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Purchase Loans

Purchase Loan Hero Reward

For all of our Hero clients who finance through Thrive Mortgage, we offer a lender credit of 0.5% of the loan amount to help offset closing costs on most programs.  On a $500,000 loan, that’s $2,500!  That applies regardless of which kind of purchase loan you choose, and is a reflection of the commitment we have to our Heroes. 

Our commitment to reduce your costs doesn’t stop there.  In addition to the savings we provide, if you use one of our HLT Certified Hero Real Estate Agents to purchase your home, they will also contribute a 0.5% credit, for a total savings of up to 1% of the loan amount!  Often times this can be combined with credit from the seller to offset all of your closings costs!

Purchase Loan Programs

Conventional Loan

Conventional loans have a minimum down payment of 3% or 5% depending on the loan amount.  Down payment of less than 20% requires Private Mortgage Insurance (PMI).  

At the Hero Loan Team, we shop 5 different PMI providers to find you the lowest rate.  

Compared to other programs that are insured or guaranteed by a government entity, conventional loans have more stringent credit and debt to income requirements.  

As a result, conventional loans are best suited for borrowers with good to excellent credit histories.

FHA Loan

FHA loans have a minimum down payment of 3.5% for credit scores over 580.  These loans are insured by the Federal Housing Administration, which means they have less stringent credit history and debt to income requirements than conventional loans.  

Monthly Mortgage Insurance Premium (MIP) is a fixed rate for all borrowers based on loan amount and loan to value.  

There is also a 1.75% fee for Upfront Mortgage Insurance Premium (UFMIP) that is added to the loan amount.  

FHA loans are best suited for borrowers with a fair credit history.

VA Loans

VA loans are available for borrowers who are eligible based on qualifying military service.  VA loans do not have a minimum down payment and allow the borrower to purchase with 0 down.  

These loans are guaranteed by the Dept of Veterans Affairs, so similar to FHA loans they have less stringent credit history and debt to income requirements than conventional loans.  There is also no monthly mortgage insurance on VA loans.  

There is a funding fee that varies on use and loan to value, however this is waived for borrowers receiving 10% or more in VA Disability.  VA loans are best suited for borrowers with a fair-excellent credit history.

All loans are subject to underwriting or investor approval.  Other restrictions may apply.  This is not an offer of credit or a commitment to lend.  Guidelines and products subject to change.

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