Best Loan Type for Your Next House in Irving, TX

Jamie Ayala

Jamie Ayala

Jamie Ayala has been working as a Loan Processor at Rock Mortgage for more than 4 years. As a knowledgeable account executive he has had many years of customer service experience in the loan, information technology, and political industries. Recognized for demonstrating a natural aptitude for working with cross-functional teams, as well as for meeting deadlines and validating loan documents, Jamie has a verifyable history of consistently exceeded sales and performance goals. His professional focal points include loan processing, client negotiations, team collaboration, and project management.

With great schools, quiet neighborhoods, and short drives to both Downtown Dallas and the DFW airport, the Irving area is a great choice for those purchasing a new home in Texas. From high-end neighborhoods like Las Colinas to quiet, older neighborhoods like The Hospital District, there’s sure to be an area in Irving that fits your needs. Whether you’re purchasing a condo, townhome, or traditional home, Rock Mortgage can help you finance your dream home. These are some of the best loan types you can use to finance your next home in Irving, Texas.

Conventional Loans

If you’re looking for a new home in the Irving area and you’re a standard buyer, a conventional loan may be perfect for you. This is great for buyers with average credit who aren’t looking to purchase a home that exceeds house price limits. Like other mortgages, there are two types you can choose from:

Fixed Rate

A fixed-rate mortgage is one that lasts between 15 and 30 years and has an interest rate that doesn’t change. These are some indications that a fixed rate may be right for you:

  • You prefer stability and don’t want future payment increases.
  • You plan to live in your home for over seven years.
  • You believe your spending and income levels will be consistent.

Adjustable Rate

Adjustable-rate mortgages differ from fixed-rate mortgages because the interest rate for the loan can increase and decrease. Like fixed-rate loans, these loans also last between 15 and 30 years. These are some indications that an adjustable rate may be right for your situation:

  • You don’t mind if your payment fluctuates.
  • You believe your income is likely to increase in the future.
  • You don’t plan to live in your home for over five years.

FHA Loans

The Federal Housing Administration (FHA) provides a guarantee for some mortgages that are available to certain qualifying homebuyers. The FHA has provided this type of loan to home buyers since 1934 when the Great Depression caused homeowners to default on their mortgages. These FHA loans are often best for first-time home buyers, those with low incomes, and those with poor credit. Though these are often the qualifiers for FHA loans, many homebuyers who don’t fit these descriptions can qualify for FHA loans.

The purpose of the FHA loan is to make home ownership more affordable for Americans. When you qualify for an FHA loan, you may receive lower down payment requirements. FHA loans can have down payments that are at least 3.5% of the total financed amount, which can be less than what’s required for a conventional loan.

VA Loans

Irving, Texas, is a great place for veterans and service members to live because of the state tax exemptions and scholarship programs. The United States Department of Veterans Affairs (VA) is the organization responsible for supporting current service members and veterans. One way the VA does this is by offering home loans to those who have served in the United States military. Because the VA guarantees part of the loan, it can help service members qualify for better rates and favorable loan options.

These loans differ from conventional and FHA loans in that the down payment can be as low as 0%, depending on the mortgage lender and the property they intend to purchase. This can help veterans and service members afford to be homeowners during or after their service. Here at Rock Mortgage, we value those who have served our country, which is why we’re happy to offer VA loans for those purchasing homes in the Irving, Texas, area.

Jumbo Loans

If you have a bigger family, you may be looking for a large home in the Irving area. Large homes that can accommodate six or more family members can often come with a higher price tag, depending on which Irving neighborhood you want to move to. This is where a jumbo loan from Rock Mortgage comes in.

Jumbo mortgages are those that offer lending solutions for homebuyers who want to purchase homes exceeding the conventional mortgage price limit. In most situations, the lending limit for a home is $647,200. For homes that cost more than this amount, we can help you discover if you qualify for a Texas jumbo loan to finance your new property. Whether you’re a first-time buyer or a seasoned mover, our friendly experts at Rock Mortgage can help you find a financing option that works for you. We take the stress out of the financing process so you can focus on your dream home. With excellent customer service and a dedication to quality, Rock Mortgage is your loan company for home loans in Irving, Texas. Contact one of our dedicated team members today to learn more about your financing options.