Prodigy Lending’s Low-Income Home Loans In Sunland Park, NM
While El Paso is a city with a fairly good employment track record, thanks to the many educational, transport and economic activities that take place in the city, a huge chunk of the population still struggles when it comes to their income. This is owing to the high living standards that have encompassed the US due to inflation. More than half of El Paso’s population can be classified as low-income earners. However, low-income earners or not, everyone is entitled to have a place of their own to call home. This is where Prodigy Lending comes in. They are a mortgage lending firm that has been operating in Texas for over 17 years and has thus garnered a wide understanding of their clients’ needs, preferences as well as their challenges. That’s why they came up with loan alternatives specifically meant for low-income earners, who obviously form a huge percentage of their overall client base. These low-income home loans include:
- Conventional Loans- While the general down payment requirement for conventional loans is usually 20% of the total mortgage amount, Prodigy Lending offers theirs with a down payment requirement of only 3%. They also require reduced PMI payments compared to other lenders, offer their loans with flexible terms of repayment which normally range from 10, 15, 20 to 30 years, it’s all up to the client. As if that is not enough, they have extremely low-interest rates with approved scores and do not require any extra payment from their borrowers in the name of lender fees.
- Prodigy Lending offers them with the usual 3.5% down payment but with very attractive interest rates. Their qualification requirements are very simple and they even allow those with high debt-to-income ratio to qualify. Lastly, along with the home loans, they also offer home rehabilitation/rehabilitation loans for those who purchase homes with hopes of changing them.
- Prodigy Lending’s VA loans are arguably the best alternative for those who are eligible. They offer full 100% home financing, require no mortgage insurance payments of any kind, waivered closing costs, and outrageously low-interest rates. Their qualification requirements are also very simple to those who are eligible.
- With El Paso having a lot of free land for agriculture, USDA loans are very popular there. Prodigy Lending offers theirs with 100% financing, affordable interest rates, and low private mortgage insurance payments.
Bad Credit Home Loans
- Aside from the four mainstream loan alternatives, Prodigy Lending offers this special loan alternative for those who are either ineligible for the other loans or fail to qualify for them because of their credit scores. These loans have very low credit score requirements than any other loan and therefore very suitable for low-income potential homeowners.
These are some of the low-income home loans offered by Prodigy Lending in El Paso.
Feel free to contact us today for more home loan information!