Texas Mortgage

Texas dreaming? Turn your dreams of homeownership in the Lone Star State into a reality with customizable mortgage loans at competitive rates. Arnaiz Mortgage offers buyers a range of home loan programs paired with personalized one-on-one assistance and guidance every step of the way.

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Our Texas Mortgage Options

Arnaiz Mortgage offers various home loan programs to interested buyers. From VA loans for eligible veterans to FHA loans for first-time home buyers, we’re confident we have a loan program that fits your needs.

Texas Mortgage Process

At Arnaiz Mortgage, we make buying easy through a streamlined mortgage process customized to your needs.

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Arnaiz Mortgage provides Texas buyers with a roadmap outlining their steps to become homeowners. From the initial pre-qualification step to closing on your home, your Arnaiz Mortgage loan officer will be with you throughout the whole process, answering all your questions and helping you choose the best mortgage loan.

Texas Mortgage Solutions: A Roadmap to Your Dream Home

Your Guide to Texas Mortgage Requirements

Becoming a homeowner in Texas requires a few key eligibility requirements, including the following:

  • Good Credit Score: Most lenders require a good credit score to finance a home. Those interested in buying soon can boost their credit scores by paying down debt and avoiding new debt.
  • Down Payment: A down payment is a requirement with most loans. Conventional loans, for example, usually require at least a 20% down payment. FHA loans often have lower down payment requirements, sometimes as low as 3.5%.
  • Income Requirements: Lenders also require proof of income, usually through W-2s or tax returns. 
  • Debt-to-income ratio: Lenders use the debt-to-income ratio to determine how much debt a potential borrower has relative to their income.

It’s never too soon to begin preparing for a mortgage application. Pull copies of your credit reports to learn more about your credit history, and then use this information to pay down any debt or dispute any errors. 

Begin saving up for a down payment and closing costs as soon as possible. Down payments don’t just improve your mortgage lending eligibility but can also qualify you for a better interest rate and lead to lower monthly payments. 

A down payment of at least 20% can also remove the need for private mortgage insurance (PMI). Private mortgage insurance is a type of mortgage insurance that is paid in addition to your mortgage payments and is required on loans with less than a 20% down payment. A larger down payment also allows buyers to build home equity faster.

Work with a Texas mortgage lender to learn more about unique loan requirements ahead of time. Arnaiz Mortgage helps buyers review available loan types, ensuring they make an informed decision when becoming a homeowner in Texas.

Texas Assistance Programs and Grants

Acquiring a home loan in Texas is more accessible with assistance programs and grants. The Texas State Affordable Housing Corporation (TSAHC) organization helps Texas buyers purchase a home through down payment assistance. Two programs are available through this, including the Home Sweet Home Loan and the Homes for Texas Heroes Loan programs.

The Texas Department of Housing and Community Affairs (TDHCA) offers mortgage lending options throughout the state, often with lower interest rates and less strict eligibility requirements. The TDHCA offers multiple loan assistance programs, including the My First Texas Home and My Choice Texas Home programs. VA loans are also available through the Veterans Land Board Housing Assistance Program.

Many loan assistance programs and grants are reserved for first-time homebuyers. However, programs are also available to Texas homeowners looking to upgrade or refinance. The right mortgage lender can connect you to the proper assistance programs and grants.

Why Choose Arnaiz Mortgage for Your Texas Mortgage Needs?

Arnaiz Mortgage takes the time to get to know its buyers, helping to connect them to the best home loan programs based on their financial needs and buying situations. We aim to give home buyers an easy lending experience focusing on the customer rather than the deal. When choosing Arnaiz Mortgage, you can expect a professional relationship built on transparency, trust, reliability, and integrity.

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Frequently asked questions about Texas Mortgage

  • How do I qualify for a mortgage in Texas?

    Qualifying for a mortgage in Texas usually requires a good credit history, a down payment, and proof of income. The best way to qualify for a mortgage in Texas is to work with an experienced lender.

  • What is the average closing cost for a mortgage in Texas?

    Texas closing costs range between 2% and 6% of the home’s purchase price. Exact closing costs vary, depending on the loan types and lenders.

  • Are there first-time home buyer programs available in Texas?

    Yes, there are multiple programs available to first-time homebuyers in Texas. First-time buyer programs typically offer more straightforward eligibility requirements.

     

    Some first-home programs are limited to residential mortgage buying, and some may have income limits for qualifying. Working with the right lender is crucial when navigating assistance programs in Texas.

  • How does the mortgage process work in Texas?

    A typical mortgage process in Texas includes pre-approval, loan application, and underwriting. Pre-approval tells buyers the maximum loan amount they qualify for and current interest rates. After receiving pre-approval and the maximum loan amount, you can work with a real estate agent. The loan application finalizes the application process, occurring after the borrower has an accepted home offer. During underwriting, the lender reviews eligibility requirements in detail and completes a home appraisal and inspection.

  • What types of mortgage loans are available in Texas?

    Various loan types are available in Texas, including conventional and USDA loans. FHA and VA loan options, offering fixed-rate options with lower down payments, are also available to Texas borrowers.

  • Can I get a mortgage in Texas with a low credit score?

    Home mortgages are available to some Texas buyers with lower credit scores. Some lenders are willing to finance home loans for borrowers with lower credit scores in return for a higher down payment or interest rate. The FHA loan program is one option for customers with less-than-perfect credit scores.

  • What down payment is required for a home in Texas?

    While down payment requirements vary depending on the loan type and credit score, they’re usually between 3.5% and 20%. Low down payment mortgages may be an option for some buyers.

     

    Texas borrowers who qualify for a VA loan may not have down payment requirements.

  • Are there any down payment assistance programs in Texas?

    Yes, Texas has multiple down payment assistance programs, including the My First Texas Home and My Choice Texas Home.

  • How long does it take to close on a mortgage in Texas?

    It takes an average of 30 to 60 days to close on home loans in Texas. The actual length of closing may vary, depending on the loan type, the lender, and the current Texas market. Additionally, issues with the home’s appraisal or inspection can slow down the purchase.

  • What is the minimum credit score needed for a mortgage in Texas?

    Texas mortgages may be available to buyers with credit scores as low as 500. Some VA and FHA lenders may require a minimum credit score of 580. Conventional loans in Texas usually require a higher credit score of at least 620.

  • What is the difference between a fixed-rate and an adjustable-rate mortgage in Texas?

    Texas buyers have access to both fixed-rate and adjustable-rate mortgages. A fixed interest rate means you will pay the duplicate interest payments for the life of the loan, whereas an adjustable rate fluctuates depending on the current market.