Conventional Loans
Competitive Rates, Flexible Terms
Your Path to Homeownership Starts Here
At Texas Lending Solutions, we understand that finding the right mortgage is key to making your dream of homeownership a reality. Our conventional loan options are tailored to fit your needs, whether you're a first-time homebuyer or looking to upgrade to a new home. With competitive rates, flexible terms, and personalized service, we’re here to guide you every step of the way.
Conventional Loans
Conventional loans are one of the most popular mortgage options in Texas. They offer flexibility, lower fees, and competitive interest rates for qualified borrowers. Unlike government-backed loans, conventional loans provide more choices, so you can find a mortgage that fits your financial situation and goals.
Benefits of a Conventional Loan
- Competitive Interest Rates: Enjoy low rates for qualified borrowers, helping you save money over the life of your loan.
- Flexible Loan Terms: Choose from a variety of term lengths, allowing you to tailor your mortgage to your financial goals and budget.
- Low Down Payment Options: Depending on your financial situation, you may qualify for a conventional loan with as little as 3% down.
- No Private Mortgage Insurance (PMI) with 20% Down: Avoid the extra cost of PMI when you put down at least 20%, potentially saving you hundreds of dollars each month.
- Versatile Property Types: Conventional loans can be used to finance primary residences, second homes, and investment properties, giving you more options for your real estate goals.
Conventional Loans - Q&A’s
- What is a conventional loan?
- A conventional loan is a type of mortgage that is not insured or guaranteed by the federal government. They are typically offered by private lenders, such as banks and credit unions.
- What are the benefits of a conventional loan?
- Conventional loans often offer competitive interest rates, flexible terms, and a wider range of eligible property types. They may also have lower down payment requirements compared to some government-backed loans.
- What are the eligibility requirements for a conventional loan?
- To qualify for a conventional loan, you typically need a good credit score (usually 620 or higher), a stable income, and a low debt-to-income ratio. You may also need to meet certain down payment requirements.
- How much down payment is required for a conventional loan?
- The minimum down payment for a conventional loan can vary, but it is typically lower than for government-backed loans. You may be able to obtain a loan with as little as 3% down, but you may be required to pay private mortgage insurance (PMI) if your down payment is less than 20%.
- What are the different types of conventional loans?
- There are several types of conventional loans available, including:
- Fixed-rate mortgages: The interest rate remains the same throughout the loan term.
- Adjustable-rate mortgages (ARMs): The interest rate can change periodically.
- Conforming loans: Loans that meet specific guidelines set by Fannie Mae and Freddie Mac.
- Jumbo loans: Loans that exceed the conforming loan limit.
- How long does it typically take to get approved for a conventional loan?
- The approval process for a conventional loan can take anywhere from a few days to a few weeks, depending on the lender and the complexity of your application.
- What documents do I need to apply for a conventional loan?
- Lenders may require various documents to process your loan application, including:
- Proof of income (pay stubs, tax returns)
- Credit report
- Proof of identity
- Property appraisal
- Bank statements
Why Choose Texas Lending Solutions?
At Texas Lending Solutions, we pride ourselves on offering a seamless mortgage process with expert guidance at every step. Our team of dedicated professionals will work with you to find the best loan option, ensuring you get the keys to your new home with confidence.
Why Choose Texas Lending Solutions?
- Personalized Service: We take the time to understand your unique financial situation, so we can recommend the best mortgage options for your needs.
- Quick and Easy Approvals: Our streamlined process ensures a fast approval, so you can move forward with your home purchase without delays.
- Local Expertise: As a Texas-based lender, we know the local market and can provide insights that national lenders can’t match.
Ready to explore your options? Contact Texas Lending Solutions today to learn more about our conventional loan programs and take the first step toward owning your Texas home.
Building Trust, One Loan at a Time
Shella was nothing short of amazing! Each and every employee at Texas Lending Solutions went above and beyond for the entire loan process! We looked at the home on March 2nd and we closed on March 28th! We hadn’t even been pre-approved or anything. How’s that for a fast turn around? Any questions we had, their staff didn’t hesitate to respond to, or find someone who could. What an awesome home buying experience!
MEAGHAN B.
Dallas
Paul reached out to me when the rates were really low. We had spoken a few years ago when I bought this home with a 30-year mortgage. He found a way I could get a new 20-year mortgage which effectively eliminated 8 years of payments! Paul is a professional who knows his stuff. His team are thoughtful and amazing. I highly suggest using Texas Lending Solutions for your new home or refinancing needs.
JENNIFER H.
Houston
I am a first-time home buyer and was very unsure of how the process of buying a house would be but Jimmy is very knowledgeable and answered any questions I had. He is very kind and understanding which gave me confidence in buying a house. I am so lucky that I was able to work with Jimmy and I highly recommend him thank you so much, Jimmy for giving me a great experience.
MARISELA H
Austin
Ready to Get Started?
Our team of mortgage experts is here to guide you through the pre-approval process and answer any questions you may have. Contact us today to schedule a consultation and take the next step towards owning your dream home.