Texas Conventional Home Loans

30 Year & 20 Year - Fixed Rate Loans


30-Year Fixed Rate Loans

Conventional Loans

Conventional mortgages are ideal for borrowers with good or excellent credit, and offer rates based on credit.  These are conforming loans which have different criteria from FHAUSDA, and VA home loans in Texas.  The 2021 conventional home loan limits are up to $548,250 but high limits can be reached by combining them with a second lien, provided the minimum investment is still meet.

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.

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!

Quick Facts

  • Down Payment
  • 3% (Restrictions Apply)
  • 5% to 20% is Typical
  • Up to $548,250 Loan Value
  • Lower Mortgage Insurance
  • Primary, Second Homes, and Investment Properties
  • Lower Rates and Better Terms

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More About Conventional Loans

The qualifying criteria for a government-backed loan and a conventional loan aren’t much different, but conventional Texas home loans are likely to be harder to get and more stringent on qualifications. The standard down payment for a conventional loan is 20 percent of the cost of the home. If you are unable to put down this amount, there are many ways around the requirement. One is purchasing mortgage insurance, which is tacked onto your monthly payment until the amount you owe on the home is less than 80 percent. Another is to choose a loan program that requires a smaller down payment or no down payment at all. You will probably have to have a great credit score to qualify for such a loan. But putting down a sizable down payment is the best way to create equity in your home.

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