Learn about how Texas Mortgages work and plan for the future!
The Mortgage Lending Process and Loan Types
During your free consultation, a loan officer will:
- Review your scenario
- and provide best loan options
- Review available rates and fees
- Calculate your exact borrowings & repayments
- Explain all fees, charges, and the general process
- Show you ways to save money
- Help determine if refinancing is right for you
- Provide a no cost loan estimate
- Read more about the Texas Home Loan Process
Fixed Rate Mortgage Loans
Adjustable Rate Mortgage Loans
First Time Home Buyer? FHA Loans are probably your best option
A FHA loan is insured by the Federal Housing Administration, a federal agency within the U.S. Department of Housing and Urban Development (HUD). The FHA does not loan money to borrowers; rather, it provides protection through mortgage insurance (MIP) against losses as the result of homeowners defaulting on their mortgage loans. Available to all buyers, FHA loan programs are primarily designed to help low- and moderate-income families who do not meet requirements for conventional loans that adhere to more strict underwriting guide lines. However, there are cases in which borrowers who are eligible for conventional financing would still choose a FHA loan. FHA loan programs are particularly beneficial to those buyers with less available cash as the required down payment is lower than for conventional loans. Rates on FHA loans are also generally lower than conventional Texas mortgage loans.
Are you a Texas Vet? Let us help with your VA Home Loan
USDA Texas Mortgage Loans for Rural Properties
A USDA Loan is guaranteed by the US Department of Agriculture (USDA) and is intended for the purchase of rural property. USDA mortgage loans require a reasonable credit history along with income restrictions. USDA loans allow for 100% financing with the ability to finance closing costs and repairs, provided the property appraises. There are many benefits to USDA home loans in Texas.
Conventional Texas Mortgages—Loans Under $453,100
Loans More than $453,100—Jumbo Mortgage Loans
Jumbo / Non-Conforming Mortgages also referred to as Jumbo Mortgages. They are unique in that they are not secured by either Fannie Mae, Freddie Mac, or FHA. These mortgage loans are made possible using private investor programs. This difference means that there is no guarantee provided to the investor, so consequently the mortgage’s guidelines are not standardized and are subject to the investors’ requirements. Typically these guidelines are more restrictive, yet make it possible for larger purchases to be financed at competitive rates.