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SECURING A TEXAS MORTGAGE​

Getting pre-approved is a smart step to take when you are ready to put in an offer on a home. It shows sellers that you're a serious homebuyer and that you can secure a TEXAS mortgage – which makes it more likely that you'll complete your purchase of the home.

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Before you embark on your journey to find your dream home in Texas, getting pre-approved for a mortgage is a crucial step that can make the entire process smoother and more rewarding. Here are some compelling reasons to consider getting pre-approved:

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Some of the Most Common Loan Types

LOAN TYPES

CONVENTIONAL

Conventional loans in Texas offer flexibility and competitive interest rates, but they’re not a walk in the park. You’ll need a good credit score, proof of stable income, and the ability to make down payments.

Backed by private lenders rather than government entities, these loans typically require a down payment of around 3% to 20% of the home’s purchase price. They offer flexible terms, and competitive interest rates, and are suitable for those with a strong credit history.

JUMBO

If you’re eyeing a high-priced luxury home, a jumbo loan might be the answer. These loans exceed the conforming loan limits set by federal agencies and are commonly used by well-qualified buyers seeking expansive properties. They require substantial down payments and impeccable credit.

This type of financing can open doors to upscale real estate options and offer flexibility not found in traditional mortgages. Greater rewards often come with higher risks (for lenders). Hence, these loans carry stricter eligibility requirements.

NEW CONTRUCTION

Construction loans are loans that fund the building of a residential home (aka a stick-built house), from the land purchase to the finished structure. Common types are a standalone construction loan — a short-term loan (generally with a year-long term) — which only finances the building phase, and a construction-to-permanent loan, which converts into a mortgage once the construction is done. Borrowers who take out a standalone construction loan often get a separate mortgage to pay it off when the principal falls due.

FHA

Federal Housing Administration (FHA) loans are an excellent choice for first-time homebuyers and individuals with lower credit scores. With a down payment requirement as low as 3.5% for those who qualify, these loans are backed by the government, making them more accessible.

While most lenders require 620 or higher for conventional mortgage approval, FHA loans welcome those with scores as low as 500 to 579 if coupled with at least a 10% down payment.

USDA

For those looking to settle in rural or suburban areas of Texas, USDA loans offer a viable solution. Backed by the United States Department of Agriculture, these loans require no down payment and cater to low-to-moderate-income households. They aim to promote homeownership in eligible rural regions.

USDA loans encompass various programs, including Single-Family Housing Guaranteed Loans and Direct Loans, each with specific criteria and benefits for potential homebuyers.

RENOVATION

A renovation mortgage is a type of mortgage that includes funds for home repairs and improvements. Maybe you want to move into a neighborhood with stellar schools, but the only way you can afford that is by getting a property in less-than-ideal shape. A renovation mortgage can help you buy the home and fund the remodeling.

However, renovation mortgages do tend to require extra paperwork and inspections, and they do place some limits on how you can use the money.

VA

If you’re a military veteran, active-duty service member, or eligible spouse, VA loans present a remarkable opportunity. These loans, guaranteed by the Department of Veterans Affairs, often require no down payment, making homeownership feasible for those who have served our nation.

To qualify for this loan type, you need to meet certain service requirements as outlined on the official VA website and documentation about your service record.

BRIDGE

A bridge loan is a short-term loan used until a borrower secures permanent, long-term financing. Also sometimes referred to as bridge financing, gap financing, interim financing, or swing financing, these loans “bridge” the gap until secure financing is available.

Bridge loans are usually taken out for a term of two weeks to one year, although some lenders will finance bridge loans for up to three years. They can be a type of hard money loan—requiring higher interest rates and backed by collateral rather than credit.

ADJUSTABLE RATE (ARMs)

While fixed-rate mortgages steal the spotlight, adjustable-rate mortgages (ARMs) have their unique advantages. Initially offering lower interest rates than fixed-rate counterparts, ARMs are subject to rate adjustments after a predetermined period. These loans suit those who plan to sell or refinance before the rate adjustment takes place.

WHY DOES IT MATTER?

REASONS TO GET PRE-APPROVED

By getting pre-approved, you’ll have a clear understanding of how much you can afford to spend on a home. This helps narrow down your search to homes that fit within your budget and saves you time and energy.

In today’s competitive real estate market, having a pre-approval letter in hand shows sellers that you are a serious and qualified buyer. This can give you an advantage in multiple offer situations and increase your chances of securing your dream home.

With pre-approval, much of the mortgage paperwork is already completed. This means that once you find the perfect home, the mortgage process can move more quickly, getting you closer to homeownership faster.

When you are pre-approved, you have the confidence to make strong offers, negotiate effectively, and close the deal with peace of mind.

Falling in love with a home that’s out of your budget can be disappointing. Pre-approval prevents this by setting realistic expectations and ensuring you focus on homes within your price range.

Working with a lender to get pre-approved allows you to explore different financing options and find the mortgage that best suits your needs.

Make the smart move! Get pre-approved for a Texas mortgage and embark on your home buying journey with confidence. Our team of experienced lenders is here to guide you every step of the way. Contact us today to get started! 

TIRED OF RENTING? DID YOU KNOW?

You may be eligible to qualify for a loan with a credit score as low as 620 with the right debt to income ratio and a variety of other factors. Speak with a lender today to find out if you’re qualified to purchase a home. It’s a free consultation and could help you get on the right track towards building your own equity!

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