Texas VA home loans are for Texas Veterans and Active Duty servicemembers.
If you are Active Duty or a Veteran you can qualify for a Texas VA home loan up to $424,100 with $0 down payment and no PMI.
The Veterans COE and VA Funding Fee are two items that are very important in the home buying process because they let the lender know the amount of VA Eligibility you have and if do qualify for Exemption from the Funding Fee due to a service-connected disability.
FHA loans are one of the most popular mortgage loans available today especially for first time homebuyers.
Federal Housing Administration Loans, otherwise known as FHA, is a program that is run by the Department of Housing and Urban Development (HUD). FHA loans are home loans that are insured by the Federal Housing Administration (FHA).
One of the best things about FHA loans is that they require a low down payment (only 3.5%). FHA Loan limit vary here in Texas dependent on what county that the property is in. The range for Texas is $294,515 - $386,400. Here is a link to check your county.
Conventional mortgages are loans underwritten and insured by private lenders and investors. They are not insured or guaranteed by the government, thus it's available to anyone meeting the qualification requirements.
There are also established guidelines for borrower credit scores, income requirements and minimum down payments.
Conventional loans are "conforming" if they are generally $424,100 or less for a single-family home.
A Dallas Jumbo loan provides financing for loan amounts higher than the maximum conforming limits set by Fannie Mae and Freddie Mac.
Jumbo loans are mortgages that are over the conforming industry standard or what is know as the conforming loan limit. Currently starting at $424,100 and may be higher in some geographical areas to $650,000 and for a Super Jumbo an amount over $650,000.
These loans are bought and sold on a smaller scale. They often require a larger down payment percentage and carry a larger credit risk for the lender so the interest rate is typically higher than a conforming loan that is under the conforming loan limit.
Generally costs between 3% and 6% of the loans principal. Closing costs can be divided into three main categories:
When trying to figure what all the closing cost are going to be, it is best to obtain a Loan Estimate (LE) from your Mortgage Broker. That way you can see a breakdown of all the fees that are being charged.
VA Loans allow you to finance 100% of the home, please see the VA loans page for more info.
We are a VA Approved lender and Licensed Texas Mortgage Broker.
We proudly boasts an A+ rating from the Better Business Bureau.
Give us a call at 210-656-1134.
Compare our fees to the Big Banks!
|Grove Mortgage||Fee||Big Banks|
|$0||You Save $5,190.00||$5,190.00|
Actual loan estimate based on $400,000 30 year fixed conventional loan, 5% down payment, 3.75% interest rate
On an $400,000 purchase, you will save $5,190.00 in junk fees that the big banks charge.