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 FHA, USDA, and VA home loans in Texas. The 2022 conforming loan limits for all Texas counties was set at $647,250.
Why go Conventional: 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 an FHA loan which is guaranteed by HUD, or a VA loan which is guaranteed by the Veterans Administration.
Quick Facts
- Down Payment
- 3% (Restrictions Apply)
- 5% to 20% is Typical
- Up to $647,250 Loan Value
- Lower Mortgage Insurance
- Primary, Second Homes, and Investment Properties
- Lower Rates and Better Terms
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Texas Conventional Loans
Conventional home loans typically offer better terms with lower mortgage insurance costs and rates based on credit rating. Additionally, conventional home loans offer the ability for borrowers to finance multiple properties including second homes as well as investment properties. Still have questions about Texas Home Loans and available options? Give us a call today to speak to one of our local Texas conventional mortgage experts!
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.
Why Lone Star Financing?
Close on Time
Our goal is to close every loan in 28 days or less. In-house underwriting, processing, and closing for fast approval and on-time fundings.
Low Rates & Fees
Texas Mortgage Lender with Low Mortgage Rates. FHA, VA, and USDA Approved Lender.
Customer Service
We are Local to Texas and provide top-notch customer support. We will be with you at every step from application to closing. Read what our customers are saying!
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