A n t h o n y C a v a llo  - +1 561 8273 624   admin@realtorusa.org Mortgage
We've Got It!
As a top national home purchase lender, Prospect has the loan programs many of your clients are looking for. Whether your customers need to buy and renovate, buy with little down or move up with a jumbo loan, I am able to walk them through their options and get them pre-qualified so they can go home shopping with you this weekend!  
Bullet Conventional Loans With 97% maximum financing* available for primary single-family residences, a fixed-rate conventional loan may be a good source of financing.
Bullet Investment Property Loans Discover a variety of Fannie Mae real-estate-owned properties for the serious investor or the newbie flipper. Our financing helps you meet your real estate income goals with programs for investors who are looking to renovate or finance up to 20 units, or who are cash buyers who later decide to mortgage the property, and more!
Bullet USDA Rural Financing Homeownership opportunities for low and moderate-income borrowers in rural designated area by USDA. Must meet USDA income limits, property must be in USDA eligible area and homebuyer counseling is required.
Bullet Jumbo and Super Jumbo Ideal for borrowers who require higher loan amounts.
Bullet Veteran's Administration (VA) LoansPerfect for active and reserve military, we offer 100% financing up to VA county loan limits**, no mortgage insurance, and programs for buyers with credit scores as low as 580; spouses may also qualify.
Bullet FHA Loans A great choice for first-time homebuyers, buyers with little down payment, or with less-than-perfect credit.
Bullet FHA 203(k) Renovation Loans Use this for complete home renovation with a Consultant loan or smaller projects ($35,000 or less) with a Streamline loan. Luxury items may not be included.
Bullet HomeStyle® Renovation MortgagePurchase and renovate most residential properties with this loan, including luxury items like pools.
Bullet HUD $100 Down Program Buy a HUD home for $100 down in one of many communities throughout the country. Sales incentive of $100 down is determined by HUD and may not be available in all states. Down payment incentive must be included in sales contract or addendum.
Bullet Prospect's New Opportunity LoanSM  An FHA loan with as little as 3.5% down payment for a primary single-family residence for buyers with credit scores from 580-639. Homebuyer counseling is required.
Bullet Prospect's Second Chance MortgageTM Gives buyers an opportunity to buy a home after a bankruptcy, foreclosure or short-sale due to an "economic event," such as job loss. Homebuyer counseling is required.
Bullet State and Local Bond Programs Perfect for buyers with little down and wanting down payment/closing cost assistance
Call me today to find out how I can help your clients meet their financial and homeownership goals!
Prospect Mortgage
Michael Alvarez
Michael Alvarez Sr. Loan Officer  Prospect Mortgage  NMLS# 257246

Loan Programs

Below is a brief description of your mortgage options and ways to get the process started:

Conventional Home Loans

Most lenders would consider a conventional mortgage as a loan that conforms to the guidelines set forth by Freddie Mac and Fannie Mae, the two government sponsored enterprises (GSEs)

Jumbo Mortgage Financing

A jumbo mortgage is a mortgage with a loan amount above conventional conforming loan limits. This standard is set by the two government-sponsored enterprises

Home Equity Loans

A home equity loan (sometimes abbreviated HELOC) is a type of loan in which the borrower uses the equity in their home as collateral. These loans are sometimes useful to help finance

FHA Mortgage Loans

The FHA’s goals are to improve housing standards and conditions, provide an adequate home financing system through insurance of mortgage loans and to stabilize the mortgage market.

Reverse Mortgage Senior Loans

A lifetime loan available to seniors, and is used to release the home equity in the property as one lump sum or multiple payments. The homeowner’s obligation to repay the loan is deferred until the owner

203k Rehab Loans

The financing for this loan will include the purchase price, as well as the improvements you are either required to do to be able to live in the home, or that you want to do, such as upgrade the kitchen

VA Mortgage Loans

The basic intention of the VA direct home loan program is to supply home financing to eligible veterans in areas where private financing is not generally available and to help veterans

Mortgage Terms / Vocab

While most mortgage web sites offer a glossary containing hundreds of real estate and lending related terms, we wanted to highlight the top terms that most borrowers will hear several times

How Much Can I Afford?

One of the most important items to remember when looking into financing is there is sometimes a difference in the amount a borrower can qualify for vs what’s in their budget for a comfortable

Property Types

Whether you are purchasing, doing a rate/term refinance or taking equity out of your property through a cash out refinance, occupancy type is a major factor in determining the amount of down payment

What’s Mortgage Insurance?

Mortgage insurance (also known as mortgage guaranty) is an insurance policy which compensates lenders or investors for losses due to the default of a mortgage loan.p>

FHA Mortgage Insurance

FHA insurance is required for any FHA mortgage, irrespective of the size of the down payment provided. The premiums for both insurances get cancelled at a certain point

Credit Do’s and Don’ts

How can a fully approved loan get denied for funding after the borrower has signed loan docs? Simple, the underwriter pulls a new credit report to verify that there hasn’t been any new activity since

VA Funding Fee

The VA Funding Fee is an essential component of the VA home loan program and is a requirement of any veteran taking advantage of this zero down payment government loan program.