Community Lending
Preferred Rate is dedicated to strengthening the communities we serve by building generational wealth through homeownership.
Properties within predetermined areas will see notable price improvements and may qualify for a Loan Level Price Adjustment waiver.
As seen in:
Top military lender
NMP
Top mortgage lender
Scotsman guide
5-Star Lender
MPA
TOP LENDER
CALHFA
TOP EMPLOYER
DIVERSITY JOBS
TOP 100 MORTGAGE COMPANIES
MORTGAGE EXECUTIVE
5-STAR LENDER
Mortgage Professional America
TOP 250 LATINO MORTGAGE ORIGINATORS
NAHREP
MOST LOVED MORTGAGE EMPLOYERS
NMP
TOP MORTGAGE LENDER
Scotsman Guide
TOP MILITARY LENDER
NMP
TOP 15 VA LENDER
Scotsman Guide
Product highlights
- Available for primary residences only
- 1–4 unit properties eligible
- Condos & PUDs allowed
- First-time and repeat buyers eligible
- As little as 3% down payment
- Geographic restrictions apply
- Pricing improvement for qualified buyers
Borrower advantages
- Pricing improvement for qualified buyers
- Buy a home with as little as 3% down payment
- Ability to leverage other homebuyer grants and programs for further assistance
- Ability to leverage other homebuyer grants and programs for further assistance
Realtor advantages
- Expand your footprint in underserved communities
- Help clients access homeownership who otherwise might not have been able to
Frequently asked questions
With short and easy to understand answers.
Couldn’t find your answer?
[email protected]What is Community Lending?
Community Lending programs are designed to support homeownership in qualifying areas by offering improved pricing and lower upfront barriers.
Do I need to meet income limits?
In many cases, income limits apply—but they’re often higher than people expect.
What are the benefits?
Eligible buyers may see lower rates, reduced fees, or down payment flexibility.
Is this only for first-time buyers?
No. Both first-time and repeat buyers may qualify if the property is located in an eligible area.
How do I know if a home qualifies?
We can check the address upfront—no guesswork required.
Couldn’t find your answer?
[email protected]Loan Programs
Loan Programs
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Set your target interest rate and we’ll notify you when it hits. No spam, just smart alerts.
- Competitive rates
- Expert support
- Easy process