Loan Options

Conventional Loans

Conventional mortgages are ideal for those with good to excellent credit. Also, it is a better loan option when you have a larger down payment.

Purchase and Reﬁnance Options
97% financing (3% down payment)
Monthly mortgage insurance drops off at 80% of home value
Cash out reﬁnance up to 80% of home value
Investment & Second Homes eligible
Minimum credit score 620

USDA Rural Development Loan

“RD” loans are great for those buyers with less money available for down payment.

100% financing (No down payment)
Lower monthly mortgage insurance
Seller can pay closing costs up to 6% of sales price
Closing costs may be financed into loan (restrictions apply)
Income & Geographic limits apply
Primary residence only
Minimum credit score 620

FHA Loans

FHA home loans are a more affordable option for those with lower credit scores and less than perfect credit.

Purchase & Reﬁnance Options
96.5% Financing (3.5% down payment)
Gift down payment from family allowed
Seller can pay closing costs up to 6% of sales price
Cash out reﬁnance up to 80% of home value
Non-occupying coborrower allowed (cosigner)
Minimum credit score 580

VA Loans

VA home loans offer zero down payment option with no monthly mortgage insurance to our veterans, service members, and surviving spouses.

Purchase, Refinance & IRRL options
100% financing (No down payment)
No monthly mortgage insurance
Seller can pay closing costs and prepaids
Cash out refinance up to 100% of home value
VA funding fee waived for eligible veterans & surviving spouses
Subsequent use of VA eligibility allowed
Minimum credit score 580

Jumbo Loans

Jumbo mortgages are for larger loan amounts that exceed Fannie Mae and Freddie Mac standard loan amount limits.

Purchase and Refinance options
89.99% financing
No mortgage insurance
Cash out refinance allowed
Investment Property and Second Homes eligible
Minimum credit score 660

Construction Loan

Construction home loans are tailored to help you build your dream home from the ground up.

One Time Close Construction or Two Time Close Construction
Purchase land at time of closing
Equity from owned land used as down payment
Purchase & remodel an existing home
Metal Home construction
Permanent loan options after construction are Conventional, FHA, and VA

Manufactured Home Loans

Financing for manufactured homes can be difficult to find, but there are options.

Purchase and Refinance options
FHA, VA, Conventional and Rural Development financing
Must be existing setup and moved only once
Construction after June 15, 1976
Restrictions apply if additions to home
Primary residence only
Minimum credit score 620

Renovation Loans

Renovation home loans allow you to update your kitchen, bathroom, add on that extra bedroom or outdoor living space.

Purchase & remodel an existing home
Cash out Refinance to remodel
97% financing for first-time homebuyers purchase and remodel
Single closing with upfront rate lock
Second Homes eligible
Contractor of choice must be approved by lender
Minimum credit score 620

Priority Mortgage Lending, Inc. offers expertise and personalized service for new home purchases and refinancing to every kind of borrower in Acadiana.