Mortgage Lenders in Houston, TX
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Rock Mortgage Finds Ideal Home Loan Solutions for Customers in Houston, TX
Whether you’re buying a home for the first time, hoping to upsize, downsize, or relocate to suit you and your family’s needs better, you must work with mortgage lenders in Houston that have the flexible and varied loan products you need to achieve your goals with ease. At Rock Mortgage, we specialize in everything from first time home buyers loan products to VA loans to conventional loans. We use our over 20 years of experience, industry knowledge, and vast resources to identify the best program for you and get you into the home of your dreams.
With a robust job market, affordable housing, excellent schools, and many things to do, Houston is an ideal place to live for professional singles, families, and retirees alike. For this reason, the housing market is almost always competitive. Moreover, the average property tax is double that of the national average, meaning aspiring homeowners may struggle to obtain the preapprovals they need to buy their dream homes.
Our team at Rock Mortgage is intimately familiar with Houston’s housing market and what affects preapprovals. We use our insider knowledge, combined with our connections and resources, to help aspiring homeowners like you secure favorable preapprovals. Once you find your dream home, we work quickly to finalize your loan and lock in affordable rates. Our mortgage lenders Houston offer loan solutions for just about every borrower, including the following:
Many of our loan products are ideal for first time home buyers. With the right first time home buyers loan, you can secure a preapproval for a low down payment of 3.%5 or no down payment at all. To explore these options, work with experienced home lenders in Houston.
First Time Home Buyers in Houston May Not Need a Significant Down Payment
A down payment of 20%, or one-fifth of the total purchase price, is often recommended as appropriate for first-time home buyers. Even with Houston home prices being below the national average, this can be an unattainable goal. The good news is, in most cases, a 20% down payment is not necessary to secure a mortgage. Depending on the loan you choose, you may only need to make a down payment of up to 3.5%. With some mortgage products, there is no down payment required at all.
While this makes mortgages much more attainable for people of modest means, there is a tradeoff involved. First-time home buyers Houston who make a low down payment typically have to pay mortgage insurance as part of their monthly mortgage payment. This is separate from the homeowner's
policy that you have to obtain to secure your mortgage, protecting you from damage to your property. You must factor both the mortgage insurance and the homeowner's insurance premium into your monthly mortgage payment when determining whether you can afford it.
Find Out What Our Houston, TX, Clients Have To Say About Our First Time Buyers Loan Programs
Services That We Offer in Houston, Texas
Whether you’re interested in our first time home buyers loan programs or our Jumbo loans, our mortgage lenders Houston will guide you toward a loan product that helps you accomplish your goals in the most affordable way possible. Below are our most popular programs for achieving this objective.
Conventional Loans Houston, Texas
Conventional loans are the best and only way for many homebuyers to purchase their first or next family homes. Despite popular belief, you can secure a traditional loan for a down payment as low as 5% to 15% of the home’s purchase price, so long as you purchase private mortgage insurance as well. That said, qualifying for a conventional loan in Houston is not always easy and typically requires a credit score of at least 640.
FHA Loans Houston, Texas
First time home buyers who either do not have 20% of their dream home’s purchase price or who have a less-than-stellar credit score may qualify for the more lenient FHA home loan program. FHA loans in Houston, Texas, require just a 3.5% down payment. Moreover, they do not have a PMI requirement. Aspiring homeowners with credit scores as low as 500 may qualify for this government-backed loan.
VA Loans Houston, Texas
Our mortgage lenders in Houston have extensive experience with VA home loans. The U.S. Department of Veterans of Affairs makes it possible for current and former military members to purchase a home and lay down roots with a $0 down payment, competitive interest rates, no PMI, and lenient qualification criteria. Like with FHA loans, you do not have to have perfect credit to qualify for a VA home loan in Houston. Rather, most lenders like to see that you have a score of between 580 and 620.
Jumbo Loans Houston, Texas
The Federal Finance Housing Agency sets a conforming loan limit each year for residential mortgages. Though this varies from year to year and from location to location, it typically sits right around $500,000 in the Houston area. If you’re looking at a home that’s purchase price exceeds the conforming loan limit, you may need a jumbo loan. Our mortgage lenders Houston specialize in jumbo loans Houston and can secure the most affordable rates on large loans for our clients.
Frequently Asked Questions About First Time Home Buyers Loan Houston
What type of loan is best for a first time home buyer?
How much money do you have to put down as a first time home buyer?
A Mortgage Can Be Used for More Than Buying Your First Home
You do not necessarily have to buy an existing home to get a mortgage. For example, there are also loan products available to fund the purchase of land and the construction of your own custom home.
You May Qualify for First Time Home Buyer Benefits Even if You Have Owned a Home Before
The U.S. Department of Housing and Urban Development sets several conditions for first-time buyer status. If you meet any of the requirements, you qualify for benefits even if you have owned a home before. For example, if you have owned a home before but your spouse has not, or you have only owned a home with a spouse from whom you are now divorced. You may also qualify for first-time home buyer advantages if you have not owned a principal residence for the past three years.
Our goal at Rock Mortgage is to make the process of purchasing a home as stress-free as possible through constant communication and a customer-first approach. It is our privilege to help you finance the purchase of your first home. Contact us to start your application.