Preferred Loan Options
Custom mortgage solutions for real people
Preferred Rate offers dozens of specialty loan products to amplify your loan and make it personal for you and your family.
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HOME LOANS & SPECIALTY OPTIONS
Link to: Homebuyer's guide
HOMEBUYER’S GUIDE
Link to: Refinance Guide
REFINANCING GUIDE
Home Loan Mortgage Products
30-Year Fixed Rate Mortgage *
30-Year Fixed Rate Mortgage *
- Fixed monthly payment
- Fixed interest rate
- Long-term stability
- 30-year term
BEST FIT
If you want a stable and predictable mortgage payment, a 30-year fixed rate mortgage will give you peace of mind. Your monthly mortgage payment will stay the same for the life of your loan, even if the housing market or the economy shifts.
BENEFITS
A 30-year fixed rate mortgage is designed to provide you with stability and consistency. Your monthly payment is set for the life of your loan, with an interest rate that won’t change. Even though you might not stay in your home for 30 years, having a fixed payment and a known payoff date can help you set long-term financial goals.
15-Year Fixed Rate Mortgage *
15-Year Fixed Rate Mortgage *
- Fixed monthly payment
- Fixed interest rate
- 15-year term
- Faster payoff
- Stable & Predictable
BEST FIT
If you want a stable monthly payment and you want to payoff your home loan faster, a 15-year fixed rate mortgage is a great option.
BENEFITS
A 15-year fixed rate mortgage gives you the same stability as a 30-year mortgage, and helps you pay off your mortgage loan in half the time. Often, these loans have a lower interest rate and may require a higher down payment. The benefits include stable monthly payments, a faster payoff, and less interest over the life of your loan.
Adjustable Rate Mortgage
Adjustable Rate Mortgage
- Fixed payment at the beginning
- Lower monthly payments
- Flexibility
BEST FIT
If you expect to be in your new home less than 5 years or prefer a lower monthly payment, then an adjustable rate mortgage (ARM) may be a great option.
BENEFITS
An adjustable rate mortgage (ARM) is designed to give you long-term flexibility by providing a fixed rate at the beginning (a predictable monthly payment). After the initial time period, the rate will change which means your monthly payment will also change. Typically, adjustable mortgage rates are lower in the beginning which can help homeowners get into an ideal property with a low monthly payment.
Interest-Only Loan
Interest-Only Loan (refinance)
- Low monthly payments
- Take advantage of the equity in your home
- Increase personal cash flow
- Short term flexibility
BEST FIT
If you want to reduce your monthly mortgage payment by taking advantage of the equity built in your home, an interest-only loan is a great option for the short-term.
BENEFITS
An Interest-only mortgage is typically designed as a shorter-term loan that may be available when you have some equity built in your home. The monthly payments are low, since you’re only paying the interest and not any principal. This loan can provide freedom and flexibility for people who want to invest their money elsewhere.
Jumbo Loan
Jumbo Loan
- Fixed rate or adjustable rate terms
- Available to first-time and next-home buyers
- Move beyond the purchase limits of conforming loans
BEST FIT
If you’re looking to buy or refinance a home that has a high value, a jumbo loan can open the door to some great mortgage options. Available as a fixed-rate mortgage or adjustable-rate mortgage, jumbo loans make anything possible.
BENEFITS
Jumbo loans meet the needs of buyers looking to move into a home that exceeds the purchase limit of conforming loans. Jumbo loans are often paired with other specialty products to make sure your mortgage fits the big goals for you and your family. Jumbo loans are available as fixed-rate or adjustable, and typically require stronger credentials when it comes to your credit and income verification.
FHA Loan
FHA Loan
- First-time home buyers
- Flexible approval guidelines
- Low down payment
BEST FIT
If you’re a first-time home buyer, an FHA loan is a great mortgage loan option. An FHA loan has a lot of flexibility and several unique advantages just for first-time buyers when it comes to getting approved.
BENEFITS
An FHA loan is a great option for first-time home buyers, and often features approval guidelines that are much more flexible when it comes to your credit history and background. With some down payments as low as 3.5%*, FHA loans are a great option for many families starting their journey as new homeowners.
USDA Loan
USDA Loan
- Property and/or land in a rural area
- Flexible approval guidelines
- Competitive loan rates
- Low down payment
- Insured by the government
BEST FIT
If you’re interested in buying or refinancing land or property in a rural area, a USDA mortgage loan can be a great fit.
BENEFITS
USDA loans are designed to help borrowers in rural areas to purchase land or property. These loans often offer flexible guidelines, great rates, and sometimes 100% financing with no money down. These loans are insured by the government, and serviced by direct mortgage lenders that meet federal guidelines. Designed for buyers looking outside metropolitan areas, USDA loans are a great option for farmland, creative land use, and residential properties.
Reverse Mortgage Loan
Reverse Mortgage Loan (refinance)
- 62+ years of age
- Access home equity
- Option to defer mortgage payments
- Option to receive payments
BEST FIT
If you’ve built substantial equity in your home and you’re over 62 years of age, a reverse mortgage loan can open up access to your equity and even defer or reverse your monthly payment.
BENEFITS
A reverse mortgage is a great option for homeowners who are at least 62 years of age, and have equity in their home that they want to access. A great option for homeowners who want to stay in their home and enjoy financial freedom after all the mortgage payments they’ve made over the years. With a reverse mortgage, you can defer your remaining mortgage payments, and receive a payment every month that you can use however you’d like.
VA Loan
VA Loan
- Veterans
- Active-duty service members
- Low down payment
- Flexible approval guidelines
- Flexible payment plans
BEST FIT
If you’re a veteran or an active-duty service member, VA loans offer some great advantages that are exclusively available to you and your family.
BENEFITS
The VA loan is designed specifically for veterans and active-duty service members. Exclusive to members of the military, this loan provides many benefits including lower down payment options, flexible credit requirements and payment plans that work for your family.
Specialty Loan Options
Jumbo Loan Options
Peak Loan Program
- Home purchase up to $1.5M
- Low down payment (5%)*
- Loan terms available up to 40 years
- Peak Lien offers up to 95% LTV for improvements
BEST FIT
Our Peak Loan program allows the purchase of a home up to $1.5M with only 5% down*. Additionally, the loan terms can be extended up to 40 years, with the first 10 being interest-only payments.
The Peak 2nd Lien program allows the option to access the equity in a current home (up to 95% combined LTV) and use it toward home improvement, debt consolidation or as a source of down payment on a second home.
High Balance Solutions Program
- Home purchase price above conforming limits
- Split mortgage with 1st and 2nd mortgages
- Lower monthly payments vs. traditional jumbo loans
BEST FIT
Our High Balance Solutions program can be used to finance a home that exceeds conforming loan limits. The loan amount can be split between a first and second mortgage, which may result in lower monthly payments due to potentially lower rates available through conforming mortgage products.
Jumbo Solutions
- Home purchase price above conforming limits
- Split mortgage with 1st and 2nd mortgages
- Lower monthly payments vs. traditional jumbo loans
BEST FIT
The Jumbo Solutions program is a “sister program” to our High Balance Solutions program. The Jumbo Solutions program can be used if you are looking to finance a home that exceeds conforming high balance loan limits.
Similarly, you can split the loan amount between a first and second mortgage. This may result in lower monthly payments due to potentially lower rates available through high balance conforming mortgage products.
Bridge Loan Options
Bridge Loan A – Close with Confidence
- Access current equity to close on a new property
- Protect yourself from contingencies
- Close the financial gap
BEST FIT
Bridge loans can help you close the financial gap when you’re in contract for the sale or your current home, and you want to make a solid offer on a new home without contingencies. With our Confidence Bridge Loan, you have the option to access the equity from your current home (sale pending), and use those funds to close on your new property with confidence.
Bridge Loan B – Debt Inclusion
- Access current equity to make an offer on a new home
- Shop with confidence while your home is listed
- Close the financial gap
BEST FIT
A Debt Inclusion Bridge Loan is another great option. This program is designed to help you access equity from your current home once it’s listed for sale, even if you haven’t found a buyer yet. Before a sales contract is in place, you can access the equity in your current home to make an offer on another home. Any payments required for the bridge loan (including your mortgage payments) are factored into your final loan package.
Home Renovation Options
Dream Home Renovation
- Multiple options for renovation projects
- Buy or refinance a home in need of repairs
- Include expected costs of improvements into mortgage loan
BEST FIT
Preferred Rate has a full suite of renovation lending programs to fit renovation projects large and small, including FHA 203(k) and Fannie Mae HomeStyle®. These programs allow you to purchase or refinance a home in need of repairs or renovation and roll the cost of improvements into the mortgage. The loan amount is based on the future assessed price of the home, which helps expand the purchase market to provide financing for short sale or foreclosure properties in need of renovation.
Home Ready by Fannie Mae
- Flexible income guidelines
- Reduced mortgage insurance options
- Conventional 3%* down payment
BEST FIT
As an alternative to the FHA program, Home Ready is a conventional 3% down* mortgage loan with even more flexible income qualification guidelines. In addition, Home Ready may have reduced mortgage insurance options, including no upfront mortgage insurance fees and may be cancelable per servicer/Fannie Mae guidelines.
Home Possible Advantage by Freddie Mac
- Flexible income guidelines
- Reduced mortgage insurance options
- Flexible sources of down payment
BEST FIT
If you are looking to purchase a home with a low down payment and flexible fund sources, our Freddie Mac Home Possible AdvantageSM offers no upfront mortgage insurance fees, cancellable monthly PMI and flexible income qualification guidelines.
** Each county limit is published on FHFA’s website: www.fhfa.gov. Special statutory provisions establish different loan limit calculations for Alaska, Hawaii, Guam and the U.S. Virgin islands.
Government Programs
Home Ready by Fannie Mae
- Flexible income guidelines
- Reduced mortgage insurance options
- Conventional 3%* down payment
BEST FIT
As an alternative to the FHA program, Home Ready is a conventional 3% down* mortgage loan with even more flexible income qualification guidelines. In addition, Home Ready may have reduced mortgage insurance options, including no upfront mortgage insurance fees and may be cancelable per servicer/Fannie Mae guidelines.
Fannie Mae HomeStyle*
- Buy or refinance a home in need of repairs
- Include expected costs of improvements into mortgage loan
BEST FIT
These programs allow buyers to purchase or refinance a home in need of repairs or renovation and roll the cost of improvements into the mortgage. The loan amount is based on the future assessed price of the home, which helps expand the purchase market to provide financing for short sale or foreclosure properties in need of renovation.
Home Possible Advantage by Freddie Mac
- Flexible income guidelines
- Reduced mortgage insurance options
- Flexible sources of down payment
BEST FIT
If you are looking to purchase a home with a low down payment and flexible fund sources, our Freddie Mac Home Possible AdvantageSM offers no upfront mortgage insurance fees, cancellable monthly PMI and flexible income qualification guidelines.
** Each county limit is published on FHFA’s website: www.fhfa.gov. Special statutory provisions establish different loan limit calculations for Alaska, Hawaii, Guam and the U.S. Virgin islands.
Investor Programs
Investor Advantage Program
- Home purchase price above conforming limits
- Split mortgage with 1st and 2nd mortgages
- Lower monthly payments vs. traditional jumbo loans
BEST FIT
Income property financing just got easier! Investor Advantage gives you purchasing power in the market today for investment properties. There are two loan programs to choose from: (1) No Ratio and (2) Debt Service Coverage Ratio. Contact your Loan Advisor to learn more.
Asset Inclusion Program
- Option to include assets as qualifying income
- Variable monthly income okay
BEST FIT
Our Advantage Asset Inclusion program is for buyers who have high assets, but a variable monthly income. With this program, buyers can factor in the assets they have remaining – after their down payment and closing costs – as sources of qualifying income. (Not available in Hawaii and Nevada.)
Jumbo Solutions
- Home purchase price above conforming limits
- Split mortgage with 1st and 2nd mortgages
- Lower monthly payments vs. traditional jumbo loans
BEST FIT
The Jumbo Solutions program is a “sister program” to our High Balance Solutions program. The Jumbo Solutions program can be used if you are looking to finance a home that exceeds conforming high balance loan limits.
Similarly, you can split the loan amount between a first and second mortgage. This may result in lower monthly payments due to potentially lower rates available through high balance conforming mortgage products.
Manufactured Housing Loan Program
Prefered Rate provides a variety of loan programs to support the purchase or refinance of a manufactured home.
Buyers With High Asssets
Investor Advantage Program
- Home purchase price above conforming limits
- Split mortgage with 1st and 2nd mortgages
- Lower monthly payments vs. traditional jumbo loans
BEST FIT
Income property financing just got easier! Investor Advantage gives you purchasing power in the market today for investment properties. There are two loan programs to choose from: (1) No Ratio and (2) Debt Service Coverage Ratio. Contact your Loan Advisor to learn more.
Asset Inclusion Program
- Option to include assets as qualifying income
- Variable monthly income okay
BEST FIT
Our Advantage Asset Inclusion program is for buyers who have high assets, but a variable monthly income. With this program, buyers can factor in the assets they have remaining – after their down payment and closing costs – as sources of qualifying income. (Not available in Hawaii and Nevada.)
Jumbo Solutions
- Home purchase price above conforming limits
- Split mortgage with 1st and 2nd mortgages
- Lower monthly payments vs. traditional jumbo loans
BEST FIT
The Jumbo Solutions program is a “sister program” to our High Balance Solutions program. The Jumbo Solutions program can be used if you are looking to finance a home that exceeds conforming high balance loan limits.
Similarly, you can split the loan amount between a first and second mortgage. This may result in lower monthly payments due to potentially lower rates available through high balance conforming mortgage products.
High Balance Solutions Program
- Home purchase price above conforming limits
- Split mortgage with 1st and 2nd mortgages
- Lower monthly payments vs. traditional jumbo loans
BEST FIT
Our High Balance Solutions program can be used to finance a home that exceeds conforming loan limits. The loan amount can be split between a first and second mortgage, which may result in lower monthly payments due to potentially lower rates available through conforming mortgage products.
Medical Professionals Programs
Doctor Loan Program for Medical Professionals
- Buy or refinance primary residence
- Option to exclude student loan payments
- Also avail to newly licensed residents
BEST FIT
Through the Medical Professionals loan program, doctors and medical professionals (including newly licensed residents) can purchase or refinance a primary residence, and potentially exclude student loan payments with proof of deferment. It’s our way of saying thank you for all you do.
Educators & First Responders Programs
Star Loan Program
- Reduced lender fees (up to $500)
- Gift funding can be used for down payment (up to 100%)
- Lender paid mortgage insurance options
- Reduced monthly payment options
BEST FIT
The STaRsm loan program rewards full-time educators, fire fighters, first responders, healthcare workers, police and correctional officers by offering loans that reduce stress and save money on their mortgage.
Flexible Program Options
Expanded Access Program
- Offering borrowers expanded access to financing
- Up to to 50% DTI (debt-to-income)
- Difficulty documenting income
- Recent credit event (foreclosure, short sale)
- Avail for primary, secondary and investment properties
BEST FIT
With our Expanded Access program, we have opened the doors to borrowers who need access to financing but don’t “fit” the standard agency or jumbo program guidelines.
The Expanded Access program provides financing options for borrowers who have difficulty documenting their income, or have debt-to-income (DTI) up to 50% (or even 55% on an exception basis).
Expanded Access also provides options to borrowers with a recent credit event, such as a short sale/foreclosure or late mortgage payments.
Expanded Access offers fully amortizing fixed, ARM and interest only ARM options to facilitate financing on primary, second home and investment properties.
Home Ready by Fannie Mae
- Flexible income guidelines
- Reduced mortgage insurance options
- Conventional 3%* down payment
BEST FIT
As an alternative to the FHA program, Home Ready is a conventional 3% down* mortgage loan with even more flexible income qualification guidelines. In addition, Home Ready may have reduced mortgage insurance options, including no upfront mortgage insurance fees and may be cancelable per servicer/Fannie Mae guidelines.
Home Possible Advantage by Freddie Mac
- Flexible income guidelines
- Reduced mortgage insurance options
- Flexible sources of down payment
BEST FIT
If you are looking to purchase a home with a low down payment and flexible fund sources, our Freddie Mac Home Possible AdvantageSM offers no upfront mortgage insurance fees, cancellable monthly PMI and flexible income qualification guidelines.
** Each county limit is published on FHFA’s website: www.fhfa.gov. Special statutory provisions establish different loan limit calculations for Alaska, Hawaii, Guam and the U.S. Virgin islands.
Manufactured Housing Loan Program
Prefered Rate provides a variety of loan programs to support the purchase or refinance of a manufactured home.
*Please visit our Disclosures page for more details for all loan types.
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Our loan advisors are true industry experts, ready to help you secure the
home loan that’s best for your wallet and perfect for your family.
4851 Tamiami Trail North, Suite 200, Office 246
Naples, FL 34103 NMLS #00000