minimum downpayment
  • Cash reserves required
  • Seller assists allowed up to 6%

FHA Loans

  • Primary residence only
  • 3.5% minimum downpayment
  • Funds may be gifted/seller assists allowed
  • Funding fee may be financed into mortgage
  • Cash reserves may not be required
  • 1- to 4-unit properties. Owner must occupy one unit.

USDA Home Loans

  • Primary Residence /1 Unit
  • 100% Financing
  • Competitive Interest rates
  • Cash Out Refinance not allowed
  • Dwelling must be located in an eligible rural area
  • Upfront 1% Guarantee fee may be financed into the mortgage
  • Seller Assists up to 6% permitted

Commercial Real Estate Loans

  • A Commercial real estate loan is a mortgage secured by a lien on a commercial property.
  • They are generally made to investors such as corporations or organizations that own and operate commercial real estate.
  • Commercial real estate loans are offered by banks, independent lenders, insurance companies, pension funds, private investors, and other capital sources.
  • The Small Business Administration’s 504 Loan Program is a major source.
  • Lenders consider the nature of the collateral (the property being purchased), the creditworthiness of the borrower, and financial ratios when evaluating commercial real estate loans.
  • Commercial real estate loans have different rates and terms than residential mortgages.
  • Investors who desire to deed residential properties in an LLC must finance using a commercial real estate loan.

    New Construction Loans

    • One closing
    • One interest rate (with the option to modify down if the market improves)
    • One down payment
    • Available on conventional loans, including adjustable rate mortgages
    • Minimum down payment
    • Lender facilitates communication with the builder and provides you with checklists for the project approval and builder approval to help keep the approval process moving.
    • No second approval needed. After the first approval, the borrower is good to go, helping to deliver a more seamless, efficient experience.
    • Float down option. Once the loan is complete, borrowers can float down to secure a lower interest rate if the market changes or stay locked in no matter how the market moves.
    • Initial interest-only payments. During the build period, the borrower can enjoy a lower, interest-only payment.

    Less out-of-pocket expense. The borrower doesn’t have to pay for the build and then get a mortgage. The mortgage pays for the build.

    Levels the playing field. Gives general contractors more freedom to build unique dream homes for their clients, rather than cookie-cutter developments.

    Mortgage Resources

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    Priority Financial Services, Inc.

    2140 Ardmore Blvd. Pittsburgh, PA 15221


    Licensed by the Pennsylvania Department of Banking NMLS # 143274