Finding a loan that fits

By Proper Rate on 7/12/2021

When it comes to home financing, there are a lot of options out there. And like baseball gloves or your favorite pair of jeans, it has to fit just right. There can also be a lot of questions to consider as you search for the perfect loan. Are you a first-time homebuyer, or purchasing a second home? Do you plan to be in your home for the long-haul or are you on a shorter timetable? Do you envision moving into a newly built home or are you looking to move in and make it your own with renovations?

A conversation with one of our loan officers will help determine what fits you best, but here is a sampling of our options, each of which has unique benefits advantages:

Proper Rate’s fast and transparent mortgage process features:

In-house underwriting and closing
24-hour underwriting turn times
Full electronic closings offered with FlashClose^SM eClose¹
Online REAL loan approval – fast & easy²

FHA Purchase Loans—Generally include a lower down payment and flexible credit requirements

Down payment options start at 3.5%
Down payment and closing costs may be gifted³

USDA Loans—These government-backed loans are often for rural areas, for purchase or refinance

100% financing options available
No private mortgage insurance (PMI)
Only applies to HUD-designated rural properties

Conventional Loans—Offering both fixed-rate and adjustable rate mortgages

No mortgage insurance requirements for borrowers with options less than 20% down
Finance 2-4 unit property with 5% down options

Jumbo Loans—Ideal for higher loan values

For borrowers in the market for a home loan above $510,400⁴

VA Loans—Available to active and former military and their family, with unique financial benefits

We are waiving our $1,440 lender fee on VA loans in 2021⁵
For qualifying veterans who want 100% financing options
No PMI
Loan options up to $2M

1. Not eligible for all loan types, or investors. Conventional loans only. Eligible for primary, 2nd home and investment properties. Title company restrictions may apply, not eligible for HFA programs. Full eClose is not currently eligible in California, Connecticut, Delaware, Georgia, Maine, Massachusetts, Mississippi, New York, North Carolina, Rhode Island, South Carolina, Vermont, and West Virginia.

2. “Real Approval” means an automated underwriting system approval based upon credit information supplied by applicant and subject to Proper Rate’s review of loan documents. Applicant subject to credit and underwriting approval. Not all applicants will be approved for financing. Receipt of application does not represent an approval for financing or interest rate guarantee. Restrictions may apply, contact Proper Rate for current rates and for more information.

3. Gift funds may be allowed for down payment and closing costs for borrowers who meet FICO score minimums. Restrictions apply.

4. Conforming loan limits are even higher in counties that are considered high-cost areas. To view the FHFA’s new baseline for your location, visit fhfa.gov. Proper Rate is not affiliated with the Federal Housing Finance Agency.

5. Waived $1,440.00 lender fee available for VA loans that have a triggered RESPA app date as of January 1, 2020 through December 31, 2021 at 11:59pm EST. This offer does not extend to Housing Finance Agency loans. ‘Triggered RESPA’ in accordance with Regulation X, is defined as lender receipt of all six pieces of information received in a secure format; applicant name, property address, home value, loan amount, income and SSN. Not all borrowers will be approved. Borrower’s interest rate will depend upon the specific characteristics of borrower’s loan transaction, credit profile and other criteria. Offer not available from any d/b/a or operations that do not operate under the Proper Rate name. Restrictions apply.

Proper Rate, LLC is a registered trademark of Guaranteed Rate, Inc., used under license. Proper Rate, LLC is a subsidiary of Guaranteed Rate, Inc. It has no affiliation with the US Department of Housing and Urban Development, the US Department of Veterans Affairs, the US Department of Agriculture or any other government agency.