A HLPR Loan is a "no gimmicks", low-rate mortgage geared toward first time home buyers. The original HLPR loan is a three-year adjustable rate mortgage, for qualifying buyers*, at one percentage point below the national average for these loans. The required down payment is no more than 3%, and borrowers may use gifts or grants to make the down payment. After three years we will adjust the rate annually to market rates. We will cap adjustments at one percentage point a year and five percentage points over the lifetime of the loan.
Fixed-rate option offers qualifying buyers* a 30-year fixed-rate HLPR loan that features a 3-year 1% buy-down, at one percentage point below the national average for these loans.
*qualifying buyers are determined by household income and credit criteria.