Purchase Loans

Home ownership has never been more affordable than it has ever been. There are many homes for sale, and mortgage rates are at historic lows. This means buyers have a great chance to achieve their dream of owning a home now more than ever.

Purchasing a home is not as difficult as most media make it be. On the contrary, there are different loan programs available on purchase loan transactions. Each one of the loan programs has its own merit. A typical borrower today can choose the right program for their needs. They can also pick from different purchase loan options.

The basic purchase loan programs available for types of purchase loans available are:

• FHA Mortgage Loans – These loans are backed by the Federal Housing Administration. They fall under the rules of the Housing and Urban Development, or HUD.
• VA Mortgage Loans – Designed for people who served the military and their eligible spouses. A 100% loan program for eligible servicemen and women.
• Conventional Loans – These are mortgage loans. They are not insured or backed by the federal government. However, they follow the rules set by Fannie Mae and Freddie Mac.
• USDA Mortgage Loans – This loan offers 100% financing. It is for rural property owners or buyers. You can use it to buy a home in a rural area or outside city limits. It is the most stringent of all the loan programs available due to their 100% financing nature.
• Conforming Loans – These are mortgages that meet the loan limit and funding rules set by Fannie Mae and Freddie Mac.
• Non-conforming Loans – These are mortgage loans that do not meet the rules set by Fannie Mae, Freddie Mac, and Ginnie Mae.
• Non-qualified Mortgage or Non-QMs – They are mortgage loans that do not conform to the conventional loan guidelines. A totally different set of guidelines and eligibility requirement applies to Non-QM loans.

The above-mentioned mortgage programs are available for residential home loans in Texas. Each one of them has their respective eligibility requirements and guidelines. Although they may sound similar and the same, they all differ from each other. It may seem confusing, but it is not that complicated. With help from a skilled Originator, every borrower can reach their goal of owning a home. They can achieve this with a great outcome.

For more information, please contact our Home Loan Specialists at (877) 280-4833 or use any of the tools on this website.