Rock Mortgage Finds Ideal Home Loan Solutions for Customers in Killeen, TX
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Rock Mortgage is an established mortgage company serving Killeen, Fort Hood, Harker Heights and Copperas Cove. Our dedicated team of loan officers is here to help first-time homebuyers or seasoned homeowners navigate every stage of the home loan process. We have many programs, including a first-time buyers loan and Texas cash-out refinance loans. Whether you're ready to buy your dream home or are looking to refinance, we will find a solution for you!
Rock Mortgage lenders are proud to work with the residents of Killeen, Fort Hood, and surrounding communities in Central Texas. If you're looking at real estate in Killeen, choose Rock Mortgage to experience top-notch customer service and loan services. We offer:
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 Killeen, TX Has To Say About Our Mortgage Lenders
Services We Offer in Killeen, TX
As a mortgage company, Rock Mortgage provides expert advice on home loan services. You can count on us to support you during your home purchase, which is one of the biggest expenses you might have in your lifetime. The process can be stressful for first-time home buyers, but Rock Mortgage lenders will guide you through it, so things run as smoothly as possible. For Killeen's current homeowners seeking cash for their home equity, we can help you find a cash-out refinance program to meet your needs.
FHA Loans Killeen, TX
To provide a financing option alternative to conventional home loans, mortgage lenders offer FHA loans. Backed by insurance through the Federal Housing Administration, FHA loans make home buying possible for applicants who may not be eligible for loan programs requiring a sizable down payment. An FHA loan might be a good option for a first-time buyer's loan and applicants with lower income or credit scores.
To qualify for an FHA loan, aim for a credit score of 620 or above and plan to pay a 3.5% down payment. Keep in mind that your down payment will cover closing costs because they are included in the loan total.
VA Loans Killeen, TX
Rock Mortgage is here to help our military service members from Killeen and Fort Hood find their dream homes with VA loans. Partially funded by the U.S. Department of Veterans Affairs, VA loans offer excellent loan terms to veterans, active duty service members, and military spouses.
You can expect to pay a 3%-20% down payment on an FHA or conventional loan, but a VA loan may offer a down payment of 0% if you meet requirements. Also, VA loans do not require borrowers to purchase mortgage insurance, unlike conventional and FHA loans.
Jumbo Loans Killeen, TX
If you're having trouble qualifying for a conventional mortgage because of loan limits, you might be eligible for a jumbo loan. With higher loan limits, jumbo loans allow you to borrow more money than the Federal Housing Finance Agency normally permits with conventional loans.
Jumbo loan plans can be used for home financing, refinance, cash-out refinance, investment properties, and land. If you want to explore your options for a jumbo loan, Rock Mortgage can advise you. Our loan officers have years of valuable experience with Texas jumbo loans. They will explain everything you need to know to finance a luxurious estate!
Texas Cash-Out Refinance Loans Killeen, TX
Are you looking for some cash for your home's equity? You might be an ideal candidate for a cash-out refinance loan. Many homeowners are taking advantage of this refinance option. Let Rock Mortgage guide you through the process to get the cash you need with the affordable loan terms you want!
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Frequently Asked Questions About Mortgage Lenders Killeen, TX
At Rock Mortgage, expect open and frequent communication. Our goal is to explain your home financing options clearly so you can make the perfect loan choice to meet your needs. To help you get started, here are answers to some frequently asked questions about mortgage lenders in Killeen, TX.
Do I need a 20% down payment for a mortgage?
I don't have great credit. Am I eligible for any loan programs?
I started a new job about six months ago. Will I still qualify for a home loan?
Do I need to go through a Killeen realtor's office to get qualified for a home loan?
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.