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FHA Loans

mortgage company HoustonIf you’re a first time home buyer or have a lower than average credit score, an FHA loan may be a great option for you. These loans have lower down payments, but additional stipulations, so it’s important to know what makes FHA loans different from traditional loans. Homebuyers often review several mortgage company Houston options before making a choice.

In the end, most realize that FHA loans are much easier to qualify for than many other mortgage loan programs. One reason for this is that the federal government backs the loan, thereby providing banks with some insurance should you default.

These are some key reasons to consider this loan type:

  • Low down payments
  • Lower required credit score to qualify
  • Great option for first time home buyers
  • Lower income requirements to qualify

Jumbo Loan

Whether you have a large family or your dream home is in a more expensive area in Texas, you will likely need to borrow a sizable amount of money. Conventional lenders are subject to limitations on the amount of money they can lend, which is why Jumbo Loans were created.

In most Texas communities, you may run into a conventional loan limit of little more than half a million dollars. For some families, this is more than enough. However, families that belong to the upper-middle and upper classes may need much bigger mortgages to purchase homes that meet their needs.

Even so, these are some important factors to note before choosing this loan:

  • Useful for loans above the conventional lending limit
  • Stringent debt-to-income ratio requirements
  • High credit score required to qualify
  • May be used to purchase a vacation home

VA Loan

VeteranVA loans were created for veterans, service members, and sometimes military spouses. However, it can be difficult sometimes to know if you qualify and what different options you have in a VA loan compared to a traditional loan. The good news is that finding out whether you qualify and proving your eligibility is fairly easy at our mortgage company Houston.

Former and current military personnel may begin by speaking to Veterans Affairs. Rock Mortgage will request a Certificate of Eligibility as proof of service. Veterans can provide discharge documents to show the discharge was not dishonorable. Spouses need to provide proof of marriage and may need to fill out forms to determine eligibility:

Below are some of the many reasons current and former military personnel prefer VA loans:

  • Available to veterans and service members
  • Low down payments
  • Need to get a COE to qualify
  • Suitable even for average credit scores

Texas Cash Out Loan

There are many reasons you may wish to withdraw some of the equity from your home. You may want the cash to make improvements, such as building a tiny house for personal use or renting. Other potential uses for the money withdrawn include paying off high-interest debt, starting a business, buying a second property, or paying for college.

Before choosing a Texas cash-out loan, make a note of the following key features:

  • Can only withdraw equity once per year
  • Must leave at least 20% of your house’s equity
  • Credit score and debt-to-income ratio will affect approval
  • Can lower your monthly mortgage payment

How To Choose the Right Loan

Knowing the benefits of available loans at our mortgage company Houston is a good first step, but you also need to analyze your personal needs. Several components of your specific circumstances may help you better decide what loan option may work best for you.

Using your particular needs as a starting point in your homebuying journey can help you keep your emotions in check. Doing so can help you create a foundation for financial stability in the years to come. With this goal in mind, here are some questions you may need to ask yourself:

  1. How high is my credit score, and do I have time to improve it?
  2. How much money do I have to offer the bank as a down payment?
  3. How does the cost of the home I wish to buy compare to those around it?
  4. Will the lender class me with first time home buyers, veterans, or anything else that may give me more favorable terms?
  5. Will I use this property as my primary residence, an investment property, or a vacation home?
  6. What are my options for financing versus refinancing my home?



Our Loan Products | Rock Mortgage — Houston, Texas


Billy Evans

Billy Evans

Billy Evans is a Loan Officer at Rock Mortgage. As a father and family man Billy understands the importance and want to have a beautiful home to raise and grow a family in. That is why he has made it his mission to help everyone get the best mortgage solution possible to fit their financial needs. Billy is also a former United States Marine, as a Veteran himself and mortgage professional he has combined his knowledge and experience to passionately serve Veterans. When Billy isn’t working, he enjoys spending time with his wife, daughter, and their puppy Ollie!