- Conventional loans in Texas - Low Rates, Low Fees, Fast Closings.
Texas Conventional Loans
Conventional home loans in Texas are ideally suited for borrowers with good or excellent credit, and offer rates based on credit. These are conforming loans which have different criteria from government loans like USDA and VA. The 2024 conforming loan limits for all Texas counties is currently $766,550.
Is a Conventional Home Loan right for you? Conventional mortgages generally pose fewer hurdles than Federal Housing Administration, US Department of Agriculture, or Veterans Affairs mortgages, which may take longer to process.
A conventional mortgage is a loan guaranteed by either Fannie Mae or Freddie Mac (unlike government FHA Loans which is guaranteed by HUD, or a VA loan which is guaranteed by the Veterans Administration. Check our current conventional mortgage rates in Texas.
2024 Texas Guidelines:
* Freddie Mac and Fannie Mae Insured
* Primary, Second, or Investment Property
* Single, Multi-family or Condo
* $766,550 Max loan
* High Balance – 95% Loan to Value
* 97% Loan to Value
* Mortgage Insurance Options
* Lower Rates & Better Terms
* Manufactured Housing OK (Subject to Restrictions)
Conventional Loan Advantages
Conventional loans are available for the purchase of a primary residence, for investment properties, or for second mortgages. It is necessary to have good credit and a substantial savings account in order to qualify for a Texas conventional loan. .
While conventional loans come with tougher underwriting standards compared to most government backed loans like Texas FHA Loans, Texas VA Loans and Texas USDA loans, they offer several advantages that make conventional loans a good option for a lot of Texas borrowers.
Here are a few of the advantages of conventional home loans in Texas:
- Eliminates PMI (private mortgage insurance)
- You can select the term length that works best you
- Conventional loans can be processed more quickly and closed fastern
- Flexible Down Payments
Minimum FICO Credit Score
620
Minimum Down Payment
3% - 5%
Maximum Loan To Value
97%*
Maximum Debt To Income
45%*
Except Onse To 50%
Mortgage Insurance
Yes
Years Since Bankcruptcy
4
Years Since Foreclosure
7
Years Since Short Sale
4
Special Qualification Requirements
NONE
Your Texas Home Lender
Close on Time
Our goal is to close every loan in 30 days or less. In-house underwriting, processing, and closing for fast approval and on-time fundings.
Low Rates & Fees
Conventional Mortgages with Low Rates, Low Fees and Fast Closings. FHA, VA, and USDA Approved Lender.
Customer Service
Conventional loans in TX with top-notch customer support. We will be with you at every step from application to closing. Read what our customers are saying!
Fixed & Adjustable Rate (Conventional Loans)
FIXED RATE LOANS: Are loans designed to have equal fixed payments for the specified term. These loans offer predictability and are deemed to be less risky for borrowers. Fixed rate loans are available with all mortgage products and are typically offered in 15 year and 30 year terms. Be sure and visit with your loans officer – fixed rate mortgage loans in Texas are also available in 10 year, 20 year and 25 year terms.
ADJUSTABLE RATE LOANS: Are known as ARM’s are also available with all mortgage products although are limited with FHA, USDA and VA mortgages. ARM’s are a great fit for home buyers in Texas who plan to sell or refinance their home within 1 to 5 years after purchase. An adjustable rate mortgage begins as a fixed rate for a specific period of time and then the rate adjusts on predetermined time period based on financial index and a fixed margin.
In order to qualify for a Texas conventional loan, you need good credit and a large savings account. Still have questions about Texas Home Loans and available loan options? Give us a call today to speak to one of our local Texas conventional mortgage experts!
Texas Conventional Loans
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