The Best Mortgage Lenders in Prosper, TX
Compare verified mortgage lenders serving Prosper, Texas. Find competitive rates on conventional, FHA, VA, and jumbo loans from experienced professionals.
Available Loan Programs in Prosper
Featured Mortgage Lenders
Guaranteed Rate
Guaranteed Rate, Inc.
Guaranteed Rate is a top-rated national mortgage lender with a strong local presence in the Dallas-Fort Worth area, including Prosper. Known for its competitive rates, digital mortgage process, and exceptional customer service, the company has consistently high ratings across multiple review platforms. With over two decades of experience, they offer a wide range of loan products and are praised for their efficiency and transparency, making them a preferred choice for homebuyers in Prosper seeking reliable financing solutions.
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Fairway Independent Mortgage Corporation
Fairway Independent Mortgage Corporation
Fairway Independent Mortgage Corporation is a highly reputable lender with deep roots in Texas and multiple offices serving the Prosper area. They are celebrated for their personalized service, extensive loan options, and community involvement. With nearly three decades in business, Fairway has built a strong track record of customer satisfaction, offering competitive rates and guidance through every step of the mortgage process. Their local loan officers are experienced in handling diverse financial situations, making them a trusted partner for Prosper residents.
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Supreme Lending
Supreme Lending
Supreme Lending is a Dallas-based mortgage company with a strong regional presence that includes serving Prosper homebuyers. Known for their fast closings, competitive rates, and dedicated customer support, they have earned high ratings for reliability and service. Founded in 1999, Supreme Lending specializes in a variety of loan types and is praised for its streamlined processes and local expertise. Their commitment to building long-term relationships and understanding the North Texas market makes them an excellent choice for mortgages in Prosper.
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Frequently Asked Questions
Common questions about mortgage lending in Prosper, TX
Are there any down payment assistance programs specifically for first-time homebuyers in Prosper, TX?
Yes, Prosper homebuyers can access statewide programs like the Texas Department of Housing and Community Affairs (TDHCA) My First Texas Home program, which offers competitive interest rates and down payment assistance. Additionally, some local lenders in the Prosper/Celina area may offer special incentives or grants for buyers in certain new developments, so it's wise to consult with a mortgage broker familiar with Collin County.
How do property taxes in Prosper impact my mortgage payment and qualification?
Prosper, located in Collin and Denton counties, has relatively high property tax rates, often exceeding 2.3%. This significantly affects your total monthly payment (PITI) and the debt-to-income ratio used for loan qualification. Lenders will carefully underwrite based on the specific tax rate for your subdivision, so getting an accurate tax estimate early in the process is crucial for budgeting.
What is a typical down payment percentage needed for a home in Prosper's competitive market?
While 20% down is ideal to avoid private mortgage insurance (PMI), many buyers in Prosper successfully purchase with 3-5% down using conventional loans, especially in the robust new construction market. Given the higher median home prices, a strong down payment can strengthen your offer in a competitive multiple-bid situation, which is common in this fast-growing area.
Are there specific mortgage considerations for buying a new construction home in one of Prosper's many master-planned communities?
Absolutely. Many builders in communities like Windsong Ranch or Light Farms have preferred lenders who may offer closing cost incentives. However, it's vital to get your own independent pre-approval to compare terms. Also, be prepared for potential construction delays that could affect your rate lock period, and understand that your final appraisal must align with the builder's contract price.
How do HOA fees in Prosper's subdivisions affect my mortgage approval?
Nearly all homes in Prosper are part of a homeowners association (HOA) with mandatory fees, often ranging from $50 to over $100 per month. Lenders must include these fees in your debt-to-income calculation, which can reduce the loan amount you qualify for. Be sure to get the exact HOA fee for the property you're considering, as it is a non-negotiable part of your monthly housing expense.
Why Choose a Mortgage Lender in Prosper?
Local Market Knowledge
Lenders who understand Prosper's housing market can offer better guidance and competitive rates.
Multiple Loan Options
Access to conventional, FHA, VA, USDA, and jumbo loans tailored to your financial situation.
Proven Track Record
Work with lenders who have years of experience and hundreds of satisfied customers in Texas.
Ready to Find Your Perfect Mortgage Lender?
Connect with top-rated mortgage professionals in Prosper and get competitive rates on your home loan.